Home Buying in Kansas City>Question Details

HAWK, Home Buyer in 84404

Should using a realtor to buy a home cost me anything?

Asked by HAWK, 84404 Mon Mar 19, 2012

We are looking to buy our first home in kansas and we sort of have a realtor, she has been alot of help, but we met with her to go over a contract before we go look at homes and in it, it says theres a fee of about $435 to have her as our agent which can go as closing costs. Ive always been told it shouldnt cost to use a realtor to buy. Was I told wrong? I want to have somone good but I dont want to be "taken for a ride"

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Most of the brokerages in the Kansas City area do charge a transactioin fee. Sometimes it is called a Broker's Administration fee. Our company charges $295. I have seen other companies that charge up to $550. It sounds like $435 is somewhere in the middle. Some of the companies have you pay it up front. It is a cost of doing business. You were told very accurately. You are not getting 'taken for a ride", but you should always explore any questions that you have until you have satisfactory answers.

Mike and Penny Shepherd
Reece And Nichols
913-999-4010
http://www.MikeAndPenny.com
MikeAndPenny@ReeceAndNichols.com
0 votes Thank Flag Link Wed May 2, 2012
A growing number of brokerages are charging transaction fees. As Angela notes, sometimes an agent will pay part of it out of her own commission. $435 is a bit higher than I've heard before, but I wouldn't be surprised.

I doubt you're being "taken for a ride." You can contact some other agents with other brokerages and see if they charge a transaction fee. (They probably do.) Even if they don't, though, if you know you've got someone good, who's been "a lot of help," the fee may well be worth it. And you can structure your offer to ask that the seller pay some closing costs, to offset the transaction fee.

Hope that helps.
0 votes Thank Flag Link Mon Mar 19, 2012
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
Contact
If that is what she is charging as a buyer’s agent instead of half the commission it sounds cheap to me. If she is receiving half the commission from the seller plus 4495 it sounds a little steep. Of course price is also a piece of the puzzle, ask her to explain it to you in depth, good luck,
0 votes Thank Flag Link Mon Mar 19, 2012
Not all realtors charge a fee, ours doesn't. I have not seen one for more than $250 either. It is good that she disclosed it early in the relationship and before you started looking at homes.

Having the fee be part of your closing costs often means you might be able to roll it into the price of the home, but you are still paying for it.
0 votes Thank Flag Link Mon Mar 19, 2012
Most brokerages have some form of transaction fee. Sometimes an agent will agree to waive it or split it but a lot of times it means they still have to cover it out of their own money.

Most times buyers costs are included in the closing costs and the seller may be asked to pay those fees.

Title co has closing fee, banks have transaction fees, and realtors who are paying for transaction coordination also have those fees. They are pretty standard but sometimes the amounts are different.
Web Reference: http://wingmanrealty.com
0 votes Thank Flag Link Mon Mar 19, 2012
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