I received this email the other day from an agent with a national franchise :
"Get the co-op commission to at least 2.5%, anything less in this market when I have a buyer with $175,000 down does not help the opinion I gave to them!"
He doesn't like the co-op commission being offered so he is going to give his client a negative opinion about the property regardless of the clients situation. WOW! That's about all I can say... WOW!
The really sad part is that this agents clients probably trust him. They probably trust him to be looking out for their best interests. Clearly he is not, and they will probably never know.
The only way to safeguard consumers from the despicable slime of this industry is to mandate by law that buyers pay for their own representation. This is really as simple as allowing the buyers' agent commission to be appear on the buyers' side of the HUD.Having buyers negotiate and pay their agents' commission will increase competition amongst buyer agents, increase transparency and reduce conflicts of interest; all good things for the consumer and the industry.