How much commission will a real estate agent get if...?

Question

If he sold his own house to a family member, so pretty much he was the agent for the buyer (family member) and seller (himself) .

The house sold for $500,000.

Also, will he have to pay any fees for doing it this way? If so, about how much?

About how much will he get to pocket off this?

If it makes any difference, he works for Coldwell Banker.

If you were the buyer, would you expect to pay the closing cost or split it?

Thanks All!

Answer 1

He would be pretty much crediting himself money back from the sale of his home, no matter it is with a family member. If 6% that's 30k, 5% is 25k. If he is the broker he keeps it all. If he is an agent for a broker/Coldwell, the agency will keep a percentage of the total commission since the agent is representing both seller (himself) and buyer, depending on how well the agent is doing with the company. Some agencies give the agent the whole commission 100%, others work a sliding scale depending on the agent's performance. Still others split 50/50 or something to that effect after office overhead (say 10% of the commission, for example). There are no other fees. Seller pays his own closing costs, buyer pays his own closing costs. Escrow fees could be split 50/50. Hope this helps :)

Answer 2

In authentic property each and everything is negotiable if it has no longer been signed and agreed upon in a settlement already. So in case you adult adult males already signed the acquisition settlement it relatively is why you have a remaining date already, you could no longer fire everyone. The agent gets his/her 3%. I doubt the broking will choose to negotiate back with you if he understand he alredy has the residing house offered so I dont see how the broking would desire to cancell the settlement that can assist you you herald yet another agent and decrease into their earnings. you could placed a criticism inclusive of your state's branch of authentic property. you additionally can take them to court docket yet I doubt you will choose to spend particularly some $$ in court docket. in case you haven't any longer signed the offered settlement which I dont think of that's the case considering the fact which you have already got a remaining date, you could desire to fire the agent each time and get somebody which could characterize your superb pastime contained in the transaction. sturdy success

Answer 3

The seller pays the commission so he would be paying himself.