I have been warned by quite a few people that "the seller pays" for real estate agents, but my Econ 101 classes from 10 years ago and my basic understanding of negotiations disagree. I'd like to buy a house in a Chicago and save the 2.5% (20K) that would go to a buying agent. My plan is to put in an offer using a real estate attorney and coordinate inspections etc. myself, with a contract stipulation that the 2.5% that would go to the buyer's agent is returned to me or that the purchase price is reduced by 2.5%. I know there are some risks, but the benefit is $20K. Any there tips you have or things I should keep in mind? Thanks for your wisdom and warnings!
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