Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
There are no set buyer agent commissions for either short sales or bank owned (REO) listings. Each are determined independently by their listing agents or brokers. So there is no general rule that one will be higher than the other.
By agent has been super patient and helpful. We made an offer on a short sale that took forever so now we made an offer on a lender owned property. I want to make sure she is getting paid for all the hard work that she has done for us. Will the bank pay her commission on the lender owned property or will I be responsible. Is there a way I can find this out?
...Will the bank pay her commission on the lender owned property or will I be responsible. Is there a way I can find this out?
You should ask your agent, however the bank will pay the commission.
Edit: gammann below is correct, if you signed a buyer agent agreement, it may state the amount of commission/fees that you will pay if not covered by the listing commission.
Did you sign a Buyer Agent Agreement? Typically it states what their commission is, and probably says if they don't get the full commission from the sale, you are responsible for the difference. Sometimes plus a fee.
Thanks. I just checked and it does not look like I would be responsible for any fees. I don't see anything on the listing about the commission split. Maybe that is not public..
Yeah, it is not public, but ask your Agent and they should be able to tell you what buyer's agent commission percentage is offered in the listing.
I know on a couple of the short sales we have looked at, it is usually 2.5% versus a normal 3%. I think this is done as a tatic to try to get the bank to see that the real estate agents are giving up a little too. Or it may start out as a total 6% commission and then get reduced as part of negotiation.
I imagine the REO sales would be typical 3%.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
