Who pays the real estate agent when a foreclosed home is purchased?
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?
Portland Real Estate
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?
Portland Real Estate
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By the seller.
Comment by newjerseyguy — March 22, 2009 @ 10:18 pm
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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.
Comment by Dizzy_Lizzy — March 24, 2009 @ 1:33 pm
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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……
Comment by hollywoodmelody — March 26, 2009 @ 2:55 am
Laurel MD Homes
All commissions come from the sale of the property and gets deducted from the purchase price
Comment by Extreme — March 29, 2009 @ 4:55 am
Missoula mt Commercial Real estate
The seller, in this case the lender, pays the agents.
Comment by godged — March 30, 2009 @ 6:03 pm