Re: Seller typically pays both sides - Saab General Bulletin Board - Saabnet.com
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Re: Seller typically pays both sides
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Posted by Bruce (more from Bruce) on Mon, 28 Mar 2011 09:25:26 Share Post by Email
In Reply to: Re: Seller typically pays both sides, AdamD, Mon, 28 Mar 2011 08:36:52
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I almost went down this path on our house purchase 2 years ago. I had the advantage of a brother-in-law who is a realtor, but didn't really work the area we were looking, and was giving us shadow support. He gave us a copy of the standard contract to submit the selling agent, including advising giving putting in the caveat making sure the other side understood we were self representing and discounting our offer by the amount of the buyers realtor portion.

That said, we used an local agent to buy a foreclosure, and considering the work he had to do to get our lowish ball offer looked at and approved by higher ups at the bank once negotiations stalled with the first layer, (including putting together a case based on recent comps), and then once under contract to clear everything & get us to the table (including work that should have been done by the bank's agent & lawyer), he earned every penny of that commission and then some. At the end of the day we probably got a price more than 2.5% less than otherwise. After the low level bank manager walked away from our last offer on a Tuesday, and while our agent was getting a higher manager to look at our offer, the bank dropped the listing price on Wednesday afternoon to their last offer, (which we rejected), and were able to get under contract on Friday. We later found out there were at least 2 other agents working on offers based on the new listed price ready to submit on Monday... including one who happened to drive by while we were having out inspection done on that Sunday... and got a little surprise.

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