How much am I supposed to pay the realestate agent in commission?
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.
5 Responses to “How much am I supposed to pay the realestate agent in commission?”
By Books on Feb 15, 2010 | Reply
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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By Dizzy_Lizzy on Feb 15, 2010 | Reply
Commission is based off the sales price listed in the contract.
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By src50 on Feb 15, 2010 | Reply
The commission is based on the agreed sale price. The buyer’s financing arrangements have nothing to do with it.
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By Anthony G on Feb 15, 2010 | Reply
Read your contract…usually 6%
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By Anthony on Feb 15, 2010 | Reply
It should be 4% of whatevr you get after the deal is done and everything is wrapped up.
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