View Poll Results: Would you show a listing to a limited represented buyer getting a 2% rebate?
- Voters
- 1. You may not vote on this poll
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I did not know of such service
1 100.00% -
I would definately not show my listing!
0 0% -
By law I have to, but I don't like the idea of losing 3%.
0 0% -
A buyer is a buyer, they are represented and a sale is a sale.
0 0%
Multiple Choice Poll.
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10-05-2006, 12:48 PM #1
Renter
- Join Date
- Oct 2006
- Posts
- 7
Good Idea or Bad?
There are three big names out there and I expect them to just get bigger. Buyside Realty, Redfin, and Zip Realty. I understand that their model has been around for some time, but maybe not at this scale. They are kicking back a rebate of about 2% (buyers agent commission) to the buyer. Representation is extreemly limited (print off a card saying that you are represented). They do prequalify buyers, not to waste the listing agents time. The agency then schedules an appointment with the listing agent for the buyer to look at the home. The buyer presents the business card identiftying that they are represented by the agency.
The question is, of the agents on this forum (keep your identity hidden if you wish) who would be reluctant to show a home to buyers represented by such companies? Is there a law that obligates the agent to disclose to the seller all interested parties or offers? Obviously, this service is for the more savy buyer, not new to the area.
thanks,
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10-05-2006, 01:54 PM #2
Super Moderator
- Join Date
- Jan 2005
- Location
- Hilton Head, SC
- Posts
- 789
Agents have the obligation to present all offers. It is their duty to always work in the best interest of their client and maintain full disclosure. Can you imagine the lawsuit if an agent withheld an offer and the seller found out about it? The brokerage would be sued for the value of the offer plus any damages the lawyer could tack on.
As far as being reluctant - a sale is a sale. Especially in today's market.
As long as the buyer's agent is licensed in your state, they can do whatever they want with their share of the commission. Everything is negotiable, so it doesn't have to come out of your pocket.
If they are not licensed in your state, I am not sure that they can legally represent the buyer (even in absentia) and take a commission.
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