Need guidance

I made an offer for a house at $450,000 asking price $499,000.(house on the market for 2 months in Delaware) I stipulated that in my offer that i was not having a buyer agent my price reflected 1/2 of the commision back to the seller. (in my mind the seller will keep as much money in their pockets as if some else with a buyer agent will offer $465,000).

Are Seller agent willing to alter their contract (aren't they going to mak the same amount ?)

if they come back with a counter offer what should be my next move ?

Thanks for the help

Depends on the contract the listing agent has will the owner. The contract may specify they have to pay the listing agent both sides of the commission split if buyer is unrepresented. Honestly, if I had that much money to spend I would be using a very good realtor to put the offer in and negotiate for me. There is so much more than just the contract price to negotiate..theres the entire process of inspections, title issues etc...really doubt you will pay less for the house at the end of the day if you arnt represented by a realtor.

Who's going to do the work of the Selling Agent (Buyer's Agent)? Who prepared the Offer? You?

As STEW implied, the Commission is a function of the Listing Agreement, which is a Contract between the Seller and the Listing Agency. You're NOT a Party to that Contract, and thus, have no voice . . . . and should have NO INFLUENCE.

I hope this is a CASH Offer; the work may be less but you will still be without representation.

Someone will have to pick up the slack and carry you. It will be the Listing Agent. They'll earn the full commission.

I guess what you should have done is to tell the listing broker you will work with him/her if they would drop their listing commission 1-2% or so which in turn will lower the price. But that's all you can do is ask. If not you will find another agent to represent you. But that's probably to late now. I've had buyers do that to me, but say they already have an agent. Even if it isn't true I usually will lower my commission if I can get both sides. It makes it an easier deal all around.

How do you know how much the commission to the selling agent was?

Agents don't like consumers upsetting the statusquo... but they better be prepared for more of this moving forward.

It is reasonable for a buyer who wants to represent themselves to question the compensation paid to the buyers agent if one is not involved since the listing firm likely made the case that the commission is split between the buy side and sell side. Since most sellers are concerned with net proceeds -- while buyers are concerned with net costs -- this buyer makes a logical assumption.

They could always contact the seller directly and state their case to which the listing broker could modify the contract terms to make the deal happen. Not what the listing broker wants but that's part of doing business in this day and age.

My bold. Is that even legal?

Isa & Nick, while I understand the logic behind what you did, I think you are missing the fact that commissions are paid by the seller in accordance to the listing agreement (which is completely separate and irrespective from your offer).

If you don't mind me asking, on what information did you base your offer price of $450K? Are there comparable sales that justify the offer?

Isa&Nick

Why are you posting on this site, your wasting time here when you could be out picking so many other people's pockets and for greater amounts, after all it's for a good cause.

But while your here why don't you just offer the listing broker $5,000 to cancel the listing and get them out of the way, and then feel free to offer the seller even more because of your deep concern for the welfare of others.

Like that would happen, or you could find some unlisted property, avoid an agent and save those sellers a ton of money. Or you could get your license and earn the buyers agents fee, and give up your subscription to Scrooge Monthly.

Maybe you can have your doctor fire his nurse and pass the savings on to you.

Love it!