How much am I supposed to pay the realestate agent in commission?
Posted on February 15th, 2010 by admin
If I am selling a house for $35,000 and the buyer is getting a loan for $10,000 more ($45,000), which number should the agent commission fee be based off of? the $35k or $50k?
It may sound silly, but what regulation would I find this information? When I go back to the agent, I will need to site a good source. Saying I got it off "yahoo answers" doesn’t sound that good.
The commission is 6%, I am asking what the 6 % is based off, it seems the sale price.
The real estate agent gets the commission off the price of the house, not the size of the loan. If the buyer had a substantial amount of cash on hand to use as a down payment and borrowed $10,000 less than the price of the house I assure you the real estate agent would ask for the commission on the price of the house not the size of the loan. They can’t have it both ways.
February 15th, 2010 at 6:54 pm
The real estate agent gets the commission off the price of the house, not the size of the loan. If the buyer had a substantial amount of cash on hand to use as a down payment and borrowed $10,000 less than the price of the house I assure you the real estate agent would ask for the commission on the price of the house not the size of the loan. They can’t have it both ways.
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February 15th, 2010 at 7:17 pm
Commission is based off the sales price listed in the contract.
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February 15th, 2010 at 8:06 pm
The commission is based on the agreed sale price. The buyer’s financing arrangements have nothing to do with it.
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February 15th, 2010 at 8:37 pm
Read your contract…usually 6%
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February 15th, 2010 at 8:59 pm
It should be 4% of whatevr you get after the deal is done and everything is wrapped up.
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