Real Estate Fees

[maw]

I found a seller by chance while I was talking to him. Later I found that his place is listed with a real estate company. He told me that, because we met without the use of their services, that I would not have to pay their fees. Is that right? It seems a bit strange to me that they would get nothing.

Anybody know about how this works?

Thanks.

Michael

 

[PhilipDT]

They work on commission, their job is to find a buyer. If you don't use them, (because they didn't find you) they don't get the commission. You'll still have to pay an escribano and all the legal fees. That's completely separate from the realtors commission.

 

[maw]

Philip,

Yes, I'm use to the other fees. I bought a place here before. However, at the time I had an agent.

Thanks.

Michael

 

[French jurist]

Don't know much about RE but isn't it possible that the owner has an exclusive contract in some cases?

 

[GS_Dirtboy]

That depends upon what the seller arranged with his/her broker. However, the buyer (you) will pay your side (4%).

 

[cbonanni]

Why would the seller choose to cheat his poor sales agent out of their commission ? Perhaps he should formally cancel the listing agreement prior to a fsbo.

 

[garryl]

Why would the seller choose to cheat his poor sales agent out of their commission ? Perhaps he should formally cancel the listing agreement prior to a fsbo.

It's like that here, the listing is non-exclusive. That's why sometimes seller lists the house with several brokers, whoever sells it first get the commission, where in us, 99% of the listing is exclusive, so it doesn't matter if the buyer is seller's brother or friend, there is a 5-6% commission to listing agent. If buyer has an agent, the listing agent can split the commission.
Buyer paying 4% commission is a crazy idea.

 

[cbonanni]

Here , if it is a serious real estate agent , with a broker who has some balls , they will fight you for the commission. Exclusive or not. And many times if there are multiple agents involved , they may have to share the commission. Remember , these agents are hurting right now. Many have closed. An official termination of the sales agreement is the best way to avoid any hassles.

Irregardless , you seem to know what you are doing , so soliciting information from those of us on this forum who know less than you , is , in reality , pointless.

 

[maw]

I did not say I knew what I was doing. I said I had purchased a property here before, but not under these circumstances. And I beg to differ that it is "pointless" to ask for advice here. GS_Dirtboy works in this area and provided the information I needed.

Lastly, if you are going to suggest that someone not solicit information here, at least do it properly. "Irregardless" is not a word.