We are thinking of buying our first home in the next year, and I am curious what the average cost of realtor fees are for the buyer in the Midwest US? Thanks!
2007-11-19 01:14:28 · 9 answers · asked by ELIZABETH G 2 in Business & Finance ➔ Renting & Real Estate
The seller pays a commission...usually between 3-5%
This would be split between your broker and the listing broker.
I think you would just have to pay for the home inspection and maybe the closing attorney...thats it.
2007-11-19 01:19:35 · answer #1 · answered by Sue 3 · 1⤊ 0⤋
Generally most the fees do come from the seller's side, one of the many instances where it doesn't is if you end up signing a Buyer Broker agreement and in the agreement states that you have to pay your agent 3% commission, and the house you end up buying, the listing agent only offers 2% to the buying agent, then the other 1% would have to come out of your own pocket. Make sure if you sign a buyer broker agreement contract that you are fully aware of the of the commission structure.
2007-11-19 17:06:56 · answer #2 · answered by Orion 1 · 0⤊ 0⤋
I don't know about the midwest, but in the northeast it is between 3-5%.
But, if you are looking for "your dream home", then you may be paying a little extra and you can ask the seller to pay all of the fees on their own, rather than splitting them.
Also, if you azre not using a realtor, then you should be able to negotiate smaller fees.... just a few tips.
Good luck.
2007-11-19 01:18:37 · answer #3 · answered by Stephen B 2 · 0⤊ 0⤋
Don't be afraid to give your local real estate office a call and ask them. Commissions for Realtors really vary especially in this type of market. A few years ago a lot of Realtors were splitting a 4/5% commission. Now it can be up to 7%! Just call and ask!
2007-11-19 01:19:13 · answer #4 · answered by sspice5757 2 · 0⤊ 0⤋
Realtor fees are almost exclusively paid by the seller of the property, not by the buyer involved. You should engage the services of a qualified buyer representative agent, and negotiate the fees involved to be paid by the listing agent/seller of the property.
2007-11-19 01:24:20 · answer #5 · answered by acermill 7 · 2⤊ 0⤋
There are no costs for buyer's since the seller builds the commission into the asking price.
Typically the buyer's agent and the selling (listing) agent will split the 6% commission 3% each.
Hope this helps
Terry S.
http://www.Welcome2Arizona.com
2007-11-19 06:40:30 · answer #6 · answered by Terry S 5 · 0⤊ 0⤋
IF the timeline which you fairly choose the home and the timeline on whilst the owner desires to lease out the home does not artwork mutually then tha isn't the fault of the realtor. If the realtor did no longer tell landlord which you have a canine then it relatively is thier fault. The realtor is working and has been paid what you experience is "in complete" then the information are which you heavily isn't getting the 1st house which you put in workplace work on and the realtor desires to locate you yet another apratment which will accpet pets, is on your llikeing and is in you timeline. Fail to locate you a sutable house could advise that they might desire to return the deposit. If realtor quits working with you, fails to fulfill your desires, or you experience which you would be able to no longer artwork with them longer then tell them this and ask for funds to be back. in the event that they flinch then circulate to their boss, who's the actual belongings broking provider on the workplace they artwork out of and state your case.
2016-09-29 12:32:28 · answer #7 · answered by jensen 4 · 0⤊ 0⤋
Because the market is in such a depressed state right now, many Realtors will negotiate their fees. I am from the west coast, so I am not sure what the usual fee is where you live. Here in California it is right around 7.50 percent.
2007-11-19 01:17:35 · answer #8 · answered by conim2002 4 · 0⤊ 0⤋
realtors are p;aid by the seller so iy costs you nothing to use them
2007-11-19 01:56:28 · answer #9 · answered by Fabio G 3 · 1⤊ 0⤋