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Rhonda Holt
Full Time Top Sales Agent
Specializing In Co-ops and Home Sales
Weichert Realtors, H.P Greenfield
Brooklyn, New York
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Part A of this question is easily answered. The seller normally pays the fees for professional services for both the listing agent and the selling agent.

Part B becomes a little more tricky because of wide variety of commission splits with the broker. It doesn't end there however because there is a multitude of expenses associated with working as a real estate agent that can be costly.

Dear A:

The buyers agent can be paid by the buyer or the seller of the home. If you are going to have an agent represent you as a buyer it simply means that the agent's fiduciary responsibility is to look out for your best interest. It does not address who pays said agent. If you sign a written agreement with a buyer's agent, you should make sure it is disclosed in the agreement who pays the agent, and for that matter if you are paying, how much. It can be a flat fee, a percentage or a percentage of the disparity between the asking price and the amount you actually pay. You need to know upfront as you do not want to find out you are paying a fee in the eleventh hour!

In my experience most buyers in Brooklyn do not use a buyers agent or need to have an agent represent them. I say this due to the fact that here in Brooklyn the buyers always hire a lawyer to protect their best interests. Aside from that, if you hire a buyers agent you are limiting yourself to working with only one agent and that may hinder you in some respects. In my opinion you should speak to as many agents as possible and have them all looking for a home to meet your needs. The commission they will earn if they find you a home will be motivation enough to have them help you.

Of course if you find that there is a certain agent or agents that you are comfortable with and do not feel like speaking with a bunch of different agents, I respect that.

If I can be of further assistance, please let me know. I am an agent here and Brooklyn and if you like I can also help you find a property!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, inc.
Office: (718) 645-1665
Email: MitchellSFeldman@aol.com

That question has many answers. Generally speaking, if the home is not in foreclosure or a short sale, the listing agent negotiates a commission in their agreement to list, and part of that commission goes to any buyer's agent that sells the home; paid at closing. The percentage the home is listed for and the percentage that goes to a buyer's agent differs in all parts of the country and is always negotiable.

There are discount brokerages that don't go by the standard custom, and as a result, a buyer may end up paying a commission to their agent. This is something that should be disclosed upon disicussing any agency buyer's agreement.