Is A Real Estate Agent Guaranteed Commission On A House That Is A Pre-sale Auction?
We put an offer on a house that ended up being sent to auction the same day. So, our contract reads as a “Pre-Sale Auction” now. We are technically buying the house from the bank before it goes to auction (it was set to this weekend). My question is, because of this situation, for some odd reason we need to add the real estate agents commission onto our loan. Which is an additional $4,875.
My question is, are we obligated to do this? Is there another way to negotiate the bank paying her commission? And what is the standard percentage rate for a real estate agent to make off the sale of a home?
Thank you in advance for any and all help!
Since the agent handled the auction for you the standard fee is 2%.
And no, there are no contigencies at all at auctions, the bank is not going to pay for anything and will sue you if you fail to close. There is no way to close if the agent has a claim unless they are paid.
If the owner of the home signed an “exclusive authorization to sell” contract here in AZ, then the owner is liable for any commission agreed to in the contract when the property sells.