Realtor Question

[JBJTX81]

What are customary closing cost for buyer?

Can same agent rep both buyer and seller? Advantages/disadvantages?

[TKK]

seller pays 7 percent - 3 to selling agent and same to buying agent plus 1 percent for title, etc. Buyer usually around 1-2 percent

Same agent can represent both but commission should be reduced to 4 percent

[Grayson]

What are customary closing cost for buyer?

Can same agent rep both buyer and seller? Advantages/disadvantages?

Conflict of interest. There are no advantages unless you get the commission lowered.

[captainsling]

What are customary closing cost for buyer?

Can same agent rep both buyer and seller? Advantages/disadvantages?

1% for Title policy. You should sign a disclosure with realtor if representing both parties, I believe. Maybe that is only if they are representing seller, and you are the buyer.

Everything is negotiable.

[Hawkpuppy 1]

I believe you have to sign a disclosure from representing agent that you understand they represent both parties. As said, commission needs to be lowered.....

[tigerscowboy]

As Seller, we pay a total of 6% (3% to Seller's agent and 3% to Buyer's agent) and none of the closing costs outside of prorating HOA dues and local taxes. Buyer is in control of selecting the title company of course.

[justintyme8303]

http://www.kimberlyhowell.com/real-estate-in-san-antonio/intermediary-in-texas-real-estate/

http://www.sugarlandtxhome.com/real-estate-buying/brokerage-services

[BTLowry]

What are customary closing cost for buyer?

Can same agent rep both buyer and seller? Advantages/disadvantages?

If I am selling the agent should be trying to get me the most money.

If I am buying then they should be helping negotiate the price downward.

I don't see how one agent can fairly represent both parties.

But I don't know beans about the whole buying and selling property world either

[Bill M]

What are customary closing cost for buyer?

Can same agent rep both buyer and seller? Advantages/disadvantages?

No, they can't rep both buyer and seller. They can act as a mediary between the two however and can't offer advise one way or the other. You save nothing as a buyer by not having your own representation.

[texashunter56]

The agent is there to do the leg work and put the two parties together. You as the buyer or seller of the property is the one with the only final answer that counts. When the two parties agree then a contract is put in place. The real estate agent is not the one signing that contract for you. Closing costs and survey are negotiable at that point.

[Bill]

Realtor Question

Despite the logic that makes one think the selling agent is motivated to sell for the highest price to maximize his commission, realize he's a strait commission salesperson, and would rather make 95% of the maximum commission this month than more next.

If I were faced with a home I wanted and one agent represented both (or example I saw it driving by and met the selling agent who told me if he can also represent me as buyer and price is 3% less), I'd consider spending some on a RE attorney on my side especially if I did not know all the laws.

If you buy the study guide book to take the RE sales license exam, you'll learn what is legal and the details of the laws in Texas. I'm sure you can purchase on amazon.com.


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[PEC]

What are customary closing cost for buyer?

Can same agent rep both buyer and seller? Advantages/disadvantages?

Closing cost very greatly.....seller usually pays for title policy, and buyer pays everything else (appraisal, survey, loan origination, documentation fees, etc) excluding 1st note, taxes and insurance buyer can expect $2500plus. This is all negotiable. If buyer brings their own agent the two agents will split the fee the seller agrees to(unless buyer agreed to a finders fee). A single agent can handle both sides it is done every day, simply because both sides have the final say not the agent.

[stinkbelly]

Does the seller sign a contract saying they will pay the 7% or how does that work? It has been 20 years since I sold/bought and I thought it was 3%. Maybe I only paid for one side.

[dhillis]

It is in the sellers contract what the commission will be to the selling agent. That is then split in half with the buyers agent. We sold our home and started at 6%. We talked to the realtor a month later and she wanted to drop the price. I said that was fine but we would drop commission to 5%. She was fine with it. Buyer pays their closing cost unless negotiated for seller to pay.

[texan4ut]

Seller typically pays the commission.
Buyer pays origination fee to the lender typically 1% of the loan amount., Buyer pays Title policy, appraisal fee, survey, recodrding fees to the title company, prorated taxes and insurance, prorated HOA fees and HOA transfer fee if any. The lender will disclose those fees up front.