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How do real estate commission rates work for selling and buying a property?


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#101 Victoria Watcher

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Posted 09 February 2019 - 07:43 PM

they can’t represent both sides anymore.

but you are not obligated to use a realtor on your side.

nor are you obligated to pay a commission to anyone. unless you signed on for that.

tell the neighbour the price you want arrange the dates of possession etc. and then just have your lawyer work your end.

it sounds like you would have to accept an offer subject them to selling their home anyway. are you sure you want to lock into such an arrangement? rather than listing it openly and looking at other offers?

Edited by Victoria Watcher, 09 February 2019 - 07:48 PM.


#102 MarkoJ

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Posted 09 February 2019 - 08:46 PM

Please help me square something in my mind. We have been clearing out a family members home for what we thought would be a sale in the spring. It is currently not listed. We recently became aware that a neighbour was really interested in buying it. The prospective buyers apparently had a realtor "friend" who was going to help them with the paperwork and wanted to make an offer, and apparently sell their home as well. Sure, no problem. Realtor shows up today as scheduled. Immediately spends 15 minutes explaining the risks and ramifications of not using a realtor,and that they can do nothing for us and can offer no advice and service at all. They then go on to say that they should receive a 3% /1.5% on our portion of the sale, or around $5300. WTF? The house isn't listed. The neighbours found us themselves. They have done nothing other than fill out a few boxes and had write an amount on the offer sheet. If they spent more than 1/2 hour total on this transaction I'd be surprised. Yet they were adamant that they could do nothing for us. I'll say. I need some clarification from those with more RE experience than me. Is this legitimate, and why?

 

Take the emotion out of it; just add $5,300 to your bottom line to compensate for the requested REALTOR® fee. The request for $5,300 should be signed by the buyer (the neighbours) and if they want to sign it their call. Unfortunately, from 100s of deals of experience, the average buyer is too dumb to recognize that if their REALTOR® is asking for a commission from the seller that it will impact the purchase price. It is what it is.

 

Re doing "nothing for you" just add a clause...."subject to the seller's lawyer reviewing and approving this contract by such and such date." Some lawyers will do it for free if you are using them for conveyancing and some will charge $100-$200. 


Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2018 | Fair Realty

www.MarkoJuras.com - MLS® from $899 and $1,000 cash back for buyers | www.834sales.com & www.promontoryforsale.com - Building(s) specialist 

Looking at Condo Pre-Sales in Victoria? Save Thousands!

 

 


#103 MarkoJ

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Posted 09 February 2019 - 08:49 PM

it sounds like you would have to accept an offer subject them to selling their home anyway. are you sure you want to lock into such an arrangement? rather than listing it openly and looking at other offers?

 

Always a risk selling privately and not going to the open market. Could get more or less if you open it up to the market. Selling it privately makes the most sense when it is relatively straight forward to come up with market value and then the two parties can split the transaction fee (commission) savings.


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Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2018 | Fair Realty

www.MarkoJuras.com - MLS® from $899 and $1,000 cash back for buyers | www.834sales.com & www.promontoryforsale.com - Building(s) specialist 

Looking at Condo Pre-Sales in Victoria? Save Thousands!

 

 


#104 Victoria Watcher

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Posted 09 February 2019 - 08:54 PM

Take the emotion out of it; just add $5,300 to your bottom line to compensate for the requested REALTOR® fee. The request for $5,300 should be signed by the buyer (the neighbours) and if they want to sign it their call. Unfortunately, from 100s of deals of experience, the average buyer is too dumb to recognize that if their REALTOR® is asking for a commission from the seller that it will impact the purchase price. It is what it is.

 

Re doing "nothing for you" just add a clause...."subject to the seller's lawyer reviewing and approving this contract by such and such date." Some lawyers will do it for free if you are using them for conveyancing and some will charge $100-$200. 

 

perfect.



 



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