Buyer's agent's fee

Asked by Confused, Queens, NY Thu Feb 26, 2009

What is a customary buyer's agent's fee in Brooklyn/Queens area?

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Carmen Di Bi…, Agent, Nyack, NY
Thu Feb 26, 2009
Buyer's agent fees, like all commisions are negotiable. The buyer agent fee is usually paid by the seller. In the case of a For Sale By Owner, the buyer agent will negotiate the fee with the seller up front. If you have signed an Exclusive Buyer Agency agreement, you will be responsible for the fee in the event the seller does not agree to pay, which is unlikely. The amount of commision will be spelled out in the Agency agreement. Negotiating a Buyer Agent fee is not customary when an amount has been set by the seller via the listing agent. This amount is referred to as Buyer Agency Compensation.
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Vicky Chrisn…, Agent, Purcellvile, VA
Thu Feb 26, 2009
REALTORS will be hesitant to answer this, as we might be accused of "price fixing" - and that is against the law. But, you are smart to ask, because it does vary regionally; and it also varies depending on the type of service and type of property, For example, land is often a higher %, above certain price points is often a lower %; and if you are looking for something unique that might not be found in the MLS and the agent may have to go hunt for it for you, then there may be a nonrefundable up front fee in addition to a success fee. So, while your question seems like it should be able to be answered easily, keep in mind there are variables.

The prior answer came from a person in another area, I don't know if he knows NY or not - and NY is different from everywhere! The best way to find out is have a real estate agent run MLS listings for something similar to the type property that you are planning to buy and see what the "average" is that is being offered to be paid by sellers - that will tell you what is the customary fee.

I hope this is helpful
0 votes
110% Ltv, Both Buyer And Seller, Boston, MA
Thu Feb 26, 2009
3%. If you do not use a Realtor you can just get 3% taken off the price of the house so that is really the best way to do it. Good luck.
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