Last condo I bought, my friend was a loan officer, he paid most of my closing cost,all I paid was 1yrs taxes. About $2500. Now he is not around, I am buying another condo. New realtor is a family friend. How much commission is she getting. If she wont pay half of my closing cost can I change the realtor. I know other realtors who would gladly share their commission. Any advice.
2007-05-21 00:10:14 · 2 answers · asked by chicagoscene 2 in Business & Finance ➔ Renting & Real Estate
Why on earth would you expect your realtor to pay for some of your closing costs ? She is not in the loan business, and cannot reduce these costs in any way other than by cash out of her pocket. Your last friend didn't 'pay' for your closing costs. It was merely a reduction as a gesture of good faith.
If you change realtors after having looked at the property, you risk either yourself or the seller being exposed to dual commissions. And, NO, realtors do not 'share their commissions'. In my state that is considered illegal and unethical.
2007-05-21 00:48:06 · answer #1 · answered by acermill 7 · 0⤊ 0⤋
First off, your friend could adjust the closing costs because he wrote the loan. He didn't pay them out of pocket. Your Realtor can't do that. The commission is deteremined by the seller. Its usually about 2-3% for both the buyer's Realtor and the sellers. This is the only way the Realtor gets paid so I don't understand why a Realtor would share their commission. Do you share your wages with your customers or clients?
2007-05-22 18:04:13 · answer #2 · answered by Anonymous · 0⤊ 0⤋