I’m trying to figure out what’s behind a letter that I received today from a local Boulder company called “Agents for Home Buyers, LLC”, in which they coyly suggest that they might have someone who is interested in buying our house (which, of course, isn’t on the market because we have zero interest in selling and moving).
What’s curious is that they boldly say “we are not interested in listing your property” and explain that they’re focused on helping buyers, but then there’s the topper:
“Typically, we ask the seller to pay us a sales commission of 2.8% of the sale price at closing… Compared to the common fees… this could save you anywhere from 2% to 4% of the price.”
I’m not a real estate expert, but I think that there’s a law prohibiting the same agent representing both the buyer and the seller because of the obvious conflict of interest (in other words, do they encourage the seller to ask for the maximum possible, even though it’s not in the best interest of the buyer, or vice versa)?
I can imagine this being a darn sweet deal for the Agents for Home Buyers company if they take the “usual” 6% of the transaction for representing the buyer and 2.8% for the seller’s share. Add ’em up for a community where the median house price $500,000 and that’s a cool $44,000+ per transaction.
There are also tons of inconsistencies with this solicitation letter:
- Early in the letter it says my property “may be a good match…”, though it ends with “If we have a match…”
- “We focus exclusively on helping buyers…” yet they’re also asking to represent us as the sellers.
- “We ask the seller to pay 2.8% commission… the amount that is commonly paid to the buyer’s agent in the Boulder/Denver metro area” and then they suggest “compared to the common fees for listing your property, this could save you anywhere from 2% to 4% of the price.”
You can’t have it both ways, and every inconsistency just makes it even more unlikely that this is a legitimate company with a legitimate offer.
But maybe I’m just getting ridiculously suspicious and skeptical after so many years online. Have you heard of this company or of companies like this, and if so, have you had any sort of experience, good or otherwise?