But there are also fees the VA does not allow the buyer to pay. Did you know the lender or seller can’t charge the borrower for attorney’s fees? If the buyer chooses to pay for his or her own attorney, that’s the buyer’s call, but the buyer can’t be charged for the bank’s legal representation.
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Whether you, as the buyer, pay a commission or fee to the buyer’s agent should be spelled out in a Buyer’s Representation Agreement. Most such agreements say your agent will receive X percentage of the sale price. If the seller pays less than that, you pay the difference. But it is ALWAYS negotiable.
· There is no VA maximum concerning how much sellers can cover in terms of loan-related closing costs, so buyers can ask home sellers to pay for everything. In addition, sellers can pay up to 4 percent of the loan amount in concessions. These concessions can go toward paying costs like prepaid property taxes and homeowners insurance and more.
If you are buying a home, you don’t have to pay real estate agent commission; however, you still have to pay closing costs. On the other hand, if you are selling a home you pay commission to both your agent and the buyer’s agent when your house closes.
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Between 70% and 80% of homeowners use a real estate agent or broker when buying or selling a home. Since agents work on commissions, they’re only paid when a home sells and don’t receive.
Who Pays the Real Estate Agent? Commission and Fees. – If a buyer is in a tough seller’s market or bidding war, offering to pay some or all of the real estate agent’s fees can be a way to stand out from other offers. In fact, even though the buyer usually pays most of the closing costs, they are up for negotiation, too.