When selling a home, and one has to go down on price because of the market value....do you pay the realtor their percentage of the price you sold it at? Or do you have to pay the price you put down in the beginning of the sale?
2007-11-13 09:00:02 · 13 answers · asked by tuna 3 in Business & Finance ➔ Renting & Real Estate
Generally, you pay commission based on the final sales price, but check your contract. The commission can be structured many different ways, and it should be spelled out in your listing agreement with your realtor.
2007-11-14 08:14:02 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The realtor make a % of the sale, usually 4-6%. Sometimes (not very often) you can talk the realtor into "eating" some of the difference between the original listing price and the actual selling price. If they are hungry enough to make the sale, and you are firm enough that you won't budge on the asking price any more and will turn down any offers below what you NEED to make on the sale, they may work with you and reduce their commission. This would work best if they were the selling agent AND the buyer's agent (in other words, if the buyer was a client at the same real estate agency.)
Watch closely and you will see that in most cases, a real estate agent isn't necessary to sell a home--next time, consider doing a FSBO and saving the commission altogether!
2007-11-13 09:06:27 · answer #2 · answered by arklatexrat 6 · 0⤊ 0⤋
Proper pricing is very important. As a Realtor we are obligated to get you the best price possible. Some people will list their homes for more than any sold comp around and will have to lower price in order to get offers. In some areas of the country market conditions are deteriorating so home values are going down. A Realtor generally will sell a home for 17% more than a for sell by owner (as per NAR statistics). We only get paid on what the final sell price is.
2007-11-13 09:50:49 · answer #3 · answered by shelton s 1 · 0⤊ 0⤋
Typically a percentage of the final sales price. Depending upon the market and local conditions, this varies from 5 to 7%.
2007-11-13 09:03:59 · answer #4 · answered by Anonymous · 1⤊ 0⤋
Final sales price is typically where commission is based.
However, commission is negotiable. In my area, I am seeing some flat fee commissions coming up in the MLS. Meaning, you pay the Realtors a set amount, regardless of selling price.
2007-11-13 09:58:04 · answer #5 · answered by godged 7 · 0⤊ 0⤋
Generally, the commission is based upon the final sale price, unless you go under any minimum commission stated in the listing contract. You will find minimums come into effect mostly on low priced properties, where the standard percentage commission doesn't cover the tab.
2007-11-13 09:12:24 · answer #6 · answered by acermill 7 · 0⤊ 0⤋
The Realtor commission is based on SALES PRICE.
Say you listed at $500,000
Due to the market conditions you only get $450,000
You pay the commish based on the $450,000 NOT $500,000
Hope this helps.
Terry S.
http://www.Welcome2Arizona.com
2007-11-13 11:08:55 · answer #7 · answered by Terry S 5 · 0⤊ 0⤋
Final sales price. The seller may stipulate that if there are any seller concessions paid for the buyer, that amount would be deducted from the amount used to calculate the commissions. That would have to be in the listing agreement and put on the MLS, though.
2007-11-13 09:06:16 · answer #8 · answered by Anonymous · 0⤊ 0⤋
The commission should be based on the sale price of the house.
2007-11-13 15:09:35 · answer #9 · answered by Anonymous · 0⤊ 0⤋
No, Realtors do no longer. sellers ought to divulge issues the regulation states they do. A sewer backup no longer truly a sort of issues. You had the valuables inspected, definite? No injury replaced into stumbled on, definite? Then what's there to show? concern replaced into resolved. you do no longer even comprehend if there replaced into any injury.
2016-10-02 07:12:46 · answer #10 · answered by delilah 4 · 0⤊ 0⤋