Sep. 26, 2006 - 7. Free Agent? Seattle says NO!

This is a very, very good site for home buyers looking for a comprehensive and detailed source of information.  It is really jam packed with some very good stuff.

The only problem is, they patronize the buyer by suggesting that they do not have to worry their pretty little heads about how the agent, who is their Buyer's Agent, is getting paid. 

This duplicity is not working, not here and not now.  Yes, we have Redfin to thank for making that point crystal clear.  Say what you will about them, and they clearly do not have every thing right.  But they DO have that part right.

For years agents have glossed over the Buyer Agent fee as if the buyer is not even allowed to talk about commissions.  Until lo and behold, one day some sellers were offering LESS than "the norm" and agents wanted a guaranteed minimum.  So now we have Buyer Agency Agreements so the agent can get the buyer to agree to pay, if the seller is not offering enough.

Those same agents are telling me NO WAY are they going to put in a maximum fee.  Only a minimum fee.  Arguing that the SELLER pays the fee, but ONLY if they like the seller's number!  Right, we weren't born yesterday.   So if the fee is double what you expected you get to keep it, but if it is less than what you expected, you want the buyer to make up the shortfall.

The question isn't is this correct, the question is how the heck did the industry get away with the buyer thinking the agent was "free" for so long?  Every day in this country buyers go out with agents and buy homes and never even see the commission, because it shows on the seller's side.  That is all about to change, and here in Seattle, just about everyone is waking up to smell the coffee. 

You don't have to USE Redfin, to get the point of Redfin.  The buyer's agent is paid by the buyer within the sale price.  Always has been, always will be.  But that's another article.

For today, read that great site.  Thank them for the info.  Then email them some feedback suggesting that they need to update their explanation of the agent that is "free "to the buyer and "paid by the seller". 

Sep. 26, 2006 - re: 7. Free Agent? Seattle says NO!