i'm curious to know how much they charge and how it's billed and when you pay? is it in the closing ? is it a percentage ect.... if we need specifics then lets say its a no doc loan 80/20 for 300,000...
2006-11-08 07:52:30 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
It sounds like you're talking about the mortgage broker, not the real estate broker. The real estate broker is the company selling the house (if any). The mortgage broker is the company doing the loan for you.
If you are talking about the mortgage side of it, then typically 1-2% is a pretty good deal for closing costs. It depends on the deal though.
2006-11-08 08:36:04 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Selling: Unless some states have laws regarding commission rates, it is up to the individual broker what they charge. Sometimes brokers will negotiate what the rate can be so you might be able to get a lower rate. Keep in mind that if it is a lower rate than the norm, the selling and listing agent will be splitting the commission based on a pre-arranged percentage (usually 50-50). This means if you get a lower rate, the selling agent will get less money and may not be willing to show your house. Commission may be a rate or flat fee.
Buyer: In most cases, the seller pays the commission. If you have a buyer's agency agreement with your agent and the agreement specifies a specific fee or rate, you may be required to pay the difference.
The commission will be paid at closing to listing and selling brokers.
2006-11-08 08:11:09 · answer #2 · answered by ThePerfectStranger 6 · 0⤊ 0⤋
A real estate broker doesn't have anything to do with how much you borrow to purchase a home. They make their money on how much the home closes at. If you are the purchaser you don't pay anything, if you are the seller and use a real estate broker it's an agreed upon amount usually between 4-7%. So if your the seller at 4% on a 300k sale your fee to them would be $12,000.
2006-11-08 08:02:40 · answer #3 · answered by landersonjr1958 6 · 0⤊ 0⤋
It varies from Broker to Broker. Range is 3%-10% depending on what state. Of Course Broker's have their friends, who get a discount. High dollar sale, Broker could only charge 1% commission at closing.
2006-11-08 08:00:01 · answer #4 · answered by ligroce 1 · 0⤊ 0⤋
first thing you need to put on here is are you buying or selling?
2006-11-08 08:02:08 · answer #5 · answered by Mikentab R 3 · 0⤊ 0⤋