Buying a house after the commission change? % or Flat Fee?
Hey All,
I'm buying a house early next year and my realtor said that the law changed but wasn't super clear as to... how it changed. Tried googling it but was curious what this community thinks.
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What changed and is this actually changing the way people are paying realtors already or are people taking the traditional approach to commission?
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My realtor gave the option of 2.5% OR a flat fee agreed upon. Is this normal? Why would I do one or the other?
I don't feel confident in NOT using a realtor because we are moving to a state we've never lived in before and really do need guidance. House is expected to be between 450-550k 25% down 15 year (not sure if any of that matters).
I don't want to cheat them out of what they are owed and so I'm not sure how to navigate this without offending.
This is what I'm seeing high level:
- Sellers are only responsible for paying their agent's commission, which is typically around 2.5%. Sellers are no longer required to offer compensation to a buyer's agent.
- Buyers and their agents must negotiate directly and enter into a written agreement that outlines the commission. The agreement must specify the amount the buyer will pay, the services the agent will provide, and how the buyer will compensate the agent.
Posted Dec 23, 2024, 5:22 PM UTC