Who pays the real estate agent when a foreclosed home is purchased?
Written on December 30, 2009
We are looking to buy a house. We found a real estate agent before we found the house we really want. It’s a foreclosed home. How does the real estate agent get paid?
Related posts:
- How do i find information on the mortgage company that holds a foreclosed home w/o an agent?
- Real Estate Agents: If I want to purchase a foreclosed home what offer should I make? ?
- Foreclosed Homes: Winning Real Estate at Great Discounts
- Foreclosure Home: Are Distressed Properties A Profitable Real Estate Investment?
- How to buy a foreclosed home in Georgia (Atlanta)?
Filed in: Foreclosure News.
By the seller.
If the bank owns the home, chances are they’ve listed it with a real estate agent of their own. Your agent should be able to look up the home in the MLS to see what the seller will be paying as a buyer’s agent’s commission.
If the house is an REO(bank owned) then the commission is paid by the lender who owns the property. If it is a foreclosure,the seller of the home pays the commission. If you use an agent you are also responsible for his commission but sometimes Buyers can request the commission to be paid by the Seller. Look over your Purchase Contract to verify. Your Escrow Instructions would also state who pays what……
All commissions come from the sale of the property and gets deducted from the purchase price
The seller, in this case the lender, pays the agents.