NetNews Usenet Archive 1992 #27/NN_1992_27.iso/spool/misc/consumer/house/14750

Text File | 1992-11-17 | 1.7 KB | 35 lines

Newsgroups: misc.consumers.house
Path: sparky!uunet!charon.amdahl.com!pacbell.com!ames!haven.umd.edu!darwin.sura.net!jvnc.net!princeton!mccc!pjh
From: [e-mail] (Pete Holsberg)
Subject: Re: Re: How to tell a REAL buyer's agent
Organization: The College On The Other Side Of Route One
Date: Tue, 17 Nov 1992 23:14:33 GMT
Message-ID: <[e-mail]>
References: <[e-mail]> <[e-mail]>
Lines: 24

In article <[e-mail]> [e-mail] writes:
=Legally, you are not paying both agents, so you have no control over
=their actions or obligations.  You pay the listing agent.  If that
=agent sells your house, they keep the entire commission.  If another
=agent provides a buyer, your agent can (and will) split the commission
=with them.  The buyer's agent is not working directly for you (although
=in most cases is legally obligated to you, which is why RE is such a
=racket to begin with).

The only "racket" here is the assumption (and we all know what they say
about making assumptions!) that the selling agent works for the buyer.
In NJ (at least), steps are being taken to insure that an agent explain
this to a buyer at their first meeting.

=I said, you pay *your* agent to list and sell your house.  The agent
=furnishing the buyer is paid by your agent.

Actually, the money goes to the broker first and then the agent gets a
cut. For example, a realtor from agency A lists a house for $220,000
and sells it through a realtor from agency B for $200,000. A 6%
commission would be $12000 to the listing broker who splits that --
usually $6000 to the broker of the selling agent. Then each broker
usually pays half to its agent.