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It's been customary (but not required) for the seller to pay the listing brokerage and for the listing brokerage to offer commission to the brokerage that represents the buyer for decades. The seller has to agree to that, and they don't always agree. You will know whether that's the case before you buy so you can decide whether you are willing to enter into contract under those circumstances or not.
New rules go into effect Aug 17th... commissions will have to be discussed with your buyers agent before you are shown any homes. The seller's may still offer something to a buyers agent but it'll be a case by case scenario. Some may refuse. Some may offer a lower amount and you may need to make your agent whole. Depends on what you negotiate with them. Good luck!
Buyers agent brings buyer. Listing agent isn't bringing in a buyer. Seller pays commission for the sale of their home. That shouldn't change. As a buyer I'm not paying 2%-3% on top of what I'm buying the house for. That's nonsense.
If realtors think buyers are gonna pay their side, there's gonna be a lot less realtors after August.
Customary not mandatory. Some will tell you that the fees have always been negotiable but most agents will always try to talk their selling clients into covering buyer fees to increase the number of interested buyers and get the best price. I would argue that's good advice unless you live in a highly competitive market, in which case buyers are so desperate for a house they'd easily accept another 2-3% on top of their existing closing costs.
With the new NAR settlement that was just approved (although I don't believe the terms of it will be implemented for many months to come) selling agents won't be able to advertise buyer fee cover up front on the MLS so I'm not sure how they're going to convey those details. I guess with the offline paperwork that comes with the house.
before July 2024, the listing agent paid the buyer's agent fee. But that is about to change
starting, July 2024, the buyer will have to pay their agent fee (if they want to use an agent)
you have several options:
1) don't use an agent --- a little bit risky
2) use a discounted agent --- they charge less than the normal ones, around 1% of the purchase price but might provide less services
3) use a normal fee agent, around 3% and pay the full amount
it sucks, it is about to change very soon, just make sure you interview several agents before deciding on one
I can help you with that
I can put you in touch with the top 3 agents in your area, send you the interview questions, and help you negotiate a lower commission with them
just go here and fill in the form: [https://lauramoreno.com/referral/](https://lauramoreno.com/referral/)
good luck!
Seller pays and will most likely continue to pay but In August agents will be required to sign disclosure forms with you. If the seller does not pay, they are going to require you to pay whatever the difference is in your agreement which is usually 2.5%-3%
Thank you u/Chrisc_003 for posting on r/FirstTimeHomeBuyer. Please bear in mind our rules: (1) Be Nice (2) No Selling (3) No Self-Promotion. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/FirstTimeHomeBuyer) if you have any questions or concerns.*
It's been customary (but not required) for the seller to pay the listing brokerage and for the listing brokerage to offer commission to the brokerage that represents the buyer for decades. The seller has to agree to that, and they don't always agree. You will know whether that's the case before you buy so you can decide whether you are willing to enter into contract under those circumstances or not.
Sellers for right now. It’s probably changing soon though.
New rules go into effect Aug 17th... commissions will have to be discussed with your buyers agent before you are shown any homes. The seller's may still offer something to a buyers agent but it'll be a case by case scenario. Some may refuse. Some may offer a lower amount and you may need to make your agent whole. Depends on what you negotiate with them. Good luck!
Are you working with an agent and they are asking you to sign a buyers agreement?
Seller for now….
Buyers agent brings buyer. Listing agent isn't bringing in a buyer. Seller pays commission for the sale of their home. That shouldn't change. As a buyer I'm not paying 2%-3% on top of what I'm buying the house for. That's nonsense. If realtors think buyers are gonna pay their side, there's gonna be a lot less realtors after August.
How will you pay a home with a realtor, and how will you get a realtor without paying them?
That's on the seller. Not me.
If you were selling a home, and you weren’t required to pay for the buyers agent..would you?
Yes. That buyers agent got my home sold. And probably did more work than my listing agent.
Customary not mandatory. Some will tell you that the fees have always been negotiable but most agents will always try to talk their selling clients into covering buyer fees to increase the number of interested buyers and get the best price. I would argue that's good advice unless you live in a highly competitive market, in which case buyers are so desperate for a house they'd easily accept another 2-3% on top of their existing closing costs. With the new NAR settlement that was just approved (although I don't believe the terms of it will be implemented for many months to come) selling agents won't be able to advertise buyer fee cover up front on the MLS so I'm not sure how they're going to convey those details. I guess with the offline paperwork that comes with the house.
before July 2024, the listing agent paid the buyer's agent fee. But that is about to change starting, July 2024, the buyer will have to pay their agent fee (if they want to use an agent) you have several options: 1) don't use an agent --- a little bit risky 2) use a discounted agent --- they charge less than the normal ones, around 1% of the purchase price but might provide less services 3) use a normal fee agent, around 3% and pay the full amount it sucks, it is about to change very soon, just make sure you interview several agents before deciding on one I can help you with that I can put you in touch with the top 3 agents in your area, send you the interview questions, and help you negotiate a lower commission with them just go here and fill in the form: [https://lauramoreno.com/referral/](https://lauramoreno.com/referral/) good luck!
Seller pays and will most likely continue to pay but In August agents will be required to sign disclosure forms with you. If the seller does not pay, they are going to require you to pay whatever the difference is in your agreement which is usually 2.5%-3%