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Question: Real estate agent fees when buying a foreclosure?
I’m a first time home buyer and I’m trying to learn some of the basics of the home buying process. I’m thinking of finding a real estate agent. However, I want to know if Iwould have to sign one of those exclusivity contracts and, if I were to buy a foreclosed home, where would their comission come from?
Exclusive right to represent buyers agreements have been gaining momentum recently. I don’t use them very much. I believe that if an agent is good at their job as a real estate professional the client will stick with you because they trust you not because they are legally obligated. There is another side to this is that Real estate agents get stuck working for free way too often by agent jumping buyers that contact every Real estate agent in a 50 mile radius.
The real estate commission would come from the sellers. Real estate commisions are incorporated into the purchase price of the home. The real estate commission is set by the homes seller.
What do you think? Answer below!