Standingside…, Home Buyer in Milwaukee, WI

do I have to pay a buyer real state agent? Or does the agent get payed by the seller?

Asked by Standingsideways@hotmail.com, Milwaukee, WI Wed Aug 19, 2009

I don't have a house to sell, I'm looking for my first home.

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Answers

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Generally the buyer's agent commission is paid from seller's proceeds. However, if your buyer's agency contract calls for a higher commission than that being offered by the seller you may have to cover the difference. This can be negotiated within the offer, but may be turned down by the seller, in which case the buyers are on the hook for the commission unless the buyers agent is willing to amend the contract to a lower commission.
Web Reference: http://www.JeffGramins.com
1 vote Thank Flag Link Wed Aug 19, 2009
The question if the buyer pays the buyers real estate agent depends on the agreement you sign. Typically the commision wil be paid by the seller if the property is listed. However, if there are minium commisions outlined in the agreement the buyer could be responsible for the fees. The other situation is when the buyer wishes to buy a house that is not listed and the seller will not pay the commision, then if the agreement indicates the buyer will pay the commision, the buyer wil be responsible for the commision.

In short, when signing a buyer agency agreement make sure you are comfortable with the agent and that you understand your responsibilities. I have done a number of buyer agencies and the buyer has not had to pay any fees. So it all depends!

As a side note it is very much in your interest to have a buyer agency, because that agent is representing you and not the seller. Normally all agents represent the seller unless they have a agreement to make the buyer a client. Very good question!


Wish you well.

Keith Manson
First Weber Group
Certifed Distressed Property Expert
Greenfield, Wisconsin
0 votes Thank Flag Link Thu Aug 20, 2009
Standingside

You may wish to browse through this Question.(Over 700 Comments..Current..Couple hundred agents)

The Discussion covers how agents feel about Commissions, showing or not showing homes based on Commission, what Commission many agents expect and much more pertaining to Commissions.

I think you will find it a very informative and interesting Read.

http://www.trulia.com/voices/Home_Selling/Can_low_commission…

Good hunting, Dunes
0 votes Thank Flag Link Wed Aug 19, 2009
Very good answers from both Karen and Jeff.

Bottom line: In most cases, you do not have to pay a real estate agent when you're buying. Most of the time, the entire commission is paid by the seller. However, as the previous answers noted, that's something you should discuss with your agent.
0 votes Thank Flag Link Wed Aug 19, 2009
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
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Whenever I have done a Buyer Agency agreement, I explain to my clients that I will be paid a "success fee" when they close. If they purchase a home that is listed on MLS the Seller pays their Listing Broker and I am paid through them. Should the Buyer wish to negotiate on a home that is For Sale By Owner, I have negotiated with the Seller to have the Seller pay my fee at closing for bringing them a Buyer.
Once in a while there may be a situation where the Seller (For Sale By Owner) may say, I won't pay the agent- then adjust your offer by the amount you would pay your agent and pay your agent directly.

Sit down with an agent you'd like to work with- ask them questions, make sure you are comfortable that they with them and their ability to represent you in the manner you expect. It's very important that the agent you work with matches your personality.

All the Best to you!
Web Reference: http://GoPackerUp.com
0 votes Thank Flag Link Wed Aug 19, 2009
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