When buyer is also an agent?

[jenpane]

What is the name of your state? Illinois

We are selling our house by owner, but we also did a flat-fee MLS listing agreeing to pay buyers' agents a commission of 2.5%. We got our first offer tonight from an agent who wants to buy the house herself.

Do we still have to pay 2.5% commission to her even though she is now the buyer?

Many thanks from a long-time lurker and first-time poster,
Jennifer

 

[Some Random Guy]

She is her own buyers agent, so she is entitled to the 2.5%. Realtors do that all the time.

But, you don't have to accept her offer if you don't want. If you get a lower offer from someone else you don't have to pay commission on, then it may be best to go with the other offer.

Plus, I hope you have a real estate attorney representing you, or you may find yourself being taken advantage of.

 

[PghREA]

What is the name of your state? Illinois

We are selling our house by owner, but we also did a flat-fee MLS listing agreeing to pay buyers' agents a commission of 2.5%. We got our first offer tonight from an agent who wants to buy the house herself.

Do we still have to pay 2.5% commission to her even though she is now the buyer?

Many thanks from a long-time lurker and first-time poster,


Jennifer

You have to honor your flat fee MLS listing contract. Hopefully, you factored in the commission you will be paying when you came up with the "bottom line" figure you will accept for the sale of your home. I agree with Some Random Guy - have an attorney represent you in the transaction. Don't let this Realtor handle your paper work.

 

[jenpane]

Thanks. And yes, we have a lawyer... but the offer came in Friday night so we were left wondering about it for the weekend until we can talk to him Monday.

It was a lowball offer to begin with, so we won't be accepting.

Thanks for the help.
Jennifer

 

[HomeGuru]

Thanks. And yes, we have a lawyer... but the offer came in Friday night so we were left wondering about it for the weekend until we can talk to him Monday.

It was a lowball offer to begin with, so we won't be accepting.

Thanks for the help.
Jennifer

**A: you won't be accepting? Then the commission is a moot point.

 

[jenpane]

**A: you won't be accepting? Then the commission is a moot point.

Not really. If there was no commission (which in our case is over $8000), then it wouldn't have been quite so lowball. But lowball + commission = raw deal.

Jennifer