You may have heard that things have changed about how buyers Realtors are paid.
Until now, the SELLER normally paid one amount (or percentage) to their listing agent who would then share/split that amount with the agent representing the buyer in a transaction.
A new law was passed which states the buyer & sellers Realtor compensations are stated & negotiated separately. It's important to know that commissions/compensation is always negotiable between clients and their agents as well as buyer & seller. |
Does this mean buyers now have to pay for their own Realtor representation?
The vast majority of listings will still include a dollar amount or percentage offered up to go toward a buyer's representative's compensation. Q. What if the amount offered by the seller is less than the amount my Realtor charges? A. It's possible that the buyer may owe the difference to their agent or that difference may be negotiated between them. *It's important to remember that this would not come as a surprise. All terms would be reviewed with the Realtor when an offer is first prepared, then confirmed if the offer is accepted. Q. I have down payment & closing costs to worry about. What if I do not have the budget to pay any portion of my own representative's compensation. A. If that's the case, feel free to ask your agent to search for only homes with a reasonable amount offered by the seller or who are flexible. If we opt to offer on a home, I will do my best to negotiate that any buyer-side compensation amount be paid by the seller. If the amount |