Home Buying in Queens>Question Details

Jay, Home Buyer in Queens, NY

I'm buying a 1br coop in queens. Before putting in an offer, my buyer's agent is asking me to pay X% for the buyer's commission. Is this true?

Asked by Jay, Queens, NY Sat Apr 20, 2013

I thought the buyer and seller's commission comes from the seller at closing. Usually a % of the sales price which is split between the two.

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It is unheard that your buyers agent is asking for his commission when you put an offer. Always its dues at the closing. The contract between you and your buyers agent should clearly state whether the money will be paid by you or seller should write him a check at the closing. Also make sure the selling agent is aware of this situation to inform the seller about your buyer agency.
0 votes Thank Flag Link Mon Apr 22, 2013
Generally the seller pays commission at closing out of the proceeds of the sale; if two agents are involved in the transaction the fee is shared; therefore unless you have a signed agreement with your agent to pay above what the seller is already offering, you owe no additional commission. If no such agreement was in place before making any offers, nor explained to you, contact his/her broker owner, and or, office manager and express your concerns, then go from there; or consider another agent....
0 votes Thank Flag Link Sat Apr 20, 2013
Jay let me put it to you like this, if you agree to pay commission, you'll be 1 of, I would say, 5 out of 100 buyers who will pay any sort of commission. I wouldn't be ok paying something that just about every buyer out there isn't paying.

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Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(631) 659-2011 Office
(516) 918-5383 Fax
0 votes Thank Flag Link Sat Apr 20, 2013
Jay,

A Realtor Buyer's Agent can work in several ways, one of which is that the buyer is required to pay any additional commission to the buyer's agent when the seller is not offering out the amount requested.

Most sellers offer commission to all Realtors who are negotiating the transaction, even those representing the buyer.

All Realtors can represent the buyer or the seller. All commission structures are individualized by the particular Realtor.

If you do not like the deal the Realtor is offering, you can negotiate or you can find another Realtor to represent your interests.

gail@GladstoneGroupRealty.com
718-928-9580
0 votes Thank Flag Link Sat Apr 20, 2013
Hi Jay,

Yes commission for purchase comes from the seller and they pay for both buyer's agent and seller's agent.

It is unusual that buyer pays buyer's agent. If you have any other questions, or would like more information on a particular property please give me a call at 347.841.3073. I'd be happy to answer an questions you may have.
0 votes Thank Flag Link Sat Apr 20, 2013
Jay, did you sign a buyers agreement with your broker? Compensation should have been discussed and explained at this time. While you are correct that fees are paid from the proceeds of the sale, it isn't always the case. Request a detailed explanation from your broker so you fully understand. If they can't provide it speak with their manager.
0 votes Thank Flag Link Sat Apr 20, 2013
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