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Updated over 4 years ago on . Most recent reply
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Buying a STR without a buyers agent
My wife and I have identified a property we are interested in. I reached out to the sellers agent directly to get more information (YTD income, 2019 income, backstory on property, current market insights, etc). I'm considering asking the sellers agent to also be our agent if he'll agree to a reduced commission. My thought is that it'll allow us to make a lower offer if it's clear up front we're saving the seller money on his agent's fees from say 6% to 4%. Is there anything I'm missing out on by going the dual agency route? Any risks I'm unaware of? Seems like I've done all of the legwork and just need someone to drag it across the finish line. Is that really worth $15-$20K?
Thanks and no offense to the agents here ;) !
Thanks and no offense to the agents here ;) !
Most Popular Reply
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@Austin Jones
Why not have a buyers agent for yourself. Cost you nothing. They are designed to protect your interest. A Dual agent would price the property as high as possible to get the most commission and has no allegiance to you at all. I hope you know all the ins/outs of property closing/ fees / etc otherwise, you’re basically gift wrapping yourself as as an extremely profitable buyer. If I were the seller , I would DEFINITELY advise my agent to agree to your proposal since it would serve my monetary interest and not yours.
Unless you are an experienced buyer, my recommendation would be to get yourself an agent.