Commissions can be charged by real estate agents, brokers, leasing agents – anyone selling anything. Learn more here about types of commissions and how you can get the best deal.
The latest trend in real estate seems to be buyer's brokers asking a broker fee on top of the commission. Buyers shouldn't agree to pay an extra fee on top of the commissions the broker is receiving. Some real estate agents acknowledge that if they receive a split of a 6 percent commission, they are more willing to take care of the fee themselves.
When a real estate agent uses a lockbox on a property - is the seller receiving subpar service? Many real estate agents use lockboxes on properties so that the seller or agent does not have to be present when a home buyer wants to tour a house. But others believe agents should try harder to attend the showings or send a representative to show how much value they're adding to their commissions.
A seller is selling her home by owner, but an interested buyer has an agent insisting on a commission. The for-sale-by-owner seller isn't required to pay the agent, but could lose the sale if she refuses. The buyer must decide if a half commission is worth getting the home sold.
Last week, I got an email from a home buyer who had been told by a builder's representative that because she was unagented when she first saw the prop...
As you're looking for a real estate agent to sell your home you may interview some that will ask you questions about how much equity you have in your current home. While it is none of the business of the real estate agent, the agent may be seeking reassurance that she or he will receive their real estate commission upon selling your home. You can reassure the real estate agent without sharing how much equity you have in your home or providing other personal finance details.
A home seller dismissed their original agent only to have their new agent work with one of the original buyers. What agent gets the sales commission? The listing agreement or termination agreement will clarify which agent gets the commission for this home sale.
When you're looking to buy a property you may end up on a "protected buyer" list. When a listing contract ends, the listing real estate broker wants to make sure the seller does not contact any of the people the listing real estate broker showed the property to and deprive him of a commission. If the seller and the real estate agent can't agree on the protected buyer list or the commission it could delay the sale.
A home seller fires their real estate agent because they discover they will not be able to cover their closing cost and commissions. Commissions are typically paid out of the closing proceeds from the sale of the property. A buyer or seller probably can't get a loan to cover closings costs and commissions when selling and buying a home.