Home Selling in Mamaroneck>Question Details

Dillon Chan, Home Owner in New York, NY

I am planning on selling my property. If I get an offer from a buy who is being represented by a Realtor, who pay's the commission?

Asked by Dillon Chan, New York, NY Tue Mar 19, 2013

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I would expect the agent will write it up so that the seller, you, pays the commission. I would expect that but the others below are correct in what they say. If they do ask you to pay the commission that amount, or percentage, will be there to see and it is negotiable by you. 1,2,or 3 percent is common and it can be something between them, like 2.5% or whatever. It could be a good deal for you because then you will have an experienced agent working the buyers side and they will probably also help you out in an effort to make the deal close so you get a good bit of benefit from it as well as getting your house sold.
0 votes Thank Flag Link Tue Mar 19, 2013
This is great - thank you very much for the answer.
Flag Tue Mar 19, 2013
Because any buyer's agent is going to end up doing a LOT more work when dealing with a FSBO seller, I would suggest that agent should approach the seller with a listing agreement rather than an offer. If the agent is going to do the work, s/he should be paid for it. That means the seller should pay the commission and it should be on the level of a listing agreement (ie: 4-9% of selling price as negotiated between the seller and the agent). An agent with a serious buyer in tow is FAR more valuable than one you just selected from the phonebook, so an FSBO should be willing to pay handsomely for that. Unfortunately, most sellers who try to sell on their own don't figure that out until it's too late. Best of luck in selling your home...
0 votes Thank Flag Link Wed Mar 20, 2013
Do you have the property listed with a realtor? If you do, what was the agreement that you decided upon when you signed the Exclusive Right to Sell? Sometimes the realtor who is representing the buyer as their buyer agent has an agreement with the buyer that the buyer will pay their commission if the seller does not pay it. In NY, a very high percentage of the time the seller pays his agent 50% and then pays 50% of the commission to the Buyers agent. It all depends upon you too, if you are happy with the offer or do you want to wait for another offer. It is something you have to discuss with the realtor before they bring over their client if you have no financial agreement prior to the offer. Percentages of commissions are negotiable. There is no rule or law on what specific percentage of a commission should be charged.

Elisabeth Kepley
Real Estate Broker
Personal Realty Plus
0 votes Thank Flag Link Tue Mar 19, 2013
The Realtor representing the buyer, should not even show your property, I am assuming by owner, unless YOU the owner agree on a one time showing agreement that if this showing leads to an offer and a consequent sale contract, that you will sign and agree before the showing to a certain % of the purchase price to be paid at the closing to the brokerage of the Agent who brought the buyer!!!!

I do not show unless the for sale by owner OWNER AGREES in writing to pay a certain commission to
me the buyers agent of the potential buyers if and when a sale contract will be arranged.
Good Luck to you

Sincerely yours,
Edith YourRealtor4Life & Chicago, North Shore & Northern Illinois Expert
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0 votes Thank Flag Link Tue Mar 19, 2013
Thanks for the response Edith - I guess everyone has their own opinion and many realtors have been by and bring their clients. No one yet has mentioned a %. Guess everyone thinks differently as a sale is a sale.
Flag Tue Mar 19, 2013
The Realtor representing the buyer must disclose the commission payment along with the offer.
0 votes Thank Flag Link Tue Mar 19, 2013
Appreciate the quick response. This helps along with the others.
Flag Tue Mar 19, 2013
It depends on the agreement...it can come from the buyer or the agent negotiate with you to get it. Either way it should be disclosed up front.

Chris
0 votes Thank Flag Link Tue Mar 19, 2013
Thanks for the reference Chris. appreciate it.
Flag Tue Mar 19, 2013
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