Home Buying in 11704>Question Details

Cayman10, Home Buyer in 11704

what is the standard commission for a real estate agent in suffolkcounty new york?

Asked by Cayman10, 11704 Sun Apr 18, 2010

how much commission should I pay a real estate agent ( I am a buyer) i am using the 6% seller concession and 3.5%downpayment on a fha loan.can this be used for the realtors fee

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If you are working with your agent as a Buyers Agent then your commission is established in the contract you have signed between you and your agent. If you have not signed a contract and are working with an agent as a Sellers Agent then the commission is compensated in the closing from the sellers between the agent and the sellers. You can discuss this with your agent to clarify.
0 votes Thank Flag Link Tue Apr 20, 2010
On Long Island, not many buyers use a buyer's agent, although agents have been trying to get them to do that for a long time. Most selling agents, however, will just take whatever the listing agent offers, which is clearly stated on the MLS listing. One more thing, check with the loan officer you are using to make sure you can still use the 6% seller's concession. I thought that was changing.
0 votes Thank Flag Link Mon Apr 19, 2010
All commissions are negotiable, there are no set standards--the seller usually pays the commission out of the proceeds of the sale--that commission is shared by the listing and buyer agent--do you have a signed agreement with your agent to pay him/her an additional commission--your agent can best answer your question, do discuss the issue.
0 votes Thank Flag Link Mon Apr 19, 2010
All commisions are negotiable.
Usually, the commission is negotiated between the seller and the listing agent and the proceeds from the sale are used to pay the commission for both the listing agent and the buyer's agent.
0 votes Thank Flag Link Sun Apr 18, 2010
There is no set commission rate all commissions are negotible. Also, the commssion is paid by the seller not the buyer.
0 votes Thank Flag Link Sun Apr 18, 2010
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