Everything is negotiable except death.
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Question for Real Estate Agents (or other knowledgeable persons)
- Thread starter ucgz
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- advice real estate
Completely negotiable.
I just closed on my old Townhouse in Inman Park on Tuesday. I covered $5000 in closing costs but the buyer built it into the price. I.E. he offered me $5k over asking price and asked for $5k in closing costs.
I just closed on my old Townhouse in Inman Park on Tuesday. I covered $5000 in closing costs but the buyer built it into the price. I.E. he offered me $5k over asking price and asked for $5k in closing costs.
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No way should anyone purchase real estate without a good real estate agent, knowledgeable about the local market, representing their interests IMO.
As stated in Chapter 24 of the Georgia Real Estate Commission's Infobase, "The buyer agency contract may specify that a commission rate will be paid by the buyer to the broker or, more commonly, that the buyer's broker will share in the listing broker's commission. Image from GREC website below.
While not so common, it can be written in the contract. To emphatically say otherwise is to be "misinformed," to quote the words used above.
However, if the listing is with an MLS member agency, the Multiple Listing Service typically requires standardized forms and commission sharing, and the seller's listing agreement specifies the commission, thus the reason MOST buyer's agents are paid through the seller's brokerage from the splitting of that stated commission.
Yes, GREC does state in the books that a commission can be written into the contract to be paid by the buyer to the buyer broker and yes, it is very uncommon, especially in today’s market. However, the MISINFORMED that I am referring to is for someone stating that the buyer has to pay the commission to their buyers agent. They CAN as it can be agreed in a contract, but it is not required.
Economic law of supply and demand applies. Doesnt matter who pays, it's all part of the equilibrium price. If a seller doesnt have to pay commission, the price of the house would be lower. If the buyer doesnt have to pay closing, the price of the house would be higher.
1) think of it this way...who pays tarriffs? It's a pass through.
2) No matter what you agree or disagree to...at the end of the day, are you happy with the final price? if not, get happy with it or walk away. it all works out.
ps...your OP indicates an assumption that all real estate professionals are knowledgeable and that some knowledgeable persons know real estate. Nothing in that statement is TRUE.
1) think of it this way...who pays tarriffs? It's a pass through.
2) No matter what you agree or disagree to...at the end of the day, are you happy with the final price? if not, get happy with it or walk away. it all works out.
ps...your OP indicates an assumption that all real estate professionals are knowledgeable and that some knowledgeable persons know real estate. Nothing in that statement is TRUE.
I strongly agree with your #2 statement. A realtors worth comes from the service they provide. I’ve been in the business my whole professional career of 13 years ,whereas the average career of a new agent is about 1.5 years. There are a lot of bad agents out there , but usually they don’t last
Just put a house under contract im the buyer. Was told in a sellers market most sellers will pay closing. This isn't always the case. We had to haggle with the sellers just so they would pay a 2/3 of closing. I guess whats going on is the sellers are including the closing costs in the price of the house.
I would not buy with out an agent but thats just me personally. I do know that I really hate looking at houses when being sold by owner if they are present while I look.
Good luck.
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I would not buy with out an agent but thats just me personally. I do know that I really hate looking at houses when being sold by owner if they are present while I look.
Good luck.
Sent from my SM-G970U using Tapatalk
The only case where a buyer's agent might be paid by the buyer is in a super hot market with a for sale by owner. It has been awhile but some were not paying any commission. Also, I believe you need to have a contract with your agent otherwise they are working for the seller. As a side note - your agent increases his income with a larger selling price. Be sure you trust him to represent you.
