Real Estate Advice

[Schneed10]

Originally Posted by Beemnseven

I just wanted to clear up one thing since I am a real estate agent.

As far as agent commissions go, the listing agent and the buyer's agent will typically split the commission 50/50. In cases where you have a sympathetic listing agent, or when the agent is related to the homeowner, you may find that one side of the transaction will forego a percentage or two in order to help the deal get closed. Otherwise, on a 6% listing, 3 will go to the buyer's agent, and 3 will go to the listing agent in most cases.

Now, the other thing to consider is that the field of real estate is highly regionalized -- so what may be true here in southeastern Virginia may not be true in Philly, Seattle or Wisconsin. That's why it's hard for anyone to give advice unless they reside in and work in the area you're in, SGG. Good luck.

Ah good point, I didn't realize there were regional differences.

I've got a few buddies here in the Philly area that are real estate agents. When they're the listing agent and there is no buying agent, they get the full 5-6% commission all to themselves. When they're the listing working with a buying agent, they typically get 4-5% and the buying agent gets 1-2%. And they say those numbers are negotiable depending upon the situation.

In my myopic view of the world, I assumed this was the way it is done everywhere. Thanks for hittin me with the knowledge, Beem.

Also, I've posted concerns about home inspectors and their incentive to be crooked and overlook certain problems. Philly is a heavily unionized city where contractors are used to banding together; you're probably more likely to run into problems with inspectors here than you are in less unionized towns. Living in Philly requires a cynical view of the world, LOL.