Realtors fees?

Discussion in 'General Home Improvement Discussion' started by birch, Nov 17, 2005.

  1. Nov 17, 2005 #1

    birch

    birch

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    When you use a realtor to BUY a house do you have to pay them for their services or do they make their money with the seller or both?
     
  2. Nov 29, 2005 #2

    Canadiver

    Canadiver

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    The realtor is paid a commission on the sale of the property. That commission varies depending on the realtor and the property usually X %. But it is the seller that pays the realtor and the realtor gets nothing if he/she does not sell the property. Take into consideration that the price of the property has probably been increased to pay the realtors commission.
     
  3. Jan 22, 2006 #3

    Jarred Thompson

    Jarred Thompson

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    The seller of the property pays all realtor fees.
     
  4. Jan 31, 2006 #4

    justme

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    If you are buying a house I would really look for a realtor that you feel comfortable with and work with just one. you will have the full benefit or an agent but it will not cost you anything. Doing it this way is very beneficial
    1. because they can eliminate a lot of leg work for you, you might see several homes that you think may be a good fit but he/she will have the upperhand knowledge such as a bad foundation, moldy basement, etc.
    2. She will help you negotiate for the best deal. Remember the selling agent works for the seller, they owe fiduciary duty only to the seller as their client not to you as the customer.
    3. She will see what is coming on the market or the day that it comes on. A good home at a good price will sell quickly, you need to get in and see it early and not wait for weeks to read about it in the newspaper only to call and find out that an offer has been accepted.

    WATCH OUT though! When talking to a realtor ask about a buyers fee. I know many large companies are now charging $500-$1,000 but they dont' tell you about it until you are at the closing table and read about it in your HUD statement. Ask first!
     
  5. Feb 2, 2006 #5

    AustinDC

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    I agree with justme. DO not pay a buyer's fee.

    Another note: also when viewing houses beware of an agent showing his/her own listings. No matter what they say, the regs say, whatever, there is a conflict of interest. Find a agent who represents you.
     
  6. Feb 3, 2006 #6

    inspectorD

    inspectorD

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    I also agree.
    Being a home licenced inspector I see both sides of the coin with sellers and buyers and the deal.ALWAYS get someone who will represent you with your intrests in mind.

    Its a big chunk of ching!
    Brian
     
  7. Oct 1, 2006 #7

    ccc

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    THIS IS NOT ETHICAL! If this is the case then it should be disclosed to the buyer up front. We must give buyer and seller a pamphlet which describes our duties to them and this would certainly be in it if we charged this fee. I think it is ridiculous to charge such a fee to buyers.
     
  8. Oct 7, 2006 #8

    asbestos

    asbestos

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    the whole percentage thing is a racket! May RE agents go the way of travel agents
     
  9. Oct 8, 2006 #9

    ccc

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    Well, they have to earn money for their services. You need to be one to appreciate what they do.
     
  10. Oct 10, 2006 #10

    glennjanie

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    In the language of the National Association of Realtors they are there to facilitate a sale they should not be tied to either the buyer or seller. Getting a Realtor and sticking with him/her is the best advice I've seen yet. Look for the R, which assures a real professional.
    Glenn
     
  11. Oct 10, 2006 #11

    ccc

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    I agree glennjanie!
     

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