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Difference between revisions of "Selling Your Home"
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→The agent typically gets paid after the sale of your home
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A common approach is for an agent to charge 7% on the first $100,000 of the sale price, plus 2.5% on the rest. For example, if your home sells for $400,000, the commission under this approach would be $14,500: | A common approach is for an agent to charge 7% on the first $100,000 of the sale price, plus 2.5% on the rest. For example, if your home sells for $400,000, the commission under this approach would be $14,500: | ||
Portion of price Commission | '''Portion of price Commission''' | ||
7% of $100,000 = $7,000 | 7% of $100,000 = $7,000<br> | ||
2.5% of $300,000 = $7,500 | 2.5% of $300,000 = $7,500<br> | ||
Total commission = $14,500 | ''Total commission = $14,500<br>'' | ||
As the seller, you pay this commission to your agent. Your agent then shares it with the buyer’s agent. The commission is typically deducted from the sale proceeds of the home at the time the sale is completed. | As the seller, you pay this commission to your agent. Your agent then shares it with the buyer’s agent. The commission is typically deducted from the sale proceeds of the home at the time the sale is completed. | ||