Calling all homeowners, does this sound right to you?

posted 8 months ago in Home
Post # 2
Member
60 posts
Worker bee
  • Wedding: October 2017

I’m a realtor and it is standard for the buyer to pay the full 6% in my state. I always review this portion of the contract with my client to avoid any confusion. You are right that this would obligate you to pay your realtor’s fee if the seller refused. This typically only comes up in a “For Sale by Owner” situation, and it is mostly to protect the agent from being cut out of the transaction at the last minute. I also approach this by telling my client that I included this in my contract because this is my livelihood HOWEVER I tell them when making any offer we will include that the seller is responsible for paying my 3%. This protects both me and my buyer, and you can tell your agent that you you want to include that in the terms of your offer as well. FSBO can create problems, and if you do purchase a home from someone who is unrepresnted they often are not as flexible through the negotiate and closing process due to lack of knowledge or wanting to save a buck. It can make more work for your agent as they often end up doing the job of two agents. Just something to be aware of if you are considering making an offer on a property that is not listed with an agent. Happy house hunting! 

Post # 4
Member
1078 posts
Bumble bee
  • Wedding: December 1995

We’ve sold several houses and never paid that.  The buyer always pays.  It has become very common on HGTV for the sellers to cover part or all of that fee, but in our area it is not.  Buyer covers the fee.

 

Post # 6
Member
1078 posts
Bumble bee
  • Wedding: December 1995

MrsGirlyGirl :  How do you know it’s standard in your area for the seller to cover the fee?  

Post # 7
Member
6580 posts
Bee Keeper

It sounds like what they are saying is the seller will pay your part, but if you buy a house without this realtor, you still owe them a commission to compensate for whatever work they’ve done for you. It just locks you in so you don’t waste their time and then buy with someone else (who may have a lower fee or something). 

Post # 8
Member
1392 posts
Bumble bee
  • Wedding: March 2018

We paid full as the buyer…unless there’s a contingency that states otherwise when your lawyer draws up contract  

Post # 10
Member
921 posts
Busy bee

In Texas it’s common for seller to pay but this language is still in the standard TX contract. I wouldn’t worry IF it is the norm in your area, plus the title company will deduct the broker fees from the seller’s proceeds so it’s almost impossible for the seller to skip town and not pay.

Post # 11
Member
1506 posts
Bumble bee
  • Wedding: August 2017

MrsGirlyGirl :  my realtor included something like that, but he also discussed it when I first signed with him before we were even at the point of putting in an offer

Post # 12
Member
889 posts
Busy bee
  • Wedding: September 2016

The seller pays the 6% commission, split between their real estate agent and your real estate agent. 

Some people say that you are the buyer are indirectly ‘paying’ as the sales price is 6% higher to account for this. However, the actual payment comes out of the seller’s proceeds from the sale, not your pocket. 

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