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I need help from OT real estate experts
Posted on 4/26/24 at 5:16 pm
Posted on 4/26/24 at 5:16 pm
I'm selling a house and my ex hired an agent. I feel like the terms seem unreasonable but admittedly I don't know what I'm talking about. There's a 365 day broker protection period and 6% broker fee. Is that normal? It says the selling agent will get 2.5% paid from broker's commission but what about the buyers agent? Do they get additional percentage on top of that or does the buyers agent commission come out of the broker's as well?
13
Posted on 4/26/24 at 5:19 pm to MRTigerFan
I assume the seller's agent gets 2.5% too and the last 1% is marketing cost or something. That's pretty typical realtor's contract AFAIK
Posted on 4/26/24 at 5:20 pm to MRTigerFan
If it’s also in you name you have to sign the agreement also. 365 days is too long. Don’t know about fees.
Posted on 4/26/24 at 5:20 pm to MRTigerFan
Maybe I’m wrong, but it sounds 6% would be the total commission. If one agent is getting 2.5%, then the other agent is getting 3.5%. Typically the seller pays the commission for both agents.
This post was edited on 4/26/24 at 5:23 pm
Posted on 4/26/24 at 5:21 pm to MRTigerFan
6% is typical. Do six months if you like the realtor.
Posted on 4/26/24 at 5:22 pm to MRTigerFan
365 is pretty long, I typically do 90 days… 6% is always negotiable, and usually the split is even, so if the listing agent is getting 2.5%, it’s rare that they’d be giving a buyers agent more than they are keeping
Posted on 4/26/24 at 5:22 pm to XenScott
quote:
365 days is too long
That's what I thought.
As for the commission I know some laws were recently passed about agent's commissions but I don't know what they are or how they affect my situation
Posted on 4/26/24 at 5:23 pm to chRxis
quote:
365 is pretty long, I typically do 90 days… 6% is always negotiable, and usually the split is even, so if the listing agent is getting 2.5%, it’s rare that they’d be giving a buyers agent more than they are keeping
It sounds like maybe the broker is keeping 1% and splitting the remaining 5 between the two agents
Posted on 4/26/24 at 5:24 pm to patnuh
quote:
6% is typical
Not really… 5% is much more common nowadays…
Posted on 4/26/24 at 5:26 pm to chRxis
quote:
Not really… 5% is much more common nowadays…
Well I’ve bought and sold 7 properties in the last 5 years and it was 6% unless there was dual agent situation. Our realtor does 5% bc of the consistent business from us.
Posted on 4/26/24 at 5:28 pm to chRxis
quote:
Not really… 5% is much more common nowadays…
The law firm I practice in does real estate closings and I would say 6% is the standard commission total we see here.
Posted on 4/26/24 at 5:31 pm to Roll Tide Ravens
(no message)
This post was edited on 4/26/24 at 5:32 pm
Posted on 4/26/24 at 5:33 pm to MRTigerFan
quote:
There's a 365 day broker protection period and 6% broker fee. Is that normal?
That too long and too high.
I've gone 6 months and 5% on all my houses. You won't have trouble getting that. Might even be able to do better.
Posted on 4/26/24 at 5:36 pm to Roll Tide Ravens
quote:
standard commission total we see here
Where is “here”, just curious…
It does vary from place to place, but just like everything else, it’s always negotiable that why I always laugh when I hear people talk about 6% as if it’s set in stone
Posted on 4/26/24 at 6:01 pm to chRxis
quote:
Where is “here”, just curious…
Birmingham, AL area.
quote:
It does vary from place to place, but just like everything else, it’s always negotiable
That’s definitely true.
Posted on 4/26/24 at 6:03 pm to Roll Tide Ravens
I'm in the Baton Rouge area.
Posted on 4/26/24 at 6:06 pm to MRTigerFan
6% is the "norm" but all drop to 5%, if you ask.
You can even get less, if it's a good property and let be know you're interviewing realtors.
You can even get less, if it's a good property and let be know you're interviewing realtors.
Posted on 4/26/24 at 6:06 pm to MRTigerFan
Every single bit of that is negotiable. Don't agree to anything you don't want to do.
Posted on 4/26/24 at 6:23 pm to calcotron
quote:
Every single bit of that is negotiable. Don't agree to anything you don't want to do.
I requested 90 days and 5%
Posted on 4/26/24 at 6:23 pm to calcotron
About to list mine, was offered 4% commission...still looking for 3%
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