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am I stuck with a broker?

Started by dylan621
almost 15 years ago
Posts: 30
Member since: Feb 2011
Discussion about
I saw a new development that I already knew about with a buyer's broker. Now I remember that when I called the sponsor's broker when the development first came on the market they told me they were offering a discount if you didn't have a broker. Is it too late for me to go it alone and get a discount or do I have to use this buyer's broker now?
Response by cbfairmont
almost 15 years ago
Posts: 4
Member since: Feb 2011

You should find a broker who knows what they are doing and have them represent you in your purchase!

A good, experienced broker can compile data and leverage it to your benefit, yielding you the best purchase price. What information are you basing your purchase price on? Are you going by what the scummy listing agent says is a great price for you?

That "discount for no broker" is completely illegal and absolutely unprofessional. Why would you deal with someone of this low level, without being properly represented yourself?

Not sure how much leg work this "buyer's broker" has done for you, but maybe you can ask for a rebate towards your closing costs, from the developer's side and have both agent's take a cut in their commission....there are many ways to skin a cat.

Cheers!

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Response by rb345
almost 15 years ago
Posts: 1273
Member since: Jun 2009

dylan:

There is nothing illegal in a seller reducing their price to reflect the fact you
aren't using a broker. And making such an offer is neither unethical nor sleazy.

As to your main question, a broker must be the procuring cause of a sale to become
entitled to a commission. Doing so entails bringing buyer and seller together.

If you can prove that the seller made you an offer before the broker showed you the
property, e.g., with e-mails or faxes, you might be able to buy without needing to
compensate your broker.

Find a good real estate or contracts attorney so you can review all your records
if you want to buy without paying the broker.

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