Home Buying in Akron>Question Details

tinav92, Home Buyer in Canton, OH

when your buying a home how does the realtor get paid? does it come from the seller or buyer?

Asked by tinav92, Canton, OH Sat Apr 13, 2013

Help the community by answering this question:

Answers

9
Paula Willey’s answer
In real estate, you are licensed as a Salesperson or Broker. You are only considered a "realtor," if and when you join a Board of Realtors at an expense determined by the Board. The Salesperson/Realtor conducts real estate transactions through representation of his/her Broker ONLY!

Through a typical Listing Agreement, a commission amount and/or percentage is agreed upon between the Broker and the Seller. Keep in mind, the commission is usually NOT paid unless that property sells!.

Also, there are instances where a FSBO (For Sale By Owner) is involved, but does not choose to work with a Broker, thereby refusing to pay ANY commissions. A "Buyer Agency Agreement Exclusive Right To Represent" should be used in every instance, but definitely used in this scenario.

My advice to you is this . . . If you are a Buyer or a Seller, focus on involving a Salesperson/Realtor that is good at NEGOTIATIONS! It's entirely up to you, but let me ask you this, "How much are you willing to pay to ultimately SAVE in the end?" P.S. I'm not just talking cash either!

Have a great day . . . Call me @ 330.858.0909 :)
0 votes Thank Flag Link Mon Apr 15, 2013
tinav92,
The selling agency gets paid from either the seller of the property or they can be paid from the buyer or a combination of both. The agents representing the buyer or seller gets paid from their respctive brokerages. All dependent upon the agreements within each group.
0 votes Thank Flag Link Sun Apr 14, 2013
It is not always true that the seller pays the commission! Contracts are changing due to more banks being unethical which is leading to “others” following in their path. Many realtors® are protecting their interest via an exclusive buyers agency agreement since no one wants to work for free. Many realtors are using the agreement (buyer’s agency contracts) which basically states if the seller’s compensation to the buyer’s brokerage is less than 3% or other negotiated amount the buyer must pay the difference to the brokerage as fees earned. This is a big problem in the short sale market and different areas of the country have varying degrees of this issue in there market.
0 votes Thank Flag Link Sun Apr 14, 2013
Great question, Typically in this market area the seller pays for your (buyer) representation from the sale of the home. However agents have a minimum commission to continue good professional business practices, so if it's a low end property or if the seller or the listing agent isn't offering a traditional commission to the buyers agent you will be asked to make up the difference. Best of luck in your home search. If I may be of any assistance please contact me directly.
Ken Woods Realtor .com 330-777-0075
0 votes Thank Flag Link Sun Apr 14, 2013
Typically, the fees for professional services are paid for from the seller's side of the transaction unless otherwise agree.
0 votes Thank Flag Link Sun Apr 14, 2013
the seller pays the Commission
buyer is responsible for their down payment and they're closing costs
the buyer does have the option to
ask the seller to contribute to their closing costI hope this answers your question
0 votes Thank Flag Link Sun Apr 14, 2013
Sellers pay the commission, buyers are not charged for the sale except for closing costs. I almost always get the seller to pay those as well. So buyers pay nothing. Thank you for your question.
Web Reference: http://www.davidc.com
0 votes Thank Flag Link Sat Apr 13, 2013
Both realtors are paid by the seller in OH in most cases. I would be happy to discuss this with you further as well as how to protect yourself if you decide to go to open houses. Cell - 330.703.2304
0 votes Thank Flag Link Sat Apr 13, 2013
In general, the commission is a seller's expense ( it appears as a debit to the seller on closing statement).
0 votes Thank Flag Link Sat Apr 13, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Home > Ohio > Summit County > Akron > Home Buying in Akron > Question
Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer