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Leaving the Military

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Old 09-14-2006, 04:39 PM   #16
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Re: Leaving the Military

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Originally Posted by onlydarksets View Post
I'm pretty sure that's how it works in most places.
Wow, not on my mortgage. That sounds like a horrible law.

My agent's fees were included in our closing costs, however, he was so awesome that he got the seller to pay all of the closing costs since we didn't have a lot to put down.
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Old 09-14-2006, 04:54 PM   #17
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Re: Leaving the Military

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Originally Posted by Buster View Post
Wow, not on my mortgage. That sounds like a horrible law.

My agent's fees were included in our closing costs, however, he was so awesome that he got the seller to pay all of the closing costs since we didn't have a lot to put down.
I'm willing to bet that the seller paid the commission when you bought your house. Commissions are different than closing costs. Here's a summary of how it works in PA:
Allegheny County Family Law Attorneys :: Buying a Home in Pennsylvania FAQ :: Mt. Lebanon Divorce Law Firm

More general info:
Who Pays Real Estate Commissions - Who Pays the Real Estate Agent - How Does an Agent Get Paid
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Old 09-14-2006, 05:43 PM   #18
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Re: Leaving the Military

As far as I know it is common practice for the seller to pay the commision. It is usually 6% and the selling agent agrees to split it with the buying agent. I don't that the buying agent is ever entitled to anything. I'd be surprised if that isn't the way it is every where.
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Old 09-14-2006, 05:54 PM   #19
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Re: Leaving the Military

That's how it works here in VA. Our buying agent had to settle for a 2.5% commission versus the "standard" 3% and the selling agent got a 3.5% commission. It turned out to be a case of Little Fish trying to stick it to the Big Fish.
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Old 09-14-2006, 09:34 PM   #20
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Re: Leaving the Military

yeah, its 3%/3% here and then the company (remax etc) take a chunk of that 3% - unles you pay a monthly desk fee, in which case you pay monthly whether you sell or not, but keep the full 3% from sales, which is obviously better if you're high volume.
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Old 09-27-2006, 09:01 AM   #21
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Re: Leaving the Military

Thanks for all the information. I am starting the required class soon and expect to be on my way in a few months. If anyone here needs a house in the tidewater area hit me up!
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