04-16-2009, 06:23 PM
3d wrote:
[quote=vision63]
The listing agent will make at least 3% on the deal and possibly 6% if they're the sole agent. But suppose your sister the Real Estate Agent saw a cute house around the corner for sale and you became interested. She'll use the "key" at the property to show you around and if you wanted to bid on the house, she'd arrange for all of that. If the seller (who works with the listing agent) accepts your bid and everything passes muster, then the listing agent will "split" the commission with your sister and they each would earn 3% on the deal.
Hold on... Let's say the listing agent has an OpenHouse on the property. I walk in off the street and check out the place. I love it and place a bid on the property. She is the sole agent. She makes 6%?? By me walking in alone off the street, does the listing agent automatically become my agent as well? A double agent? Do I (the buyer) have to pay her?!
Yes, she would get 6%, or whatever she negotiated with the sellers. She is NOT your agent, however, she was the one who "brought you in" by holding the Open House. You, as the buyer, don't have to pay her anything. It is all paid by the seller.