Sol Skolnick, Professor Home Loan - A STEP-BY-STEP GUIDE TO FINANCING YOUR HOME

Compensation Listings on MLS Also beginning August 17, 2024, offers of compensation can no longer be listed on multiple listing services (MLS); these are centralized databases used by real estate agents to share information about homes for sale. Compensation can still be listed elsewhere or discussed directly with your real estate professional. What Are Your Options for Paying Your Agent’s Commission? As a homebuyer who now may be required to cover your buyer’s agent’s commission, you have a variety of options. Cash. After negotiating and determining the commission amount, you may choose to pay your agent's commission in cash. This would be paid as an additional closing cost. Reduce Your Down Payment Amount To cover your agent’s commission, you could reduce your mortgage down payment amount. For example, let’s say you were planning on putting 10% down on your home and you negotiate a 3% commission for your Realtor. You could put 7% down, and re-allocate that additional 3% toward the buyer’s agent commission. Your loan originator can discuss different scenarios and ways to use your cash effectively. Negotiate Partial or All Buyer’s Agent Commission As part of your purchase offer, you could request that the seller pay all or part of the buyer’s agent commission. A partial agent commission, for example, could be for the seller to pay 1%. This reduces the amount of cash required at closing for you and transfers minimal cost onto the seller.

It's important to partner with an experienced, knowledgeable

6

Powered by