Who pays the real estate agent when a foreclosed home is purchased?
Posted on October 3rd, 2009 in Renting & Real Estate | 5 Comments »
sjsteelemoon asked:
We are looking to buy a house. We found a real estate agent before we found the house we really want. It’s a foreclosed home. How does the real estate agent get paid?
5 Responses
Illinois Valley homes for sale
By the seller.
Real Estate contracts and forms
If the bank owns the home, chances are they’ve listed it with a real estate agent of their own. Your agent should be able to look up the home in the MLS to see what the seller will be paying as a buyer’s agent’s commission.
Flathead Lake Real Estate
If the house is an REO(bank owned) then the commission is paid by the lender who owns the property. If it is a foreclosure,the seller of the home pays the commission. If you use an agent you are also responsible for his commission but sometimes Buyers can request the commission to be paid by the Seller. Look over your Purchase Contract to verify. Your Escrow Instructions would also state who pays what……
Real Estate Web Design
All commissions come from the sale of the property and gets deducted from the purchase price
Homes in Torrance
The seller, in this case the lender, pays the agents.