As a Buyers Agent, what do you do when 0% is paid by Listing Agent?
4,485In this situation, the Seller will pay the Buyer a predetermined, published, prior to Escrow, flat rate, (approx 2% of sales price), at closing. Should the Buyer choose to use those funds towards Realtor fees, fully is up to them.
How would you respond?
4 answer(s)
About 7 years ago
Seller has agreed to pay listing broker and what listing broker offers to co op is their choice. You will have to revert to buyers rep agreement to get paid.
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DislikeAbout 7 years ago
I inform my buyer that the listing agent (seller) is not paying for me to assist them in this transaction and based on our buyer's rep agreement they are responsible for my commission at closing. I give them the dollar amount they will be responsible for and a copy of the buyers rep agreement highlighting that information as a reminder. I explain that my commission will then be a part of their closing cost and it will show up on the closing disbursement statement under their list of fees.
About 7 years ago
Per the MLS rules, you are only going to collect from the listing broker was in "advertised" on the MLS. If you see 0 for Buyer rep, you will not collect a commission from them. Your Buyers representation agreement that you have signed with your Buyer will be the next guide. It says if you cannot collect from the listing broker your "X" commission, then you will collect that amount from them. If you DON'T have a signed Buyers representation agreement signed, you will then need to speak to your Broker on how to proceed.
A closing cannot be delayed or stop due to a commission issue. That is a separate transaction. Good luck.
Mark McNitt, Bernstein Realty
832-567-4357
MarkKnowsHouston.com
A closing cannot be delayed or stop due to a commission issue. That is a separate transaction. Good luck.
Mark McNitt, Bernstein Realty
832-567-4357
MarkKnowsHouston.com
About 7 years ago
Buyers Rep. has section that covers commission. I would ask the Buyer to sign off paying the 2% in the case seller is not giving a "direct commission". The seller is giving a flat commission held in escrow which used at the buyers digression. Refer to the buyers Rep because the could be responsible for paying a higher commission.
Disclaimer: Answers provided are just opinions and should not be accepted as advice.
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