Home Buying in Las Vegas>Question Details

SweetMamo, Home Buyer in Hawaii Kai, Honolulu,...

whats the going rate to pay a realtor in Las vegas from a buyers perspective?

Asked by SweetMamo, Hawaii Kai, Honolulu, HI Thu Mar 12, 2009

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BEST ANSWER
Buyer's do not need agents. If you do choose to use one it wil add 3% to th final price on the home. Just use the internet to find what you need and then make an offer.
0 votes Thank Flag Link Thu Mar 12, 2009
Hi SweetMamo,
Most buyer’s broker get paid anywhere from 2-3% commission. The seller pays to the buyers broker for bringing a buyer, if buyer buy and buyers broker gets paid upon successful closing. Buyer does not pay. The buyer gets great representation in the transaction by using a Licensed Real Estate Agent in the state of Nevada.
Let me know if are not working with a real estate professional .

I have the following Designations:
-- Certified International Property Specialist (CIPS)
-- Accredited Buyer Representative (ABR)
-- The e-PRO certification is NAR's online training program to certify real estate professionals as Internet Professionals(e-PRO)
-- Transnational Referral Certification (TRC)
-- At Home With Diversity (AHWD)


Sincerely,

Benny Paul CIPS, ABR®, e-PRO®, AHWD, TRC
Realty One Group, Inc
Cell (702) 374-3210
Fax (702) 947-5755
Email : bennypaul@hotmail.com
Website : http://www.BennyPaul.com
Web Reference: http://www.BennyPaul.com
0 votes Thank Flag Link Sat Apr 18, 2009
SweetMamo,

Unfortunately the "best answer" posted by Top Producer should be reclassified as the "most misleading". Commission is addressed during the listing stage of the process and is not dependant upon the use of Selling Agent (aka Buyer's Agent). Granted, in some cases a commission may be reduced/modified (short sale, dual agency, etc.) The Buyer should not incur the cost of using a Realtor and it would certainly not cause a price increase in doing so. In some cases it is requested by a Seller and/or Lender to add closing costs to the purchase price, essentially rolling the closing costs (title/escrow, lending, agent documentation fees, etc.) into the Buyers mortgage loan.

It certainly pains me that misinformation is being delivered that would cloud a Buyers decision to fully protect themselves and make the most informed decision about the home purchasing process.

Good luck in your home search "SweetMamo"!

Lisa Santacaterina
EcoBroker Certified, a New Kind of Realtor
http://www.RealEstateCollective.com
0 votes Thank Flag Link Fri Mar 20, 2009
Hi SweetMamo,
To answer your question about what’s the going rate: Most buyer’s agents get paid anywhere from 2-4% commission on the sales price in this market, but many foreclosure transactions pay a discount of around 2% to the buyers agent for doing all the work on the buyer’s side. The bank side does not do any of the work that the Seller’s side normally performs in a typical Seller/Buyer transaction.

The seller pays for a Realtor to bring the buyer. The buyer gets representation in the transaction by using a Licensed Real Estate Agent in the state of Nevada. A Realtor has access to all information on the MLS and is guaranteed to be paid a finder’s fee when the buyer they represent closes on the Seller's property.

Many buyers use the internet these days to find inventory --it is a great tool and can save you valuable time in the search process. The pitfalls of buying in today’s market without representation are huge and with serious consequences. Bank owned and Foreclosure homes are usually in disrepair and have not been maintained for months to a year or more sometimes. The bank will require you to sign away the majority of your NRS rights as a buyer in the state of Nevada making you take possession of the home in "as is" condition, and short sale transaction are long and very complicated. I can go on and on why you need to have an experienced Realtor represent you, as they are the key to a successful transaction with less RISK.

Please go onto the internet and research the areas I mentioned above and you will get more info on these issues. You can also visit my free information page at http://www.UnderstandingForeclosuresLasVegas.com for a brief but easy way to get educated on the process.

Dulcie Crawford
THE DULCIE CRAWFORD GROUP
REALTY ONE GROUP
Realtor/ABR/E-pro
http://www.DulcieCrawford.com
Cell: 702.285.1990
Fax: 1+702.447.2800
Get the Home Buyers Scouting Report
http://FreeHomeValuesLasVegas.com
0 votes Thank Flag Link Thu Mar 12, 2009
Sweet
In most situations the fee (commission) is paid by the seller. The listing agent (representing the seller) and the seller negotiate a commission which is then split between the listing agent and the agent who represents the buyer (the buyer's agent, or sometimes referred to as the selling agent).

When purchasing a home I would ask a Realtor to help you pre-qualify with a reputable lender. Part of that process of learning the price for which you are qualified should include an estimate of costs that you, the buyer do pay. Most costs are borne by the seller, but in most cases there are some fees that buyers are required to pay.

In the current buyer's market I would ask your REALTOR about negotiating to have the seller pay those costs. In some cases these are referred to as "closing costs". You may hear the term "non-recurring closing costs"...all are related to fees buyers normally pay.

Good luck.
0 votes Thank Flag Link Thu Mar 12, 2009
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
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A buyers agent commission is usually included in the commission in the listing contract. For example if a seller lists a home for 6% in most cases unless the listing agent is also working with the buyer that commission is split between the listing and selling agents. In this case if you do not have a buyer agent represent you the listing agent will earn the full 6% commission. If you are looking to buy a property that is not listed then you may have to pay a buyer agent to represent you if you want the expertise and advise that a Realtor can share with you. If you are working with a buyer agent and you might be interested in a property that is a FSBO (for sale by owner), have your agent contact the owner of the home first to see if the seller will "co-broke" with your agent. This means that your agent will be verifying if the seller will pay the buyer agent commission. If they will not then you can decide if you want to consider that property and you be responsible for the amt. of your agents commission. Commission amounts vary from firm to firm and different areas of the country. When in doubt about local rules call you area Realtor Association or your state Real Estate Commission.
0 votes Thank Flag Link Thu Mar 12, 2009
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