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We're planning on buying in Durham and have been doing lots and lots of research online. I've picked several houses I'd like to see, but we're stretching as it is and paying an 3% of the purchase price to the agent is really going to hurt.
Where we come from, sellers typically pay the entire fee - half to the listing agent, half to the agent who brings the buyer. I've read the "working with" page at the NC real estate commission website and am now pretty confused.
I don't want to seem like a cad, but I've got to economize. I just want someone to show the houses to me and submit my offer to the buyer. I'll scour the MLS and do lots of other legwork on my own.
Okay, all you real estate professionals out there, what can I expect? I hope nobody's going to bite my head off.
You do not pay a buyers agent. The sellers pay their selling agent and then the commission comes out of the broker (sellers agent) commission to pay the buyers agent.
When sellers are selling a house, they usually have in mind how much all the commissions will cost them, but you do not pay directly.
Heather, I could be wrong -I'm not an agent- but I am pretty sure that is typically the way it works here too. The seller pays both agents, unless it is a special situation such as FSBO. All I know is we just bought a house, my agent is getting paid, and it ain't me that's paying him!!
We're planning on buying in Durham and have been doing lots and lots of research online. I've picked several houses I'd like to see, but we're stretching as it is and paying an 3% of the purchase price to the agent is really going to hurt.
Where we come from, sellers typically pay the entire fee - half to the listing agent, half to the agent who brings the buyer. I've read the "working with" page at the NC real estate commission website and am now pretty confused.
I don't want to seem like a cad, but I've got to economize. I just want someone to show the houses to me and submit my offer to the buyer. I'll scour the MLS and do lots of other legwork on my own.
Okay, all you real estate professionals out there, what can I expect? I hope nobody's going to bite my head off.
Who told you that you had to pay the agent? I know we certainly didn't....and we expected more from our our agent then simply getting the keys and submitting an offer.
The answers you've received so far are correct; You do not pay the real estate agent, unless you are referring to one where you are that is selling your house. When you are the purchaser, there's no realtor fees charged to you at closing.
You might be getting confused with the terms buyer's agent and the rest. those are technicalities of whose protecting your interests, not expecting to take your money.
Wow! Guess I really was confused. It seems like homebuying is getting so complicated. When we bought this house, we just went to the bank, got a loan, met the cute old couple who sold us the house at the title company, signed some papers and were done. I don't remember there being all that many costs associated with the purchase other than the title company's fees and an appraisal. I forget who paid what actually, we just did whatever the title company said was customary. The couple we bought from were real nice folks.
Now I'm reading all kinds of posts about closing costs I'd never heard of before - and the thought of another 3% was starting to scare me. Thanks for clearing things up for me.
We're planning on buying in Durham and have been doing lots and lots of research online. I've picked several houses I'd like to see, but we're stretching as it is and paying an 3% of the purchase price to the agent is really going to hurt.
Where we come from, sellers typically pay the entire fee - half to the listing agent, half to the agent who brings the buyer. I've read the "working with" page at the NC real estate commission website and am now pretty confused.
I don't want to seem like a cad, but I've got to economize. I just want someone to show the houses to me and submit my offer to the buyer. I'll scour the MLS and do lots of other legwork on my own.
Okay, all you real estate professionals out there, what can I expect? I hope nobody's going to bite my head off.
I would suggest you find a buyer's agent to show you the homes, the seller pays both agents (the one that listed the house and the one that brings the buyer). If you simply call the agent who has the house listed, then that agent is representing both of you, which is not the best benefit for either of you. A buyer's agent represents you exclusively, goes to bat for you, explains the real estate contract to you, helps with negotiating the contract, helps arrange the attorney for closing, etc
Anyhow, it is a good idea and you don't pay them anything!
Wow! Guess I really was confused. It seems like homebuying is getting so complicated. When we bought this house, we just went to the bank, got a loan, met the cute old couple who sold us the house at the title company, signed some papers and were done. I don't remember there being all that many costs associated with the purchase other than the title company's fees and an appraisal. I forget who paid what actually, we just did whatever the title company said was customary. The couple we bought from were real nice folks.
Now I'm reading all kinds of posts about closing costs I'd never heard of before - and the thought of another 3% was starting to scare me. Thanks for clearing things up for me.
Heather,
Most common scenario:
The Listing Agent contracts with the homeowner to sell the house. In that contract the Homeowner agrees to pay the Listing Agent a certain amount of money, typically a percentage of the selling price.
In return, the Listing Agent contracts with the homeowner to offer to split his commission with a Buyer's Agent as compensation for to the Buyer's Agent for bringing the successful Buyer.
Your Buyer's Agent fee is not added into the transaction, UNLESS the split offered to a Buyer's agent is very low. In that case, you will likely have an agreement to pay your Buyer's Agent up to a certain amount if that amount is not offered by the Listing Agent.
Also, you can request your Buyer's Agent only to show you homes that offer to pay your agent adequately to avoid cash out of your pocket. The splits are all listed in the MLS. No need for surprises!
Find yourself a Realtor immediately! Gee, now I AM sounding like a broken record!
Your agent will help you find a lender. Between the lender and the agent, you'll know exactly what your closing costs will be and how much cash you need up front and the type of loan you can qualify for.
Then your agent will assist you in finding the home and negotiating the home and helping you get it inspected, etc., etc., etc.
You do not pay for buyer's agent. But you need one.
Vicki
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