When you are buying a home, one of the costs that you may need to consider is the Real Estate Agent fee. This is the cost that the seller generally pays to have their home listed and sold through the Multiple Listing Service or MLS. In this blog post, we will discuss Realtor fees and other costs associated with buying a home.
What are Realtor Fees?
The Realtor fee is a commission paid by the seller of the home to the Realtor who listed and sold the property. The Realtor fee is typically a percentage of the sale price of the home. For example, if you are buying a home for $200,000 and the Realtor fee is six percent, then the Realtor commission would be $12,000. This is generally split between the listing brokerage and the brokerage who brought the buyer to the transaction. This is typically how your buyer’s agent is compensated and why you don’t incur hefty expenses to be represented by a Florida licensed real estate agent.
What are the other costs associated with buying a home?
In addition to Realtor fees, there are other costs that you may need to consider when buying a home. These include appraisal fees, credit report fees, inspection fees, and title search fees. Some of these costs can be negotiated with the seller.
For example, if you are buying a home and the seller is paying Realtor fees, you may be able to negotiate for them to pay some of the other costs closing costs associated with buying a home.
Appraisal fees are paid to have the value of the home appraised. This is important because you will need to know how much the home is worth in order to get a loan from the bank.
Credit report fees are paid to have your credit report run. This is important because your credit score will determine what interest rate you will pay on your mortgage.
Inspection fees are paid to have a professional inspector come and look at the home. This is important because you will want to make sure that there are no major problems with the home before you buy it.
Title search fees are paid to have a title company do a search of the public records to make sure that there are no liens or other problems with the title of the home.
These are just a few of the fees that you may need to consider when buying a home. Be sure to talk to your Realtor and ask about all of the fees associated with buying a home so that you can be prepared.
Who pays what?
In most cases, the seller of the home will pay the Realtor’s commission. However, there may be some instances where you can negotiate this cost with the seller. For example, if you are buying a home and the seller is paying Realtor fees, you may be able to negotiate for them to pay some of the other costs associated with buying a home. These include appraisal fees, credit report fees, inspection fees, and title search fees. There may be other costs to consider as well. One such cost is the holding cost or expenses associated with owning one home while you’re waiting to close on another home.
If you have any questions about Realtor fees or other costs associated with buying a home, please contact Family Florida Realty. We would be happy to answer any of your questions!
At Family Florida Realty, we are here to help you with all of your real estate needs. Contact us today to learn more about our services. We look forward to hearing from you!