realtor fees on a quick sale?
A couple houses in my area that were for sale interested me so I called a realtor lady I knew and we took a look at them. I told her I haven't decided if I want to move yet, but I would think over the next week while on vacation. The realtor told another lady in her office that I may be selling and she has a client looking for a house like mine. She told him I was out of town do go over an look around. I guess he walked the yard and peeked in the windows and wants to see more. We arranged that they show the house to him later today.
My realtor told me since I haven't formally listed the house with her, she will bring a form that is for a single time use. I guess they worry that the buyer will come back and work a by owner deal. Fair enough.
The commission part is what I am thinking about. Typically if I listed my house on the open market, the commission to the buying realtor might be 2.5%. My realtor said if I buy the next house with her, she would only charge 1% on my sale, for a total of 3.5%. BTW the houses I am buying and selling are in the mid $600K range, so we are talking $23,000 sales commission. That seems like a lot for one showing, bam sold!(assuming he wants to buy it).
I know if I can sell a house in one day without even listing it, I should be happy, but still $23K for so little time invested. The housing market has been quite slow here lately and there are a lot more houses for sale in my town than most years. People are talking lower prices, giving more concessions, and etc. I think the realtors should share part of that.
Should I try to get the buying agent to go to 1.5% or 2%? The listing agent will be making $15K on the house I purchase if this all goes through, so I am sure she will negociate.