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That system seems very convoluted to me. In the UK, only the seller pays a commission on the sale price (typically ~1.5%) and the seller's estate agent is respo
by komadori 3y ago
That system seems very convoluted to me. In the UK, only the seller pays a commission on the sale price (typically ~1.5%) and the seller's estate agent is responsible for showing buyers around the property. The buyer doesn't need their own estate agent unless they're also selling a previous property at the same time.
- aftbit 3y agoThat seems backwards. Only the buyer should need an agent, as they are the one who is searching. The seller is just sitting around waiting for offers.
- travem 3y agoThink of this in the context of what happens with the majority of other purchases you are making? How many of those have a "buyers agent" vs a sales person? I've bought houses in both the UK and the US, I preferred the UK approach where I found the houses myself (and in the US it's not that different with tools like Zillow etc.) and paid for a lawyer to handle the paper work for much less than the real estate commission that was paid (and part of the house price I ultimately paid). In fact, you could really view the commission split paid to the buyers agent (from the seller) as part of that expense of the seller marketing their property.
- cyanydeez 3y agoif it were just an object, it makes more sense that the seller does the leg work. they know the object, the market, etc. they're the expert. why does a buyer need a expert on all the objects out there? I know there's technical examinations like a home inspection that the buyer would have done, but if you're just talking about navigating the property and legal docs, seems like the buyer isn't going to need an agent to do that other than once to accept the price.