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re: Selling my house. Why do I have to pay the buyer's agent?
Posted on 10/14/17 at 1:47 pm to SilverStallion
Posted on 10/14/17 at 1:47 pm to SilverStallion
quote:
Quit being cheap.
The selling agent fee is 3%, the buyer agent fee is 3%. If no buyer agent exist, I pay 3%, not 6. And as the above poster stated, everything is negotiable. You must have a pretty view in that glass house.
Posted on 10/14/17 at 2:16 pm to 13SaintTiger
I understand your point, but this is just the customary way this business works. If you drop the commission, your house is less likely to be shown by buying agent. If you require buyer to pay, the buyer will likely just drop the price.
I would double check the language of the 3% 3% split. A lot of times if the selling agent is doing all of the work, they will take the entire 6%. This is definitely the case if they are the one that finds the buyer. The last house I sold, the selling agent offered to take 2.5% and the buying agent got the standard 3%.
I would double check the language of the 3% 3% split. A lot of times if the selling agent is doing all of the work, they will take the entire 6%. This is definitely the case if they are the one that finds the buyer. The last house I sold, the selling agent offered to take 2.5% and the buying agent got the standard 3%.
Posted on 10/14/17 at 4:23 pm to 13SaintTiger
quote:
The selling agent fee is 3%, the buyer agent fee is 3%. If no buyer agent exist, I pay 3%, not 6. And as the above poster stated, everything is negotiable.
Not necessarily.
The sales commission percentage that you pay is worked out when you sign your listing agreement. Although it is true that nothing is set in stone. But typically, there is an agreed upon commission (6% or whatever), and then there is subagency split paid by the listing agency to the selling agency, if they're two different brokers. And from there, the agents are paid by each broker, depending on what split arrangements they have with their respective brokers (the buyer and seller probably won't know anything about that).
There are people who employ (actual) buyer's brokers and the buyer may pay that broker or agent. That agent works for and legally represents the buyer. So often, buyers will refer to someone as "their agent", when legally he is not. Have you signed an agreement with that agent? No. The seller is paying him and his only legal duty (depending on state laws) to the buyer is to treat him fairly. But if the seller has signed a listing agreement, where the agreed upon sales commission is listed as (let's say) 6%, then the listing agency still gets 6% - same as if the listing agent and the selling agent is the same person/agency. In fact, in cases where the broker is (by contract) representing the buyer, he may be prohibited from accepting the subagent's fee, if he is already being paid by the buyer. Especially when you move into larger investment deals or commercial, the things that people take for granted in smaller residential deals get a finer point on them.
But anyway, most everything is negotiable and no one has to do anything that they have not agreed to in a contract.
Posted on 10/17/17 at 10:33 am to 13SaintTiger
quote:I think the issue is this, don't you negotiate the % when you list the house? So the % is set before you know if there is even going to be a buyer agent?
The selling agent fee is 3%, the buyer agent fee is 3%. If no buyer agent exist, I pay 3%, not 6
This post was edited on 10/17/17 at 10:36 am
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