Mike Lefebvre

Jennifer-
Typically I look for a committment letter from buyers minimally 2 weeks before closing. Anything closer to the actual closing date than that would worry me, especially with the state of the mortgage industry right now. I agree with Scott that your listing agent/attorney should be able to help you get some straight answers.

If they are already a week past one deadline in your contract and do not have a commitment yet with less than a week before closing, I would be concerned as a listing agent. They may be putting any deposits in jeopardy as well.

I hope it works out for you. Ask your listing agent or attorney to get to the bottom of this Monday morning!

Take care,
Mike - Sat May 9 2009, 06:45

Hi Ellen-
As a buyer's agent, I typically suggest 24 hours for expiration on most offers, which seems to be common in the area. Especially for situations like you described.

Good Luck!

Mike - Fri May 8 2009, 20:55

Kristy-
It is 100% negotiable and between the seller and the agent. The average for traditional brokerage models (not a flat-fee, reduced commission or limited services arrangement) in these parts is between 4% and 6% of the eventual selling price, with 5% being the average in my experience. Typically the listing agent will offer half of this fee to a cooperating agent who brings the buyer. Typically, as a seller you pay this fee out of the proceeds of the sale.

I suggest you ask around, because as I said it is never set in stone and can be any amount that the seller and agent agree to.

Good luck!

All My Best,
Mike - Sun Apr 26 2009, 04:58