Hi jp50,The commission you pay your agent upon the sale of your house was negotiated when you and your broker signed your listing contract. This percentage of the sale price varies, but not widely. The reason you're not getting a straight answer on a number for this is that we Realtors are prohibited by anti-trust laws from discussing our commission rates with one another. As for what your Realtor will collect when they assist you in the "buy" of your new home, it is whatever percentage of the seller's commission the listing broker chooses to co-broke, usually half or slightly less. (And of that fraction your agent will then split that with their broker)Essentially, the commission of one has nothing to do with the other, unless your agent is collecting an additional commission from you personally on your purchase, (as a buyer's agent). If this is the case, as with any commission you pay directly, it may be negotiated. And just to confuse things, if your agent represents you as a buyer's agent, they may or may not collect commission from both you and the seller. In my area, for example, we generally only collect commission from the seller, even though we're working as a buyer's agent.The only time I reduce my commission is when I have an on-going relationship with a seller and broke multiple properties for them. And to answer joannetriolo: No, our commission rates are not "regulated" any more than your potential salary or hourly wage would be regulated. We are able to earn what the market will bear just as you are. When we work hard, successfully aide our clients and develop solid working relationships within our communities and industry, we are rewarded with profit, just as you hope to profit by your hard work.
Where do you live?
I love Tinyscan and Tinyfax apps - copy and send documents right from your phone - the best!
Pat, when you say "Do you compare home values, etc", by "you" are you referring to Zillow. I am a Tuxedo Park Realtor and am happy to help.
Hi Bob, Excellent question! One that I'd like answers to myself. I am a NY broker with Sotheby's and have two listings in our local MLS and neither are appearing on Zillow - I've been having a devil of a time trying to get this rectified and wish you luck with yours.
Are you a realtor?
I might try to wait out the two weeks until closing. It sounds as though you'd be fine, but banks are rather fickle these days. And of course, run it by your mortgage broker. Good luck!
I'd say contact the son and see where it goes - with your credit histories, what have you to lose? Who knows? Maybe the son is in the position to offer financing. Good luck! (and yes, keep working on those credit scores!)
Have your agent set a deadline for a response now - I'd suggest 24hrs max at this point.
Long Island is not a borough. I think what you're getting at is the difference between county, town and village taxes. I'm up in Orange County. If I live in the town of Tuxedo, I'd be paying town of Tuxedo and Orange County taxes. If I lived in the village of Tuxedo Park in the town of Tuxedo, I'd be paying county, town and village taxes. In general the bedroom communities, (those counties surrounding NYC), have rather high taxes - much higher than the city, (the five boroughs).