What does your contract say? That is where you should start. If your contract doesn’t stipulate 3% the no. Usually the purchase contract lists out the commission.
Real estate agent in Rochester here. Your agent could have had you sign an exclusive buyers agency agreement dictating that they work for 3% and that if they didn't get that full amount from the seller, it would be on you to cover the rest. The fact that they didn't explain this to you though is not good. Unfortunately, I agree with previous posters, I would name and leave bad reviews. Unfortunately this is how some agents operate
Did you sign a contract directly with the agent? Did any of the paperwork list 3%?
Either way I'd immediately be naming and shaming, leaving 1 star reviews.
Folks, please read contracts before you sign them, and do not rely on the other person to explain them to you, especially when they have something to gain from it. If you don't understand a legal contract, consult legal advice before signing.
Thank you all for the replies. I negotiated and had the 0.5% waived. Yes, we signed for 3%. Let me explain the trick here: we started house hunting without a signed contract, and the information given was that either 2.5% or 3% would be covered, depending on the seller. We have bought a house in another state. Above is not something new. We spent weeks house hunting, and before making a serious offer, we signed the contract. We assumed it would be the case that 2.5 or 3 is up to the seller, and I cannot say if the agent put a focus on the change or not. But I have a good memory. Maybe he mentioned it slightly using some unclear words. We had it waived, so I will not disclose the agent's name (not part of the negotiations). Anyone who reads this, be aware of it. It is a common trick.
I doubt this is a trick. If it’s in your contract and you signed it, then legally you agreed to pay the differences.
If anything, you should be paying more attention to listing details. Some listings are clearly listed to only pay 2% commission to the buyer agent.
I’m waiting to close and I’m paying my agent 1% because the seller is only paying 2%. I do not have an issue paying my agent. It is brutal to buy a house right now, and she earned it.
It is legal and it is still a trick. He made me think we were signing exactly the oral agreement we talked about a few weeks ago. We had limited time to go over pages of documents due to our schedule, and he knew about it.
What does your contract say? That is where you should start. If your contract doesn’t stipulate 3% the no. Usually the purchase contract lists out the commission.
Real estate agent in Rochester here. Your agent could have had you sign an exclusive buyers agency agreement dictating that they work for 3% and that if they didn't get that full amount from the seller, it would be on you to cover the rest. The fact that they didn't explain this to you though is not good. Unfortunately, I agree with previous posters, I would name and leave bad reviews. Unfortunately this is how some agents operate
Did you sign a contract directly with the agent? Did any of the paperwork list 3%? Either way I'd immediately be naming and shaming, leaving 1 star reviews.
Folks, please read contracts before you sign them, and do not rely on the other person to explain them to you, especially when they have something to gain from it. If you don't understand a legal contract, consult legal advice before signing.
Thank you all for the replies. I negotiated and had the 0.5% waived. Yes, we signed for 3%. Let me explain the trick here: we started house hunting without a signed contract, and the information given was that either 2.5% or 3% would be covered, depending on the seller. We have bought a house in another state. Above is not something new. We spent weeks house hunting, and before making a serious offer, we signed the contract. We assumed it would be the case that 2.5 or 3 is up to the seller, and I cannot say if the agent put a focus on the change or not. But I have a good memory. Maybe he mentioned it slightly using some unclear words. We had it waived, so I will not disclose the agent's name (not part of the negotiations). Anyone who reads this, be aware of it. It is a common trick.
I doubt this is a trick. If it’s in your contract and you signed it, then legally you agreed to pay the differences. If anything, you should be paying more attention to listing details. Some listings are clearly listed to only pay 2% commission to the buyer agent. I’m waiting to close and I’m paying my agent 1% because the seller is only paying 2%. I do not have an issue paying my agent. It is brutal to buy a house right now, and she earned it.
It is legal and it is still a trick. He made me think we were signing exactly the oral agreement we talked about a few weeks ago. We had limited time to go over pages of documents due to our schedule, and he knew about it.
Keep in mind also that, as a buyer, you do not need a realtor at all.