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Selling my house. Why do I have to pay the buyer's agent?

Posted on 10/14/17 at 1:02 pm
Posted by 13SaintTiger
Isle of Capri
Member since Sep 2011
18315 posts
Posted on 10/14/17 at 1:02 pm
Talking with real estate agents around the area my house is and they all want 6% (3 for the selling agent, 3 for the buying agent). I thought this was just customary, not required.
Posted by SilverStallion
Member since Aug 2017
1999 posts
Posted on 10/14/17 at 1:07 pm to
You want someone to sell your house for you and not make any money?

With that logic, your boss should just skip your next paycheck.
Posted by LSUtigerME
Walker, LA
Member since Oct 2012
3809 posts
Posted on 10/14/17 at 1:26 pm to
The agents generally split the commission. Everything is negotiable, you don’t have to. You don’t have to pay your agent 3%, it can be more or less.

The buyer’s agent will do the most work with the buyer. Showing your house, talking with them over options, getting it in front of them. If you’re not willing to pay them for that, it’s very unlikely they’ll be willing to show your house. If you refuse, the buyer will be responsible for their realtor fee, and this will impact their offers as well.
Posted by monteandmakers
New Orleans
Member since Dec 2014
180 posts
Posted on 10/14/17 at 4:25 pm to
It is customary but also negotiable. If you have a house in a desirable neighborhood that is an easy sell you may be able to get your agent to agree to a lower commission. If they know it will be less work and expense for them they will work with you. You could also get a young agent who is hungry for a sale and get them to agree to a lower commission.
Posted by OceanMan
Member since Mar 2010
20033 posts
Posted on 10/15/17 at 6:37 pm to
You have to pay your selling agent. They are the ones that will be paying a buyers agent, if they bring an acceptable offer.

If the selling agent finds a buyer, they get the entire 6%.

Don't hate on the agents, hate on the system. The individual agents typically earn their money. But that doesn't mean the entire system isn't flawed
Posted by pwejr88
Red Stick
Member since Apr 2007
36204 posts
Posted on 10/16/17 at 7:07 am to
We’re closing on our old house Friday. Just went through this.

We sold by owner on Zillow, FSBOBR, etc. If a buyer comes with no agent, problem solved. In our case an agent reached out to us and said a client is interested, are we willing to work with an agent. We said yes at 2%.
Good thing we said yes, otherwise our house might still be on the market. In my opinion, it’s worth the 2% to unload the house.
This post was edited on 10/16/17 at 7:08 am
Posted by boosiebadazz
Member since Feb 2008
80399 posts
Posted on 10/16/17 at 9:07 am to
I sold a condo recently in Baton Rouge and my agent accepted 5% knowing he’d split it with buyer’s agent.

And you are paying because you’re the only one receiving liquid cash. Buyer can’t give 2.5-3% of the house.
Posted by seawolf06
NH
Member since Oct 2007
8159 posts
Posted on 10/16/17 at 12:30 pm to
When selling my last house, we worked with a flat fee sellers agent. They sold my house for a fee of $1,250. On a nearly $300k house, that means they made .4% commission. We still included 3% for buyers' agent to get it sold quickly, but could have easily written the contract for lower. This is the only way I will use an agent going forward.

Smart Choice Realty
This post was edited on 10/16/17 at 12:31 pm
Posted by barry
Location, Location, Location
Member since Aug 2006
50368 posts
Posted on 10/17/17 at 3:20 pm to
quote:

Why do I have to pay the buyer's agent


Cause someone paid for your agent when you bought the house. Round and round it goes, where it stops nobody knows.
Posted by kywildcatfanone
Wildcat Country!
Member since Oct 2012
119515 posts
Posted on 10/17/17 at 6:44 pm to
I sold FSBO and gave any realtor 3% who brought me a buyer and did all the paperwork.
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