Q: We are in the process of closing our home (15 days away) our appraisal came in lower so our listing agent went a percent lower in commission to make the deal work. My question is does the buyer?s agent?s commission go down also? On the spreadsheet my agent gave me it says their commission is each the same. Thanks for your help.
?Question For You, Redmond, OR
A: Not necessarily. Keep in mind that the listing agreement is between you and the listing agent, whereas the listing agent has a separate agreement (cooperating broker?s agreement) in regards to how much commission the buyer?s agent will receive ? whether it is a percentage of the final sales price, split evenly from all commissions received, or a specified amount. If it is a big concern to you, I?d suggest asking your agent directly.
Alex Cortez is a Realtor? with Wailea Village Properties LLC dba/Island Sotheby?s in Kihei, HI.
A: If the listing agent was offering the buyer?s agent 50% then yes it would go down pro-rata. So if it was 6% total and now 4% then both agents would get 2%. But the listing agent could have offered the agent 1% regardless so it depends on the agreement.
Aram Shah is a Realtor? with Florida Capital Realty in Doral, FL.
A: Thanks for your question! First- ?congratulations? on gaining a buyer for your home! Unfortunately, home appraisals are the final hurdle in successfully closing on a transaction. Many are far more modest- for fear of over-stating what market value may be in this turbulent market. That said- your Realtor was gracious to reduce her commission to ?make the deal work?, as you said. I am licensed in Maryland- but the way commissions between seller and buyer agencies works is: any agreed upon comission is stated in writing. It is quite possible your Realtor had the buyer?s agent agree to a reduction in his/her ?buyer agency commission?- but this would have to be in writing, or the original commission stated in listing system (ex: MRIS), as well as that stated within your listing agreement- would prevail. My best advice to you is to request your Realtor to get said reduction IN WRITING and signed by both Realtors (buyer?s and yours)- NOW- so this is not an issue revealed on your HUD-1 (settlement statement) at closing. I wish you a smooth settlement!
Jennifer Chaney is a Realtor? with Champion Realty In Stevensville, MD.
A: First of all, it was AWFULLY nice of your Realtor to take less even though he or she likely did a great job. It depends on if your listing agent told the buyer?s agent the situation and they agreed to split it 50/50 or not. Very important thing to clarify before closing, otherwise the 1% would come just off the listing agent?s side.
Liane Jamason is a Realtor? with Smith & Associates in Tampa, FL.
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