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Who pays the broker fee when a house is sold? Only seller?

 
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amother




OP
 

Post Sat, Mar 04 2023, 7:43 pm
Who pays the broker fee when a house is sold in New York or New Jersey?

Only the seller?

Whats the average percentage of house's sale price, that brokers earn currently in NY or NJ?
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Rebesq




 
 
    
 

Post Sat, Mar 04 2023, 7:47 pm
Seller. Rare for a buyer to do so
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Amarante




 
 
    
 

Post Sat, Mar 04 2023, 7:58 pm
The seller is the one who has the contract with an agent but buyer’s agent and seller’s agent typically split the commission.

The reality is that buyer and seller both pay because the price of a house is sometimes lowered when the agents agree to lower part of their commission. This happened when I bought my first house as the seller was an broker so his commission was moot and my agent agreed to kick in a bit of his commission as well amd so the final price was lower as part of the negotiation.


Last edited by Amarante on Sat, Mar 04 2023, 10:02 pm; edited 1 time in total
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amother




Navyblue
 

Post Sat, Mar 04 2023, 9:04 pm
Amarante wrote:
The seller is the one who has the contract and buyer’s agent and seller’s agent typically split the commission.

The reality is that buyer and seller both pay because the price of a house is sometimes lowered when the agents agree to lower part of their commission. This happened when I bought my first house as the seller was an broker so his commission was moot and my agent agreed to kick in a bit of his commission as well amd so the final price was lower as part of the negotiation.


Never heard of what you’re saying and I’ve bought and sold several.

Seller pays their broker.
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amother




Honeysuckle
 

Post Sat, Mar 04 2023, 9:41 pm
amother Navyblue wrote:
Never heard of what you’re saying and I’ve bought and sold several.

Seller pays their broker.


Seller paying the broker is not contradicting what amarante said. If the buyer has their own broker they take a cut of the selling agents commission.

And YES the buyer ultimately pays (by paying a higher price) in the end if the sales price is being raised to due a high commission being collected by the seller’s agent.
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Amarante




 
 
    
 

Post Sat, Mar 04 2023, 9:56 pm
amother Navyblue wrote:
Never heard of what you’re saying and I’ve bought and sold several.

Seller pays their broker.


Seller pays their broker but the seller’s broker then pays 50% to the buyer’s agent.

An agent wouldn’t get any buyers if they didn’t pay the buyers agent because they wouldn’t bring their clients.

You might not have realized it was being done because it is a transaction between the brokers and doesn’t involve either the seller or the buyer.
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chocolate moose




 
 
    
 

Post Sun, Mar 05 2023, 8:36 pm
depends on the deal
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