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Real Estate commission....is it negotiable?

Real Estate commission....is it negotiable?

Old Apr 26th 2008, 2:38 am
  #181  
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Default Re: Real Estate commission....is it negotiable?

The last update on this thread................there is now a lovely red SOLD sticker all over the board in front of our house! It cost us $315 to sell it the FSBO way, which compared to almost $9000 if we'd gone through an agent is just fine by me and Mr Oldbag. Sorry to gloat, but I reckon it's worth at least one little one.

So c'mon all you people who want to change the system.....it's only fear that's stopping you. If we can do it this way, so can you.

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Old Apr 26th 2008, 2:41 am
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Default Re: Real Estate commission....is it negotiable?

Originally Posted by oldbag View Post
The last update on this thread................there is now a lovely red SOLD sticker all over the board in front of our house! It cost us $315 to sell it the FSBO way, which compared to almost $9000 if we'd gone through an agent is just fine by me and Mr Oldbag. Sorry to gloat, but I reckon it's worth at least one little one.

So c'mon all you people who want to change the system.....it's only fear that's stopping you. If we can do it this way, so can you.

Congratulations and here are my two fingers "V" to the system! Well done you !
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Old Apr 26th 2008, 2:42 am
  #183  
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Default Re: Real Estate commission....is it negotiable?

Originally Posted by AmyDavid View Post
Congratulations and here are my two fingers "V" to the system! Well done you !
Thanks AmyD...it sure feels gooood!
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Old Jun 3rd 2008, 4:27 pm
  #184  
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Default Re: Real Estate commission....is it negotiable?

I'm resurrecting this thread (well, I did start it, didn't I) because I learned something yesterday which astonishes me.
If you've read this thread, and the other one on MBTTUK about selling my house the FSBO route, you'll know that's exactly what we did. Well, I was chatting with our buyers yesterday, and they told me they've been charged 2.5% commission by a real estate woman who had been looking for property for them last year! They didn't realise this woman had tied them into an agreement whereby any property they found and subsequently bought, whether it was she found or not, would carry this charge!
The buyers admit they should have read right through the form, and not believed her when she said she wouldn't act upon it......well, now she is, and will rake in over $4000 for doing absolutely nothing. And before some of you come back and say she must have done something..........NO, she didn't! The buyers drove by one Sunday afternoon, saw our For Sale sign, came in, looked around and put in a offer a few days later. Oh - and apparently when our buyers challenged her about this, she said she would come to US for the money if they didn't pay up!
I'm sorry, but I call this a disgrace.

Lesson #1....don't ever EVER sign anything without reading it, even though it can be tedious!
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Old Jun 3rd 2008, 4:41 pm
  #185  
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Default Re: Real Estate commission....is it negotiable?

Originally Posted by oldbag View Post
I'm sorry, but I call this a disgrace.
Why be sorry? Of course it is a disgrace.

Lesson #1....don't ever EVER sign anything without reading it, even though it can be tedious!
To add to your lesson: you have to assume that someone will act on every clause in a contract. If someone says they will not act on a clause then cross it out and get them to sign by the deletion and add your signature as well. If they won't do this tear up the contract straight away.

Also, every contract should have provision for termination. If it doesn't, add it in and BOTH sign the amendment. If the other person won't then tear up ... etc etc etc.

Finally, there is no way on God's earth that this agent can come to you for her commission. From what you have posted you have not entered, either expressly or implicitly, into any arrangement with her that would give rise to a financial obligation.
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Old Jun 3rd 2008, 6:38 pm
  #186  
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Default Re: Real Estate commission....is it negotiable?

There is no way that this person can come after you for the money, you never had a contract with her, so don't worry about that. If she tries, ask her for a copy of your contract with her, when she can't produce one, tell her you will report her to her local Real estate board for demanding payment without a contract.

There is only one way that I could anticipate her being able to come after you and that is if she is the agent who helped you out and asked if she could show her clients your house, if its the same woman and you agreed to this, and your eventual buyers were her clients, its a possibility you could be liable for the commission, but its a grey area, unless you signed a fee agreement with her in which case you could be liable.

You should have been advised by the company that helped you sell your home to insert a clause in the sale contract about any agents commission being the responsibility of the Buyer.

If your buyers had previously signed-up with an agent using a Buyers Agency agreement, it should have both a start and an end date, a buyers agency agreement is normally a fairly simple 1 or 2 page document, there is no excuse for them not to read it, and its sole purpose is to tie the buyer to the agent for the duration of the contract.

I've said before that I don't like these agreements, but they are standard practice amongst many agents, and are used throughout North America (not just Canada).
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Old Jun 3rd 2008, 8:08 pm
  #187  
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Default Re: Real Estate commission....is it negotiable?

Originally Posted by MB-Realtor View Post
There is no way that this person can come after you for the money, you never had a contract with her, so don't worry about that. If she tries, ask her for a copy of your contract with her, when she can't produce one, tell her you will report her to her local Real estate board for demanding payment without a contract.

There is only one way that I could anticipate her being able to come after you and that is if she is the agent who helped you out and asked if she could show her clients your house, if its the same woman and you agreed to this, and your eventual buyers were her clients, its a possibility you could be liable for the commission, but its a grey area, unless you signed a fee agreement with her in which case you could be liable.

You should have been advised by the company that helped you sell your home to insert a clause in the sale contract about any agents commission being the responsibility of the Buyer.

If your buyers had previously signed-up with an agent using a Buyers Agency agreement, it should have both a start and an end date, a buyers agency agreement is normally a fairly simple 1 or 2 page document, there is no excuse for them not to read it, and its sole purpose is to tie the buyer to the agent for the duration of the contract.

I've said before that I don't like these agreements, but they are standard practice amongst many agents, and are used throughout North America (not just Canada).

I'm not worried at all about her coming to us for commission as I know there's no way she could get it; it was just the idea of it that had me spluttering in disbelief! The sale of our house had no connection with any real estate agent at all! It's just the bloody cheek of the woman. In a perverse sort of way I wish she'd tried...... I'd just love to have done battle with her! It's the buyers I feel angry for, as they are going to have to pay her, and I think it's a disgraceful way to do business :curse:
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Old Jun 4th 2008, 1:11 am
  #188  
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Default Re: Real Estate commission....is it negotiable?

Ive always managed to negotiate 4% and I have to say my friends the same, if they wont do that walk away. However there are other options......


www.privaterealestate.ca
www.bytheowner.com

pretty self explanatory, and theres another option I used that was ok but wasnt thrilled about, he has a few options to save you money but its only in Southern Ontario at the mo........

http://www.portcullisrealty.com/

It explains it on the site, he lists on MLS but for various fees he does none, little or a lot of work for you depending what you want. Used him once, dunno if I will again but maybe other have better things to say about him.
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Old Jun 4th 2008, 2:57 pm
  #189  
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Default Re: Real Estate commission....is it negotiable?

Originally Posted by Mikey B View Post
Ive always managed to negotiate 4% and I have to say my friends the same, if they wont do that walk away. However there are other options......


www.privaterealestate.ca
www.bytheowner.com

pretty self explanatory, and theres another option I used that was ok but wasnt thrilled about, he has a few options to save you money but its only in Southern Ontario at the mo........

http://www.portcullisrealty.com/

It explains it on the site, he lists on MLS but for various fees he does none, little or a lot of work for you depending what you want. Used him once, dunno if I will again but maybe other have better things to say about him.
Hi Mikey
I don't know if you've read right through this thread, but if you do you'll see why I resurrected it.
I used www.bytheowner.com which is why I was spluttering at the thought of a buyer's agent coming to ME for commission. The very idea is preposterous.
What has made me so angry is that she's going to charge our buyers 2.5% commission even though she was NOT involved, in any way at all, with their purchase......I'm angry on their behalf. It just shows how you can become entrapped by these people. :curse:
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Old Jun 4th 2008, 6:34 pm
  #190  
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Default Re: Real Estate commission....is it negotiable?

Theres nothing to stop buying a Holiday home, and visiting it on a regular basis.

But generally they expect you to be out of the country for extended periods (days/weeks/months) in between visits.

The USA is quite happy for Canadians to own property down south and to spend several months there each year over the winter, but expect them to go home for the spring and summer.
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Old Jun 5th 2008, 2:26 am
  #191  
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Default Re: Real Estate commission....is it negotiable?

Hi Old Bag,

Sorry no didnt read it all at 13 pages long work got in the way - damn work!! haha. Yeah I heard some folks having that issue with private sites.

Give Portcullis a try they do different packages but one we went for was $2500 up front and a 1.75% fee to the buying agent, that was it, for his $2500 up front he takes pics, puts on MLS and does open houses, not exactly the most active agent Ive ever had (after all he getting $2500 instead of $15-20k, our house sold for almost 400k). He also does a package just listing on MLS and virtually nothing else for $995, in the Burl/Oak area lots of people have used him, like I say its ok and saved us in the end over $10k but he is like a 2nd hand car salesman if you know what I mean

Dunno what part of ON you are but take a gander
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Old Jun 5th 2008, 4:10 am
  #192  
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Default Re: Real Estate commission....is it negotiable?

Originally Posted by Mikey B View Post
Hi Old Bag,

Sorry no didnt read it all at 13 pages long work got in the way - damn work!! haha. Yeah I heard some folks having that issue with private sites.

Give Portcullis a try they do different packages but one we went for was $2500 up front and a 1.75% fee to the buying agent, that was it, for his $2500 up front he takes pics, puts on MLS and does open houses, not exactly the most active agent Ive ever had (after all he getting $2500 instead of $15-20k, our house sold for almost 400k). He also does a package just listing on MLS and virtually nothing else for $995, in the Burl/Oak area lots of people have used him, like I say its ok and saved us in the end over $10k but he is like a 2nd hand car salesman if you know what I mean

Dunno what part of ON you are but take a gander
Hey Mikey B....you missed the boat a little there bud....she sold her house weeks ago so she doesn't need to check out more real estate agents

Others on this forum might benefit from that info though, so good on ya for sharing
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Old Jun 5th 2008, 4:58 am
  #193  
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Default Re: Real Estate commission....is it negotiable?

Originally Posted by Mikey B View Post
Hi Old Bag,

Sorry no didnt read it all at 13 pages long work got in the way - damn work!! haha. Yeah I heard some folks having that issue with private sites.

Give Portcullis a try they do different packages but one we went for was $2500 up front and a 1.75% fee to the buying agent, that was it, for his $2500 up front he takes pics, puts on MLS and does open houses, not exactly the most active agent Ive ever had (after all he getting $2500 instead of $15-20k, our house sold for almost 400k). He also does a package just listing on MLS and virtually nothing else for $995, in the Burl/Oak area lots of people have used him, like I say its ok and saved us in the end over $10k but he is like a 2nd hand car salesman if you know what I mean

Dunno what part of ON you are but take a gander
Thanks Mikey......appreciate you trying to help, but as stated earlier I sold my house already....about two weeks after listing it on www.bytheowner.com it cost us $315 total!! We saved almost $9000 commission..........so it sort of puts your Portcullis guy in the shade, don't you think!
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Old Jun 5th 2008, 1:44 pm
  #194  
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Default Re: Real Estate commission....is it negotiable?

Sorry My bad! Im going senile in my 30's!!

And yeah I agree private selling is the way of the future saves loads more - prob is at the mo doesnt get you on MLS like that portcullis guy and most canadians seem fixated with MLS or at least in my opinion.

If ur not in a rush to sell then by the owner or private real estate defo the way to go.

Just gimmie a slap next time if I dont catch on quick enough
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Old Jun 5th 2008, 3:07 pm
  #195  
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Default Re: Real Estate commission....is it negotiable?

Originally Posted by Mikey B View Post
Sorry My bad! Im going senile in my 30's!!

And yeah I agree private selling is the way of the future saves loads more - prob is at the mo doesnt get you on MLS like that portcullis guy and most canadians seem fixated with MLS or at least in my opinion.

If ur not in a rush to sell then by the owner or private real estate defo the way to go.

Just gimmie a slap next time if I dont catch on quick enough
Just slapped some karma on you.......
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