If you sold the property without the benefit of an agent but the buyer was represented by an agent, then the VA rules are in place to allow the buyer to buy with the lowest possible cost. That is the whole point of the VA program. Under this program, the seller is responsible for costs that may be the sellerâ€™s responsibility under a cash, conventional or FHA purchase.
In the Houston area, sellers will typically pay their listing agent at closing per their listing agreements. Listing agents typically offer compensation to buyer's agent bringing buyers to their homes via our MLS system. If they close, the listing agent will share some of their commission with that buyers agent. The amount can very.
Not sure about the rules in regards to what a buyer can pay towards their own agent in regards to VA, FHA or other loans. Would suggest going to http://www.va.gov and see if there is more information about this topic. You can always speak to a real estate attorney and have them review your documents.
Nothing is "standard" and everything is negotiable so be very clear BEFORE you sign anything. A good Realtor will explain all the fees involved, regardless if they represent a buyer or seller. Good luck with your closing.
Bernstein Realty, Inc.
Patricia Fleming Realty Group At
All commission is negotiable, however the industry standard is for the seller to pay a 6% commission to the selling broker. The broker then typically splits their commission with the buyer's agent, so each side of the transaction gets 3%.
Mission Real Estate Group