As a buyer, you’ve probably wondered if you have to pay the real estate commission when you buy a home. You need to know how it works before you sign a sales contract.
The Real Estate Commission is Paid by the Seller
The commission is a fee negotiated between the seller and real estate agent so it’s not required from the buyer. The buyer’s agent will be compensated through an agreement between the brokers of the listing and selling agent companies. All members agree to share commissions of all listings listed in the local board office. This rule is overseen by the local board office and the Georgia Real Estate Commission.
For Sale By Owner
If a home is listed For Sale By Owner and not listed with a real estate agent, your agent will contact the owner to get permission to show the house. During that conversation, the compensation will be negotiated.
Some buyers believe that it’s to their benefit to go directly to owners in order to get the best deal on the home. Most sellers are willing to work with an agent and that’s usually in your best interest. A local agent has access to recent sales, active listings and knows factors that may affect the value of homes. A local agent will also know how to make sure you’re protected if any problems arise.
Other benefits to working with an agent to buy a FSBO is information for companies you’ll need to complete the sale. You need to have a good home inspector and closing attorney. Your agent will also know various contractors that you may need.
Explore All Options
It’s wise to keep all options open by checking For Sale By Owner sites. Your agent should have you set to receive new listings from the MLS so you can stay updated on available homes. Be sure you have complete representation when making one of the most important decisions of your life.