I am a first time home buyer and began working with a real estate agent to buy a house. Before showing us a house, he wants us to sign a contract. Everything reads okay except for a part I’m confused about. I messaged him about it, and he said that the buyer’s agent commission is negotiable. He explained that when looking at listings, there’s no set amount listed, and he has to add his commission into the offer presented to the seller. He said he doesn’t charge buyers a commission, but the contract states the buyer might have to cover the difference if the seller offers less than the agreed commission. This is concerning because I’m a first-time buyer in a high-cost living area, and I really can’t afford those extra fees. I’m in Virginia, and I need some clarity on this.
This agent isn’t being straightforward. This should be a conversation, not just texts. The way he handles this could indicate how he’ll manage your entire transaction. I’d be wary.
If this is a realtor, report him for circumventing the NAR Settlement. Once they agree on a commission amount, they have to stick to it. If he’s willing to work for 2%, he should agree to that.
Realtors can agree to a lower commission than what’s required. That’s totally allowed. Just make sure you’re clear on what you’re agreeing to.
If it’s not in the contract, it doesn’t exist. He can’t say he’s not charging you a commission unless that’s truly the case. If he can work for 2%, that should be in the agreement.
Commission is negotiable. My listings are generally for the same percentage, and I never charge a buyer the difference. You might want to keep looking if this feels off.