What do you pay a real estate agent if your house doesn't sell?

We have had our house on the market for 3 months, and a contract to build a new house. A friend, who is also a realtor, has handled both situations. We've had several offers, but none have been acceptable.

If we don't sell within the next few weeks, we're going to cancel the contract on the new house and stay put. (we will not lose our deposit) Obviously, our friend/agent has put in many, many hours... as well as incurred expenses for marketing, etc.My question is... if we cancel both transactions, what should we do to compensate her? Clearly she's been planning on the commission from two sales... which will be substantial.

And of course we would reimburse her actual costs. But how do we compensate her for her time? It won't be a surprise to her if we decide to not go through with the sale(s)... she knows our price threshold and our timing concerns.

And of course the biggest factor is the economy. I just don't know what is fair. Asked by ginmin44 32 months ago Similar questions: pay real estate agent house sell Business.

Similar questions: pay real estate agent house sell.

Nothing as I understand it. Your answer lies in your contract with the agent. Here is the most common arrangement.

Usually the Realator receives a set percentage, in my state it is 7%. How the 7% is paid is negotiable. In other words, you can pay it, the buyer can pay it, or both buyer & seller can pay it.

The ratio would have to be determined between you two. If you had decided not to sell your house after 60 days and pulled it from the market, more than likely you would owe the Realtor that 7% of the asking price. This percentage is usually set by state law.It is possible any out of pocket expenses paid for by the Realtor would have to be paid by you, the seller.

Again refer to the contract. You may owe the Realtor a commission for finding you a house, because she did do that. Again, read the contract.

Realtors as a rule do quite well or they starve. She knows the rules of the game. Not everyone who looks for a house ends up buying one, therefore she knows their is a downside to that line of work.

Good Luck.

1 Unless your written agreements provide otherwise you don't owe her anything. If you chose to reimburse her for something that's fine but not legally required. It's the nature of real estate agency: you don't get paid if the property doesn't sell.It's why real estate commissions seem so high.

The ones that sell and pay off have to pay for all the expenses and time incurred on the ones that don't.

Unless your written agreements provide otherwise you don't owe her anything. If you chose to reimburse her for something that's fine but not legally required. It's the nature of real estate agency: you don't get paid if the property doesn't sell.It's why real estate commissions seem so high.

The ones that sell and pay off have to pay for all the expenses and time incurred on the ones that don't.

2 Not a penny. Their compensation is based on bringing you a buyer at an acceptable sale price for the property. If she failed to sell the property, she doesn't get paid.

The only exception to this would be if you agreed in your contract with the real estate agent to pay for expenses or to provide some other form of compensation. That would be a rare and unusual contract. Of course, you can decide to give her something, but I doubt she expects it.

Frankly, she shouldn't. She wouldn't get anything from someone who wasn't a friend.

Not a penny. Their compensation is based on bringing you a buyer at an acceptable sale price for the property. If she failed to sell the property, she doesn't get paid.

The only exception to this would be if you agreed in your contract with the real estate agent to pay for expenses or to provide some other form of compensation. That would be a rare and unusual contract. Of course, you can decide to give her something, but I doubt she expects it.

Frankly, she shouldn't. She wouldn't get anything from someone who wasn't a friend.

3 Since she is also a friend, buy her dinner at a nice restaurant.

Since she is also a friend, buy her dinner at a nice restaurant.

4 just a nice gift, Magenta is right...as an agent for many years...you count on Nothing.. till the transaciton closes. All a part of a commisioned job .

Just a nice gift, Magenta is right...as an agent for many years...you count on Nothing.. till the transaciton closes. All a part of a commisioned job.

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Want to learn the basics of real estate. What are some good money-making options in the real estate business?

Give one sentence answer: "Something you never want to hear from your real estate agent.

In 2013 under Obamacare there is going to be a real estate tax of 3.6% when you sell your house. Can you believe that?

I'm looking for the best course of action in becoming a PA real estate agent. What is my first step. Thank you debbie.

Help find this book. A real estate agent helps a guy find a house. He is a profiler, his bf is 2.

The Bf is the killer?

I am looking for a book that can help me tackle the rental market as a real estate agent.

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