I have been working with an agent for a few weeks now, purchased 2 SFs one for 120K and 1 for 40K, after closing on the second she informed me that she would now have a minimum commission of 2500, and that her commission was increasing from 6 to 7%. Has anyone had experience with this? She has been GREAT, however, I'm a little shocked at her email and feel like I need to find another agent.
@Jessica Brennan Any decent agent has a minimum $ amount they work for. Who the hell would want to do all the work on $40k deal to make/net less than $1k?
You must be buying some VERY cheap properties. 6% is already insane, and I would never pay 7%. BUT, you say you are the buyer. You should be paying 0%. I would probably try contacting the selling agent of the next couple properties you are interested in and so them if you would have to pay anything as a buyer if you used them as your agent. If they are indeed free, as they should be to you, the buyer, see if there is one you click with as an agent and a person.
Paying $8400 commission as a buyer on a $120k property is a no go. Especially as a buyer of two properties in a relationship that is only a “few weeks old”. You’re obviously more valuable than the average buyer unless you’re a pain to work with. I wouldn’t want to pay it as a seller in today’s world. Good luck.