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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Tradelite who wrote (77956)	5/21/2007 8:01:05 PM
From: bobby is sleepless in seattle	Read Replies (1) \| Respond to of 306849

Routine, no. A nice inclusion, you bet for the agent, stinks for the buyer. More common practice is to see a 2-3% commission paid by the fsbo. But there are always exceptions to the rule, and this true life scenario happens to be one of those. Having buyers pay commissions is not generally accepted practice. Buyer brokerage agreements are around, are somewhat common knowledge, but are not used to the extent that they should be utilitzed. And this opens a can of worms that has been kicked around for awhile. As you know, the seller agrees to pay a commission to the Listing office. Listing office agrees to cooperate with participating brokerages and will share the commissions as agreed upon if there is a cooperating broker involved with the transaction. Yet, the selling agent represents the buyer and not the seller, but the seller pays the commissionto a party that does not represent them? Rationalize this to an anal seller...! Law of Agency states that the agent will represent the client in the very best of their interests even if it means working for nothing! It does not require a buyer brokerage agreement. Obviously, there are ways to protect the agent from their involvement. But, to preclude a property that an agent had actual knowledge and that it may satisfy the buyer's needs is grounds for a lawsuit, even if it meant working for free! You are the exception to the rule. You were resourceful to make it work for all...