Home Buying in 19041>Question Details

Phoenix, Renter in 19041

Home is in probate with what i thought was family friend. Attorney hired Realtor to help sell But Attorney

Asked by Phoenix, 19041 Fri Mar 6, 2009

bought house at one half price at my urging & with my consent. I find out that Realtor is friends with attorney. He is cutting bher 6% of total sale.She did nothing and is being offered 6% for closing. Is this normal?

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First of all, I bet you didn't know that attorneys can generally get part of the commission when they make a referral to an agent. You might want to find out if that is the case here.

Second, yes, real estate agents get paid for handling the transaction, and the commission you mention of 6%, while always negotiable, seems within the "normal" range. In fact, Fannie Mae recently issued a statement relating to short sales in which it gave blanket approval for commissions up to six percent for selling a home. So, a major lending institute, even when they are paying the bill, acknowledges that nationwide this is a reasonable fee for residential real estate.

Lastly, I am not sure I understand your question.... attorney hired a realtor and then you asked him to buy the house for half price? Why'd you do that? If you wanted to "give" your friend the house for half price, why was a real estate agent involved at all?
0 votes Thank Flag Link Fri Mar 6, 2009
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