QUOTE (samwei @ Oct 8 2008, 07:05 PM) Hi mark,
Can i ask how you happened to find the property?
Was it through utilizing your realtor`s website? Was it through an automatic email notification sent by a computer search set up by your realtor on your behalf? If this was the case, then the relationship you had set up with your realtor enabled you to find this property.
If you found the property through driving around, using the general MLS website, then you don`t owe him anything for this.
From the sound of this situation, it appears that you don`t believe (in general) that this particular realtor of yours is contributing anything further to your acquisition of properties, and you would be better off dealing with the listing realtors as a whole. If you`re comfortable not having a buyer`s agent, this is the way to go.
As for commissions, they are built into the price already if you`re buying through a listing realtor. It all depends on whether you want the entire commission to go to the listing agent, or to be shared with a buyer`s agent whom you feel is bringing a benefit to you, or whether you want to get a discount in the price if the selling agent is willing to cut his commission to make the deal work.
Hi Sam
To be honest, I have been a little taken back on what many feel may be owed to this realtor. I have done business with him in the past, but like I have mentioned before, he had nothing to do with this deal. I often surf ICX looking for various deals. I came across one that I liked. I had the information package sent to me. Executed the preliminary due diligence process to see if the numbers all work. I have submitted my intended offer to my commercial mortage broker. I am now at the point of writing the offer. My realtor still has no idea this deal even exists. I am not sure if working with the listing realtor would help reduce the overall price or not. I have been careful not to work with him to this point so he doesn`t feel like he is representing both sides.
Like I mentioned before, if my realtor had been bringing me deals on a consistant basis that kept falling through, I would without question give him this one. But that hasn`t been the case. I was basically looking at this as a gift where he could benefit from something that has fallen into his lap, and I could also get paid a "consulting fee" for finding my own deal.