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Example of a typical Real Estate sales commission Normally the cost of services is paid to all parties involved with the sale of the property by the seller. This example is based on a 5% fee for the required Real Estate services.
Advertising Costs IE: signs, print media, newspaper
Brokerage Fees IE: Century21 Americana Properties
Listing Agent ( seller’s agent )
Selling Agent ( buyer’s agent )
This is why a buyer is able to retain the services of a Real Estate agent at no cost to the buyer, or in other words “free”! The sellers of the property in most instances cover the cost of the marketing and the sales commission; as they are compensating the agents involved in the process for locating a suitable buyer for their home and bringing the transaction to a successful close.
The 10 Step Home Buying Process
1. Meet with us to discuss your home buying needs, desired price-range, financing, and monthly payment amounts.
2. Select a lender and obtain buyer's pre-approval letter.
3. Select homes or properties of interest for consideration.
4. Schedule appointments if needed and view homes.
5. Make an offer on a property by completing a purchase & sale agreement including an earnest money deposit.
6. Meet with the lender to make a loan application.
7. Select a qualified home inspector and schedule a full home inspection and additional inspections if any are recommended.
8. Lender required bank appraisal of the property.
9. Closing with the agreed upon escrow agent or title company.
10. Possession after recording!
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