Who pays the real estate agent when a foreclosed home is purchased?

sjsteelemoon asked:

We are looking to buy a house. We found a real estate agent before we found the house we really want. It’s a foreclosed home. How does the real estate agent get paid?

Comments (5) Posted in Renting & Real Estate

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5 Responses to 'Who pays the real estate agent when a foreclosed home is purchased?'

newjerseyguy - December 30th, 2008 at 3:23 pm
By the seller.
Dizzy_Lizzy - January 1st, 2009 at 12:16 am
If the bank owns the home, chances are they’ve listed it with a real estate agent of their own. Your agent should be able to look up the home in the MLS to see what the seller will be paying as a buyer’s agent’s commission.
hollywoodmelody - January 2nd, 2009 at 2:10 pm
If the house is an REO(bank owned) then the commission is paid by the lender who owns the property. If it is a foreclosure,the seller of the home pays the commission. If you use an agent you are also responsible for his commission but sometimes Buyers can request the commission to be paid by the Seller. Look over your Purchase Contract to verify. Your Escrow Instructions would also state who pays what……
Extreme - January 5th, 2009 at 2:51 am
All commissions come from the sale of the property and gets deducted from the purchase price
godged - January 8th, 2009 at 1:15 pm
The seller, in this case the lender, pays the agents.