I am interested in buying a property that is being sold by the owner (who does not have a sellers agent). The property information states that buyers agents are welcome. Do owners who sell without an agent typically cover my buyers agents commission?
2006-09-03 11:49:31 · 10 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Lets see, you are going to hire someone to do something for you. But you think he should be paid by someone else. Who the heck do you think he will really be working for?
Its all silly anyway. The seller will finally agree to turn over his house for a !net! amount that he will walk away with. That !net! amount and all the fees the "third" parties collect can only come from the buyer!!!
There will be lots of numbers put down, some on the left, some on the right, but however it is finagled it does not change reality.
All costs that come on the sellers side must already be included in the selling price in order to give the seller the net amount he will sell for.
Both the buyer and seller might be interested in moving the numbers around (better for getting a mortgage or paying taxes, they think), but it still comes down to how much the seller must net and total the buyer is willing to pay.
2006-09-03 15:57:41 · answer #1 · answered by veritas 5 · 0⤊ 1⤋
Don't be fooled by whether it is buyer or seller who pays the commission. The fine point is that you will only pay for what you think the house is worth when everything is added up and the seller will accept only what he is willing to accept when everything expense is netted out. In the end, It all comes out of the transaction and deducted out of the mortgage proceeds.
One things you want to remember, it is easier to include the commission in the purchase price because the mortage will then covers it. Therefore have the seller pay of it even if you have to increase the price by the same amount. If not it may end up coming out of your pocket because the bank will only lend on the purchase price.
2006-09-03 13:54:54 · answer #2 · answered by robert S 4 · 1⤊ 0⤋
The buyers do not have to pay that fee. If they are welcoming brokers, in all likelihood they are offering compensation to those brokers...however, if you have a buyer's broker (and make sure they really are working for YOU--not working a seller's agent or sub-agent) make sure it is written into the offer to purchase. Of course depending on where you are the legal language may vary, but something along the lines of "Offer contingent on Seller paying Broker (RE/MAX, C21, etc) a fee of x% of the sale price" should do the trick.
If you'd like more free real estate advice, you can check out http://www.boston-real-estate-info.com
2006-09-03 13:18:01 · answer #3 · answered by Paul M 2 · 0⤊ 0⤋
The buyers pay that fee. However, you can request assistance from the seller, which means they will drop the cost of teh house. This will reduce your closing fee.
2006-09-03 12:46:05 · answer #4 · answered by Anonymous · 0⤊ 1⤋
the owner is trying to save all commissions ,however buyers agents welcome simply means ( yes that he is willing to cooperate ), Pay that fee which would still leave the owner saving half the normal fees.
2006-09-04 06:00:34 · answer #5 · answered by nature4me 3 · 0⤊ 0⤋
Typically the seller pays, however the contract can be written either way, so make sure it says the seller pays.
2006-09-03 11:55:42 · answer #6 · answered by The Man 5 · 0⤊ 0⤋
No, the buyer agent represents you, so you have to pay his/her commission.
Good Luck.
http://www.GoodNeighborBuysHouses.com
2006-09-03 16:28:39 · answer #7 · answered by habitatrei 1 · 0⤊ 1⤋
huh, it's called the 'buyers agent fee'...
2006-09-03 11:54:56 · answer #8 · answered by dt 5 · 0⤊ 0⤋
Who pays as well as what is paid is negotiable. Just make sure that it is spelled out in writing so that there are no misunderstandings.
2006-09-03 12:33:54 · answer #9 · answered by Homer J. Simpson 6 · 0⤊ 0⤋
I suppose it would be up to the seller...
As it says "buyers agents welcome" it may indicate that he will...
2006-09-03 11:56:48 · answer #10 · answered by Anonymous · 0⤊ 0⤋