Our house is on the market and I have a realtor from a different company interested in buying our house. The commission is 6% and it is a corporate relo. Will the agent/buyer receive commission because he is the buyer and a real estate agent? If so, I think I should take that into consideration when we get his offer.
2006-09-18 16:24:33 · 5 answers · asked by momofthree 1 in Home & Garden ➔ Other - Home & Garden
call a diffferent realitor and tell them your sister is a realitor wanting to buy your house ask them if she will get a commission
2006-09-18 16:30:03 · answer #1 · answered by sassy brat 3 · 0⤊ 0⤋
Interesting question.
I believe you would be required to pay your own agent the 6% commission if that is how the selling contract is written. Then, your broker/agent would have to pay a 3% commission share to the buyer's agent (who is also the buyer.)
Most broker contracts are written so that if your agent presents to you a bona fide offer from a qualified buyer that meets the listing price, and you reject that offer, you can be liable to pay the commission.
Unless you receive multiple offers and can play the buyers against each other for a higher price, you may have to accept a full-price offer from this buyer if offered. (Obviously, if a single buyer offers less, then you can reject it.)
Because your's is a corporate relo, you are a 'motivated seller' who can't afford to wait many months to sell the house.
Finally, consider that you would have paid a 3% commission to a seller's agent if a normal situation. Your main goal is to sell the house. If you don't want to pay the buyer/buyer's agent a 3% commission, you should not have listed your house thru a realtor in the first place.
Check with your agent for a competitive strategy, or better yet, a real estate attorney. But I think you'll learn that you probably have to pay.
2006-09-18 16:48:09 · answer #2 · answered by Tom-SJ 6 · 0⤊ 0⤋
YES! A lot of Realtors do this..they essentially get a discount on the price equal to their commission, which is a good deal for them .. I doubt that they will take into consideration that the buyer is an agent. JUST TAKE THE OFFER if it is close to your asking price .. what difference does it make to you who is buying it as long as you get the house sold at your price?..
2006-09-18 16:39:47 · answer #3 · answered by MeInUSA 5 · 0⤊ 0⤋
the other agent is entitled to whatever commission is offered to the selling broker in the Multiple Listing Service. you can try to negotiate it out, but the agent doesn't have to give up the commission.
2006-09-18 16:36:05 · answer #4 · answered by ErasmusBDragen 4 · 0⤊ 0⤋
commisions are negotiable, tell him since he is buying your house to foreit his half
2006-09-18 16:32:51 · answer #5 · answered by acid tongue 7 · 0⤊ 0⤋