Found a Buyer on Your Own? Here’s Why You Still Need an Agent
Let’s say you’re selling your house. And before you even get a chance to snap listing photos and put it on the market, a buyer comes along. Perhaps the buyer makes you an offer you just can’t refuse. Congratulations, you just cut out many steps of the home-selling process—showings, open houses, and haggling over price.
With an offer in hand, you might be asking what commission an agent would receive if the agent were to get involved at this stage of the home-selling process. But keep in mind what may seem like a straightforward transaction between a seller and buyer once an offer is accepted is usually not all that simple. You still have a marathon to finish before getting to the closing table. We’ve broken down the home-selling process into steps to see what an agent could help you with.
Neither federal nor state laws govern commission rates, which means commissions are fully negotiable. And negotiating the commission is between you and your agent.
To crunch some general numbers, if a home sells for $250,000 at a 6% commission, the seller’s agent would get $15,000. However, keep in mind commission rates usually vary depending on the state you live in and among brokerages. Always talk with several agents about your particular home-selling needs. Find out if and how they would want to handle the sale to a buyer found by the seller.