At Ask Me Help Desk you can ask questions in any topic and have them
answered for free by our experts. To ask questions or participate in
answering them you must register for a free account. By registering you
will be able to:
Get free answers from experts in any of our 300+
topics.
I think most of you have had experience on buying a house at some point your life.
I haven't made my final decision whether I am buying it within the next 6 month or not.
I am looking for any advice to assist me being first home buyer.
Any input/tips will be appreciated, if you don't think that's a good idea for me to buy now, please let me know as well.
I am looking forward to hearing of your precious advice!
s_cianci, I am not quite understanding about the splitting commission part...you mean a second realtor? who is responsible for paying him/her? Do I ask for one or the seller?
Thank you.
The seller will (in most cases) be represented by a realtor. The seller's realtor will draft the contract of sale and represent the seller at closing. The seller pays that realtor a commission at the conclusion of the sale (typically 6% of the selling price.) Now you, as the buyer, can likewise use the services of a realtor to represent you, assist you in negotiating the terms of the sale and contract and be your representative at closing. And it won't cost you anything out-of-pocket. Since, by virtue of assisting you your realtor assists with the sale of the property, your realtor receives half of the selling realtor's commission (3%). When you see a listed property that interests you, simply contact your realtor and ask him/her to schedule a showing with the seller and/or the seller's realtor. You can do this as often as you want until you finally find a property that you want to buy. Then your realtor will assist you with all aspects of the purchase, in return for 1/2 of the seller's commission.
Oh I see, thank you, so my realtor will be working for the seller as well.
I mean yes, he/she will be kinda helping me but I can imagine he/she persuades me on buying it for his/her benefit, will he/she?
Your realtor gets commission no matter what house you buy (for sale by owner homes get a little funny), so there's no reason to pressure you into one house or another. Some sellers offer buyer realtor benefits, like extra commission, but if there's no benefit for YOU to buy the house, why do you care if your realtor gets more commission? So make sure you buy the house YOU want, not the one your REALTOR wants you to buy. Also, a good, responsible realtor will put their efforts into finding the house you want and taking what they get from it.
Oh I see, thank you, so my realtor will be working for the seller as well.
I mean yes, he/she will be kinda helping me but I can imagine he/she persuades me on buying it for his/her benefit, will he/she?
Not really. Realtors don't typically use high-pressure tactics the way a car salesperson might. Your realtor knows that once you decide on something to buy, (s)he is going to get 3% either way. For that, (s)he will help you navigate the legal complexities and get you the best possible deal.
Linear Mode
