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urbanrealtor.
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August 10, 2008 at 9:29 PM #255790August 10, 2008 at 9:29 PM #255509
SD Realtor
ParticipantHi Rus –
That is what I am saying. When you submit an offer unrepresented, I think it is already implicitely assumed there is no CBB. Thus you should assume 100% that there is no CBB coming your way so you simply build it into the offer by a lower price or by a credit.
You are absolutely right, commissions or lack thereof are never part of a purchase contract whether it is the initial offer or any counter offers.
Besides the documents I talked about above the only other time commissions are discussed in a contract would be in the formal Buyers Representation Agreement.
Recall, commissions are for representation. Representation is performed by a licensee under the employ of a broker right? Even when you bring a client to a new development, technically you get a referral fee for bringing them in. Yet the contracts signed are all between the buyer and developer and you as the agent don’t sign a single thing, only the broker referral. Now on the HUD for a new home, I don’t know if the referral fee is listed or not.
Anyways, I am agreeing with you in a roundabout way, as a buyer representing yourself, commissions are not part of the equation. Assume you get none, but price your purchase according to that assumption.
August 10, 2008 at 9:29 PM #255684ParticipantHi Rus –
That is what I am saying. When you submit an offer unrepresented, I think it is already implicitely assumed there is no CBB. Thus you should assume 100% that there is no CBB coming your way so you simply build it into the offer by a lower price or by a credit.
You are absolutely right, commissions or lack thereof are never part of a purchase contract whether it is the initial offer or any counter offers.
Besides the documents I talked about above the only other time commissions are discussed in a contract would be in the formal Buyers Representation Agreement.
Recall, commissions are for representation. Representation is performed by a licensee under the employ of a broker right? Even when you bring a client to a new development, technically you get a referral fee for bringing them in. Yet the contracts signed are all between the buyer and developer and you as the agent don’t sign a single thing, only the broker referral. Now on the HUD for a new home, I don’t know if the referral fee is listed or not.
Anyways, I am agreeing with you in a roundabout way, as a buyer representing yourself, commissions are not part of the equation. Assume you get none, but price your purchase according to that assumption.
August 10, 2008 at 9:29 PM #255688ParticipantHi Rus –
That is what I am saying. When you submit an offer unrepresented, I think it is already implicitely assumed there is no CBB. Thus you should assume 100% that there is no CBB coming your way so you simply build it into the offer by a lower price or by a credit.
You are absolutely right, commissions or lack thereof are never part of a purchase contract whether it is the initial offer or any counter offers.
Besides the documents I talked about above the only other time commissions are discussed in a contract would be in the formal Buyers Representation Agreement.
Recall, commissions are for representation. Representation is performed by a licensee under the employ of a broker right? Even when you bring a client to a new development, technically you get a referral fee for bringing them in. Yet the contracts signed are all between the buyer and developer and you as the agent don’t sign a single thing, only the broker referral. Now on the HUD for a new home, I don’t know if the referral fee is listed or not.
Anyways, I am agreeing with you in a roundabout way, as a buyer representing yourself, commissions are not part of the equation. Assume you get none, but price your purchase according to that assumption.
August 10, 2008 at 9:29 PM #255746ParticipantHi Rus –
That is what I am saying. When you submit an offer unrepresented, I think it is already implicitely assumed there is no CBB. Thus you should assume 100% that there is no CBB coming your way so you simply build it into the offer by a lower price or by a credit.
You are absolutely right, commissions or lack thereof are never part of a purchase contract whether it is the initial offer or any counter offers.
Besides the documents I talked about above the only other time commissions are discussed in a contract would be in the formal Buyers Representation Agreement.
Recall, commissions are for representation. Representation is performed by a licensee under the employ of a broker right? Even when you bring a client to a new development, technically you get a referral fee for bringing them in. Yet the contracts signed are all between the buyer and developer and you as the agent don’t sign a single thing, only the broker referral. Now on the HUD for a new home, I don’t know if the referral fee is listed or not.
Anyways, I am agreeing with you in a roundabout way, as a buyer representing yourself, commissions are not part of the equation. Assume you get none, but price your purchase according to that assumption.
August 10, 2008 at 9:29 PM #255795ParticipantHi Rus –
That is what I am saying. When you submit an offer unrepresented, I think it is already implicitely assumed there is no CBB. Thus you should assume 100% that there is no CBB coming your way so you simply build it into the offer by a lower price or by a credit.
You are absolutely right, commissions or lack thereof are never part of a purchase contract whether it is the initial offer or any counter offers.
Besides the documents I talked about above the only other time commissions are discussed in a contract would be in the formal Buyers Representation Agreement.
Recall, commissions are for representation. Representation is performed by a licensee under the employ of a broker right? Even when you bring a client to a new development, technically you get a referral fee for bringing them in. Yet the contracts signed are all between the buyer and developer and you as the agent don’t sign a single thing, only the broker referral. Now on the HUD for a new home, I don’t know if the referral fee is listed or not.
Anyways, I am agreeing with you in a roundabout way, as a buyer representing yourself, commissions are not part of the equation. Assume you get none, but price your purchase according to that assumption.
August 10, 2008 at 9:33 PM #255513ParticipantOur paths crossed.
Your example is EXACTLY what I did for my purchase that fell through. Now in my case I was represented by myself, a licensed agent under the employ of a broker. Thus I did submit a coop commission agreement where I altered the CBB from 2.5% to 0. Obviously my inital offer on the home was priced to work this in. Nowhere in the contract was a commission ever mentioned.
Note though I had to do it this way as I did my self representation through me as the agent.
**********
If I wasn’t licensed I would have assumed no CBB at all to me and I would have simply submitted the offer (less the assumed CBB) with no coop commission agreement.
Same result on the HUD right?
August 10, 2008 at 9:33 PM #255689ParticipantOur paths crossed.
Your example is EXACTLY what I did for my purchase that fell through. Now in my case I was represented by myself, a licensed agent under the employ of a broker. Thus I did submit a coop commission agreement where I altered the CBB from 2.5% to 0. Obviously my inital offer on the home was priced to work this in. Nowhere in the contract was a commission ever mentioned.
Note though I had to do it this way as I did my self representation through me as the agent.
**********
If I wasn’t licensed I would have assumed no CBB at all to me and I would have simply submitted the offer (less the assumed CBB) with no coop commission agreement.
Same result on the HUD right?
August 10, 2008 at 9:33 PM #255693ParticipantOur paths crossed.
Your example is EXACTLY what I did for my purchase that fell through. Now in my case I was represented by myself, a licensed agent under the employ of a broker. Thus I did submit a coop commission agreement where I altered the CBB from 2.5% to 0. Obviously my inital offer on the home was priced to work this in. Nowhere in the contract was a commission ever mentioned.
Note though I had to do it this way as I did my self representation through me as the agent.
**********
If I wasn’t licensed I would have assumed no CBB at all to me and I would have simply submitted the offer (less the assumed CBB) with no coop commission agreement.
Same result on the HUD right?
August 10, 2008 at 9:33 PM #255752ParticipantOur paths crossed.
Your example is EXACTLY what I did for my purchase that fell through. Now in my case I was represented by myself, a licensed agent under the employ of a broker. Thus I did submit a coop commission agreement where I altered the CBB from 2.5% to 0. Obviously my inital offer on the home was priced to work this in. Nowhere in the contract was a commission ever mentioned.
Note though I had to do it this way as I did my self representation through me as the agent.
**********
If I wasn’t licensed I would have assumed no CBB at all to me and I would have simply submitted the offer (less the assumed CBB) with no coop commission agreement.
Same result on the HUD right?
August 10, 2008 at 9:33 PM #255800ParticipantOur paths crossed.
Your example is EXACTLY what I did for my purchase that fell through. Now in my case I was represented by myself, a licensed agent under the employ of a broker. Thus I did submit a coop commission agreement where I altered the CBB from 2.5% to 0. Obviously my inital offer on the home was priced to work this in. Nowhere in the contract was a commission ever mentioned.
Note though I had to do it this way as I did my self representation through me as the agent.
**********
If I wasn’t licensed I would have assumed no CBB at all to me and I would have simply submitted the offer (less the assumed CBB) with no coop commission agreement.
Same result on the HUD right?
August 10, 2008 at 9:50 PM #255522NotCranky
ParticipantI think we are missing each other on a few points but thats o.k.
The RPA has changed over the years on this issue. Not too long ago the commission was written into the agreement but was pretty much considered redundant to the listing.If I recall properly, it didn’t really matter if the section was filled out or not. Now the RPA just references the commission in a ” seperate written agreement” and the mls confirms it for the buyer’s agent. I know you know all this. It is fun to go over it.
August 10, 2008 at 9:50 PM #255699ParticipantI think we are missing each other on a few points but thats o.k.
The RPA has changed over the years on this issue. Not too long ago the commission was written into the agreement but was pretty much considered redundant to the listing.If I recall properly, it didn’t really matter if the section was filled out or not. Now the RPA just references the commission in a ” seperate written agreement” and the mls confirms it for the buyer’s agent. I know you know all this. It is fun to go over it.
August 10, 2008 at 9:50 PM #255703ParticipantI think we are missing each other on a few points but thats o.k.
The RPA has changed over the years on this issue. Not too long ago the commission was written into the agreement but was pretty much considered redundant to the listing.If I recall properly, it didn’t really matter if the section was filled out or not. Now the RPA just references the commission in a ” seperate written agreement” and the mls confirms it for the buyer’s agent. I know you know all this. It is fun to go over it.
August 10, 2008 at 9:50 PM #255762ParticipantI think we are missing each other on a few points but thats o.k.
The RPA has changed over the years on this issue. Not too long ago the commission was written into the agreement but was pretty much considered redundant to the listing.If I recall properly, it didn’t really matter if the section was filled out or not. Now the RPA just references the commission in a ” seperate written agreement” and the mls confirms it for the buyer’s agent. I know you know all this. It is fun to go over it.
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