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Home Buying in 11351 : Real Estate Advice

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Activity 3
Thu Jun 21, 2012
Antolin Du Bois, CFP® answered:
You pay it but probably he got you a higher price, so likely the buyer paid your fee.
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Thu Jun 21, 2012
Antolin Du Bois, CFP® answered:
Seller technically pays the commission but of course they ask for a higher price and since most other sellers are asking a higher price the buyer ends up paying the commission.

Only time you might not is if you buy it from a bank, a friend, a relative, or a shortly expiring commission. In all those cases, the price is probably lower than what the original list would be.

Antolin Du Bois, CFP®
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Wed Nov 5, 2008
Scott Godzyk answered:
It doesnt work that way, the listing agent does not reduce their price if there is no buyer broker as now they have to do twice the work. That is like you going to work, having another worker to help you with all your days tasks and then the next day your boss gives you twice the work and says you have no helper today and by the way we are going to pay you half of your salary today.

A buyer broker does not cost the buyer anything. Where you havent signed anything that agent is not working for you, they have to be fair and just but without you hiring them, there are things they can not do for you by law. A buyer can negotiate the buyer broker contract so that it does not cost you anything out of pocket as the buyert broker gets paid at closing through the fee offered by the listing agent in MLS. The buyer agents job is to look out for you and assist you through each step of the buying process. They can offer you comparables to know what the house you want is worth in todays market. They can then assist you in negotiating for it.

Good Luck with your purchase.
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