Who Pays Real Estate Commissions?
When it comes to real estate, there are a lot of questions that come up. One of the most common is who pays the commissions for agents involved in the sale or purchase of a property. This guide explains.
Who Pays Real Estate Commissions?
The general rule is that the seller pays the commissions for the agents involved in the sale of a property. This is because it is typically the seller who hires the real estate agents, and thus they are responsible for paying them. However, there are some exceptions to this rule. For instance, in some cases the buyer may agree to pay the commissions, or the commissions may be split between the buyer and seller.
Who Pays Real Estate Commissions in a Short Sale?
In a short sale, the proceeds from the sale of the property are typically not enough to pay off the mortgage. As a result, the lender may agree to accept less than what is owed on the mortgage and release the borrower from their obligations. In this case, it is typically the borrower who pays the real estate commissions, since they are the ones who benefit from the short sale.
Who Pays Real Estate Commissions in a Foreclosure?
In a foreclosure, the lender takes back ownership of the property after the borrower fails to make their mortgage payments. As a result, the commission is typically paid by the lender, since they are the ones who benefit from the sale of the property.
Who Pays Real Estate Commissions in a REO Sale?
REO stands for real estate owned, which refers to a property that has been foreclosed on and is now owned by the lender. In an REO sale, the commission is typically paid by the lender, since they are the ones who benefit from the sale of the property.
Who Pays Real Estate Commissions in a Pre-Foreclosure Sale?
A pre-foreclosure sale is when the borrower sells the property before it is foreclosed on. In this case, it is typically the borrower who pays the real estate commissions, since they are the ones who benefit from the sale.
Who Pays Real Estate Commissions in a FSBO Sale?
FSBO stands for for sale by owner, which refers to a property that is being sold without the help of a real estate agent. In a FSBO sale, it is typically the seller who pays the real estate commissions, since they are the ones who benefit from the sale.
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