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Q re: purchasing home without an agent in CT

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murfnd94

Junior Member
What is the name of your state? CT

I am interested in purchasing a home located in CT and listed with a real estate agent. I am a member of the CT Bar and don't want to use representation of an agent as I know the real estate market quite well and would like to possibly save some money by eliminating a commission. I am told by the listing agent that I have to use an agent to purchase real estate from another agent in CT and they will not compromise their fee. What does the law say on this? It sounds like unfari trade practices which I know the Real Estate Agents are coming under fire for anyway. Thoughts?
 


HomeGuru

Senior Member
murfnd94 said:
What is the name of your state? CT

I am interested in purchasing a home located in CT and listed with a real estate agent. I am a member of the CT Bar and don't want to use representation of an agent as I know the real estate market quite well and would like to possibly save some money by eliminating a commission. I am told by the listing agent that I have to use an agent to purchase real estate from another agent in CT and they will not compromise their fee.

**A: that is toal bullcrap. Have they not heard of dual agency? Ok, you are not required to use another agent, them as the agent (dual agency) or have an agent. You could represent yourself if you wanted to. They just do not want to reduce their fee. So here is the idea, reduce the price of the home (by 3%) in your offer and let them keep their entire 6% fee.
********
What does the law say on this? It sounds like unfari trade practices which I know the Real Estate Agents are coming under fire for anyway. Thoughts?
**A: see above. Tell the lame listing agent to show you where in the statutes or Board of Realtors standards does it state that you are required to use an agent. Are you an attorney?
 

murfnd94

Junior Member
I am an attorney registered in CT. I don't really practice but do handle real estate work on the side for family, friends, myself, etc.
 

murfnd94

Junior Member
The whole reason for me doing this is for them to reduce the selling price by a percentage (2-3%). The agent is telling me they will not do this. According to her, she likens this to a for sale by owner transaction and will not discount. I suspect there is another agent in the office with a client interested in the property. That way, the agency would get their entire cut. Otherwise, me buying it with no agent should be the same to the listing agency as another purchaser purchasing through an agent at another firm.
 

PghREA

Senior Member
murfnd94 said:
The whole reason for me doing this is for them to reduce the selling price by a percentage (2-3%). The agent is telling me they will not do this. According to her, she likens this to a for sale by owner transaction and will not discount. I suspect there is another agent in the office with a client interested in the property. That way, the agency would get their entire cut. Otherwise, me buying it with no agent should be the same to the listing agency as another purchaser purchasing through an agent at another firm.

Real Estate and probably Real Estate Law 101. The commission is negotiated between the Realtor and Seller when the property is listed and the listing contract is signed and is paid by the Seller from the proceeds of the sale. A Buyer can not change the listing contract. If you make an offer without an agent then the entire commission goes to the listing office.

You can, of course, reduce your offer by what ever percentage you want but, the commission WILL remain the same as when the original listing contract was written.
 
PghREA said:
Real Estate and probably Real Estate Law 101. The commission is negotiated between the Realtor and Seller when the property is listed and the listing contract is signed and is paid by the Seller from the proceeds of the sale. A Buyer can not change the listing contract. If you make an offer without an agent then the entire commission goes to the listing office.

You can, of course, reduce your offer by what ever percentage you want but, the commission WILL remain the same as when the original listing contract was written.
I second that.
 

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