Paying cash out of pocket for buyers broker?
Started by JulianC
about 13 years ago
Posts: 4
Member since: Feb 2013
Discussion about
I mean, if the place were listed at $1MM and the seller had to pay $30000 to his broker and thats it, under what circumstances would you hire your own buyers broker for $30000 cash out of your own pocket?
Actual scenario or an efficient markets question?
You're on the right track and of course anything can be negoiated. The typical sellers agreement with their broker is a 6% commission that's to be sharred with the buyer's broker and a 4% rate if there is no buyer's broker. So, on face value you have at least 2 of the 3% that you're looking for.
you are trying to avoid the mansion tax. clearly understood. bring a suitcase with you to the closing for the re agent to take home and you save yourself $10K on the spot.
Oh, no. This is not about the Mansion Tax. Just a question on saving money for the buyer broker, as I wonder how many people might consider saving 2 or 3% if things were set up different in the industry.
Couldn't a lot of sellers around this level deal with this by modifying their contract of services with the agent? I guess most people would not have the extra cash kicking around.
Is this about saving the 10G mansion tax or the 30G imputed cost for a buyers broker?