poofheadvt asked:
Do I, the buyer, have to pay out of pocket for the realtors commission or is it included in the selling price? Can I place a bid on a home for sale buy a realtor without using a realtor? Any other information along these line would be useful too.
Do I, the buyer, have to pay out of pocket for the realtors commission or is it included in the selling price? Can I place a bid on a home for sale buy a realtor without using a realtor? Any other information along these line would be useful too.
The commission is off the top of the selling price of your home. ALL commissions are negotiable with your Realtor. Placing a bid without a Realtor-Why? it is NOT going to cost you a penny. Its called representation and negotiation. Realtors have facts and knowledge that others do not. I would NEVER buy a house wihout a REALTOR.
You don’t have to pay a Buyer Agent. We gat paid from the seller’s Agent. Yes, you can put a bid in without an agent but then the seller’s Agent gets the whole comm. The sellers agent owes you nothing. Your Buyer Agent owes you full fiduciary duties. They will negotiate for you and advise and protect your interests for nothing out of your pocket. Email me for a longer explanation or go to REBAC.com
Good Luck
Realtors can be very useful. Considering the seller pays their commision, I don’t know why you’d buy a home any other way. Plus, they’re expert advice working in your favor. They can offer suggestions on how to negotiate, and they represent you in those negotiations. Other ways they can help you is in finding a similar home if your negotiations tank. I just with they knew more about the mortgage end of things.
All of these people have given you good answers…
I have 2 investment properties, and looking into a 3rd, so I have some time invested in learning these things….
As the people have told you….Use a Realtor, becasue they can help you with your search of home and can find you one faster that by yourself. You do not pay a thing…The seller pays all expenses…..
Good luck
I would always use a Realtor when buying. It saves you time and hassle, and doesn’t cost you because — as others have rightly pointed out — the seller pays the commission for the real estate agent(s). The commission from the sale of the house is split between the selling agent and broker, and the buying agent and broker, with the seller paying it out of the proceeds of the sale.
However, I would generally sell my home on my own, if I had the time and energy to do so. While commissions are negotiable for real estate agents, it can add up to a lot of money if you have a valuable property.
Here’s my personal experience. When I sold my condo, I used a real estate agent. There was minimal work for the agent to do, so I signed with a company that charged a lessor fee. Even so, when my property sold for $123,500 I ended up paying over $4,000 in real estate commission. While that may not be a lot of money to some, it was money that I could have put into my new home and which would have meant a lower mortgage for me. I realized I could have done it on my own, as the real estate agent did very little work to sell my place — it was a seller’s market.
In addition, I’ve also known a number of people who very successfully sold their own homes. They used a lawyer for all bids on the property, and advertised in their own local newspaper. They got their selling price handily. Again, it was during a seller’s market.
Now, selling on your own works best in a seller’s market. I would ue a realtor if it was a buyer’s market, as the real estate agent has access to a larger pool of potential buyers, which helps me get a better price. That offsets the cost of using the agent in the first place.
No the real estate agent is paid out of the sales price. Not that it is a requirement but is suggested, especially since you are not paying them. Also if you do decide to use a realtor have you been pre-approved if not feel free to log onto . Being pre-approved will make the realtor work harder for you. For further assistance feel free contact me directly at 866 530 7300 ext 7305 or by email at