I’m happy you’re using a Buyer’s Agent.
Be sure you’re familiar with the local and State rules regarding Buyer’s Agency. In general, you want to be sure the Buyer’s Agent is working exclusively for you. Too often consumers call the real estate agent showing them homes “my Agent” or “my Broker.” In many States, Licensing requires the real estate agent to represent the best interests of the home SELLER. Here in NY an “Exclusive Buyer’s Agency” agreement is required to be signed by both parties and the law protects the Buyer because the Agency is TRULY for the Buyer.
As to fees: typically real estate commissions, including Buyer’s Agency fees, are a percentage of the purchase price of the house. Some Buyer’s Agents are permitted to charge some minor upfront fees; check the licensing requirements in your State. In many cases the Buyer’s Agent is paid her commission from the MLS “split” with the Listing Agent on the home. In some instances the MLS split isn’t sufficient to compensate the Buyer’s Agent and the consumer may have a balance due at closing. In my experience here in New York, the most I’ve seen is 1% due from the Buyer to the Agent at closing but this can vary depending on your purchase transaction and your commission agreement with your Buyer’s Agent.
Do you have questions? Click on ASK TREVOR and I’ll respond to any and all inquiries, even if you’re not buying a home in New York State.
Check out my Trulia profile HERE
Check out my Zillow profile HERE
Find me on TWITTER: @tcurranmortgage
Ask Trevor A Question