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Who pays the fee of a buyer's agent? |
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Your purchase offer looks good to the sellers. They are ready to accept
it, but you are using a buyer's agent (also called buyer's broker). You
know that sellers pay their agent, but what about yours?
- Who represents whom?
A
buyer's agent is retained by a buyer to look out for the buyer's
interests and to negotiate the best price from the buyer’s point of
view. Just as the agent who lists the seller’s house owes the seller
complete loyalty, the buyer's agent owes the buyer the same degree of
loyalty.
- What do sellers do?
Sellers
generally indicate on the listing agreement whether the seller is
willing to pay the buyer's agent. Most sellers choose to work with a
broker who splits the commission with a buyer's agent even though that
agent does not represent the seller's interests. This, of course,
maximizes the number of potential buyers for the home. Because the
listing broker is already prepared to share the commission with a
seller’s agent who produces a buyer, most sellers don't mind when their
broker, instead, shares the commission with a buyer's agent.
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