| Half...not exactly. What they've done is going to get interesting. m/l traditionally, listing broker got half & 'buyer's agent/selling broker' got half. And it all came from Seller's proceeds. Not right, they said. So, NOW the Buyer is supposed to hire and pay his own agent...no longer a 'commission split'...so 'half' is still the same amount Listing Broker got. Where it's going to hurt, is NOW the Buyer is going to have to negotiate with his Agent, using his own money (that previously would have gone toward down payment)...meaning most likely higher mtg. interest due to lower DP. OR they'll roll B's DP into the mortgage (meaning they'll be paying that commission m/l for the whole term of the mtg. OR everyone will just DIY and go on Zillow & the like and forego hiring a Buyer-Broker...which will mean SOMEBODY has to run these Buyers around shopping...and they won't do that for free... so RE people will now be the same boat NSA is in...how low will you go, Buyer Agent? OR RE-as-we-know-it will just go bye-bye and everyone will put the house they're selling on the internet, show it themselves, find a Buyer & go to...ATTORNEY to handle the paperwork. Who will undoubtedly figure out a way to collect big bucks from both parties instead of the $100 they formerly charged for drafting the Deed. Be careful what you wish for.... |
