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  • Answer Upon - A Common Myth Of Home Buying

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    could be further from the truth.

    The reality is that commission is set by a contract between the home seller and the agent whom the seller chooses to represent

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    Piggybacking off of my last post, hiring real estate agents, what's your method of choice? I'd like to address a common misconception among home buyers.

    Every couple of months, it seems, I have to talk a friend or family member out of doing this, so I thought I'd share this common myth with the rest of the world.

    Home buyers often convince themselves that they will save money by choosing one of two options. They believe that if they A) represent themselves, or B) work with the selling agent, they will somehow save themselves 3% of the commission.

    Here is the honest-to-God truth, from someone who does NOT work in the real estate industry: Nothing could be further from the truth.

    The reality is that commission is set by a contract between the home seller and the agent whom the seller chooses to represent t

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    uple of months, it seems, I have to talk a friend or family member out of doing this, so I thought I'd share this common myth with the rest of the world.

    Home buyers often convince themselves that they will save money by choosing one of two options. They believe that if they A) represent themselves, or B) work with the selling agent, they will somehow save themselves 3% of the commission.

    Here is the honest-to-God truth, from someone who does NOT work in the real estate industry: Nothing could be further from the truth.

    The reality is that commission is set by a contract between the home seller and the agent whom the seller chooses to represent

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    ers often convince themselves that they will save money by choosing one of two options. They believe that if they A) represent themselves, or B) work with the selling agent, they will somehow save themselves 3% of the commission.

    Here is the honest-to-God truth, from someone who does NOT work in the real estate industry: Nothing could be further from the truth.

    The reality is that commission is set by a contract between the home seller and the agent whom the seller chooses to represent

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    gent, they will somehow save themselves 3% of the commission.

    Here is the honest-to-God truth, from someone who does NOT work in the real estate industry: Nothing could be further from the truth.

    The reality is that commission is set by a contract between the home seller and the agent whom the seller chooses to represent

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    could be further from the truth.

    The reality is that commission is set by a contract between the home seller and the agent whom the seller chooses to represent the home. The selling agent, then, determines how much of that they are willing to share with the "other side", the buyer's agent.

    If the agreed-upon commission is, say 6%, a selling agent could very well choose to offer only 1% to the buyers' side. This is unlikely, as few buying agents would leap at the chance to sell a home for 1%. Conversely, if the agent needs add extra incentive to sell the home quickly, they could choose to offer 5% to the buyers' side. During the time I was involved in real estate marketing, I did see several 4% offers to the buyer's side in return for quick sales.

    If there is no buying agent, the selling agent keeps the 6% com

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