Originally Posted by cando
vaknitter, I have a question about something you wrote. You said "Their commission is based on selling price ...seller pays it so not your concern". Does this mean that even if I hire a realtor they don't charge me a commission? I was under the impression that when a purchase is made, the realtor charges commission to both the seller and the buyer.
not vaknitter, but I'll try to help.
Check with your realty agent on how they will do this. Closing costs which can
include the commission can be paid by the seller or buyer, but generally the latter. Contracts can be written either way, depending on what the seller/buyer wants and what the laws are in your area.
In addition, the commission is split between the buying and selling agents, so a realtor may try to get you to buy one of the houses in their inventory so they get both sides of the commission. Again, look for a seller's agent as they are more impartial as to what you're looking at.
There are many variables, depending on what state you live in. Make a list of questions like this and make sure you ask your banker, your agent and anyone else involved in the transaction. If their answers aren't the same, ask how come and if you don't like their responses, find someone else to work with.
No offense to anyone in the industry, but realtors, bankers/mortgage lenders are a dime a dozen, so make sure you're happy with the ones you are working with. It's a very competitive market to provide the services to you, the public.
On my last house, the broker wasn't responsive enough to our phone calls, took more than a day to call us back, so we went elsewhere. We lost a house due to his slowness.
Don't feel obligated to work with a certain person, they are providing you a service and are working FOR you. They should be willing to answer all your questions.
As you can see, I'm very picky about people providing me a service. If I don't think the person is looking out for MY interests, I walk. You aren't under any obligation, unless you sign a contract, to continue working with them.
Good luck! Have fun!