What Happens if You Sell Your Home and Get a Fee Adjustment?
Do you know what happens if you sell your home and get a fee adjustment? Many people do not, so the following will explain the process of selling your home and then getting an adjustment to your commission or other fees.
1) How Fees Are Calculated
In most cases, real estate commissions are calculated as a percentage of your home’s sale price. In short, for every dollar you sell your home for, you pay one percent to your real estate agent. But what happens when you sell your home for more than it was originally listed for? Well, in some cases, agents ask for an adjustment of their commission to reflect new market conditions.
2) Can You Sell Your House Without Selling It First?
In most cases, no. In fact, if you were to sell your home without listing it with an agent first, you would most likely be breaking one of your state’s real estate laws. But there are some exceptions to these rules. For example, certain homeowner associations may not require homeowners to use a specific agent before selling their homes through a short sale or foreclosure auction.
3) Should I Hire a Lawyer to Negotiate My Commission?
The simple answer to whether you should hire a lawyer is No. But, of course, many sellers want to know more than just No so let’s take it further. If you plan on selling your home soon or in the future, don’t hire an attorney to negotiate your real estate commission.
4) Why Not Just Lower My Commission and Be Done With It?
If you’re serious about finding your next home, odds are you’ve used an agent in your search. If so, there is probably some amount of commission for which you are paying that agent—either by way of percentage or by charging a flat fee.