Comments on: Last Minute Agent Antics http://www.ahousebythepark.com/journal/archive/2008/07/29/last-minute-agent-antics/ A House By The Park is a first-hand chronology of the design, planning, and construction of a modern home in Seattle. Thu, 29 Jul 2010 23:44:27 +0000 hourly 1 http://wordpress.org/?v=3.0 By: Stephen Jeffers http://www.ahousebythepark.com/journal/archive/2008/07/29/last-minute-agent-antics/comment-page-1/#comment-6838 Stephen Jeffers Sun, 09 Aug 2009 23:25:19 +0000 http://www.ahousebythepark.com/journal/?p=137#comment-6838 Mike I'm just starting into your journal of your house that Ive stumbled upon, truly stumbled cause I live in Indianapolis. Nonetheless I am a recently licensed Real Estate Salesperson and the insight on your process has already been great, especially with regard to your opinion on the current salesperson/buyer relationship. Mike I’m just starting into your journal of your house that Ive stumbled upon, truly stumbled cause I live in Indianapolis. Nonetheless I am a recently licensed Real Estate Salesperson and the insight on your process has already been great, especially with regard to your opinion on the current salesperson/buyer relationship.

]]> By: Andy Borgmann http://www.ahousebythepark.com/journal/archive/2008/07/29/last-minute-agent-antics/comment-page-1/#comment-34 Andy Borgmann Fri, 05 Sep 2008 17:24:48 +0000 http://www.ahousebythepark.com/journal/?p=137#comment-34 <blockquote>This is important: most people don’t realize that the buyer’s agent contract they sign usually specifies that the buyer will be responsible for paying a 3% commission to the buyer’s agent if the seller doesn’t pay it (which they usually do).</blockquote>This was one thing I noticed as well when I read over the contract. I had some words with my real estate agent and we agreed that if by some chance the seller didn't pay, that I didn't have to either. But you are right, most people do not realize this is in there.

This is important: most people don’t realize that the buyer’s agent contract they sign usually specifies that the buyer will be responsible for paying a 3% commission to the buyer’s agent if the seller doesn’t pay it (which they usually do).

This was one thing I noticed as well when I read over the contract. I had some words with my real estate agent and we agreed that if by some chance the seller didn’t pay, that I didn’t have to either.

But you are right, most people do not realize this is in there.

]]> By: Mike D. http://www.ahousebythepark.com/journal/archive/2008/07/29/last-minute-agent-antics/comment-page-1/#comment-20 Mike D. Thu, 04 Sep 2008 17:49:38 +0000 http://www.ahousebythepark.com/journal/?p=137#comment-20 Chris: Yeah, see this is the part that is confusing to most people (including me) -- It is <em>customary</em> for the seller to pay the commission, but real estate contracts can be written up any way the buyer and seller decide. They could even be written such that a third party somehow pays the commission. Because of this flexibility/ambiguity, generally buying agents write something into their contract with their client (me) that says something to the effect of: <blockquote>"Buyer will be responsible for paying agent 3%, as a sales commission, unless the commission is paid from another party"</blockquote> Since it almost always <em>is</em> paid by the seller, the clause rarely triggers. It's in there so the buyer and seller can't come to an arrangement and then decide to simply not pay the buyer's agent. It's also in there for cases where a seller puts his property on the market and declares in advance that he is not paying the full 3% commission to any buyer's agent. Chris: Yeah, see this is the part that is confusing to most people (including me) — It is customary for the seller to pay the commission, but real estate contracts can be written up any way the buyer and seller decide. They could even be written such that a third party somehow pays the commission. Because of this flexibility/ambiguity, generally buying agents write something into their contract with their client (me) that says something to the effect of:

“Buyer will be responsible for paying agent 3%, as a sales commission, unless the commission is paid from another party”

Since it almost always is paid by the seller, the clause rarely triggers. It’s in there so the buyer and seller can’t come to an arrangement and then decide to simply not pay the buyer’s agent. It’s also in there for cases where a seller puts his property on the market and declares in advance that he is not paying the full 3% commission to any buyer’s agent.

]]> By: Chris http://www.ahousebythepark.com/journal/archive/2008/07/29/last-minute-agent-antics/comment-page-1/#comment-19 Chris Thu, 04 Sep 2008 17:40:28 +0000 http://www.ahousebythepark.com/journal/?p=137#comment-19 I might be misunderstanding you, but, I thought the seller pays the real estate commissions. The buyer doesn't pay any commission. Is this different in Washington? I might be misunderstanding you, but, I thought the seller pays the real estate commissions. The buyer doesn’t pay any commission. Is this different in Washington?

]]>