I am selling and I've heard I don't have to pay a buyer agent's commission anymore. Is that True?
Well, that’s certainly true. You don’t have to pay, but it varies state by state. However, if we don’t offer compensation to a buyer’s agent, we will be at a competitive disadvantage to all those homes on the market that do. A buyer’s agent brings in a pool of qualified buyers to your home. The buyer’s agent will usually negotiate the price and terms of the sale and encourage their buyer to make a fair and strong offer. They also help expedite the entire process, ensuring the deal doesn’t fall through and that it closes on time. If this were my home, I’d be hesitant to go into a contract with a buyer who wasn’t represented. When we’re dealing with an unrepresented buyer, there’s a higher likelihood of transaction failure. The reason is… they don’t have somebody walking them through the financing, the offer process, the disclosure statements, inspections, appraisals, as well as all the emotional highs and lows that sometimes make people want to back out of a deal.
I’m looking to buy a house, but I’ve heard sellers won’t pay the buyer’s agent fees anymore. Is that true?
In the past, the seller’s agent would offer a portion of their commission to the buyer’s agent through the Multiple Listing Service (MLS). Now, while some sellers may still offer compensation to the buyer’s agent, it’s no longer done through the MLS. In some cases, we may need to negotiate my fees as part of the purchase contract, and if neither option is available, we’ll factor that in before making an offer.