Most buyerâ€™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)
Benny Paul CIPS, ABRÂ®, e-PROÂ®, AHWD, TRC
Realty One Group, Inc
Cell (702) 374-3210
Fax (702) 947-5755
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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"!
EcoBroker Certified, a New Kind of Realtor
To answer your question about whatâ€™s the going rate: Most buyerâ€™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 buyerâ€™s side. The bank side does not do any of the work that the Sellerâ€™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 finderâ€™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 todayâ€™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.
THE DULCIE CRAWFORD GROUP
REALTY ONE GROUP
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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.