Two Things(Closing@RE broker/Mort broker) percentage of deal

Hello,
I need my questions answered.I gave my heart to this forum...

Hey Rosefield...

I'm not sure how much help I am but here is my opinion on your questions.

1.) Every deal is different, so this amount could be across the board. There me be a standard amount out there but if so I'm unaware of it.

2.) The RE broker is going to get paid out of escrow once the closing is done. Just like the first question, this amount depends on the deal you set up with them. If they are working with you and / or partnering up with you then it may be for only 2% of the deal. I think standard is 3% for the seller and 3% for the buyer realtor...

3.) They too would be paid out of the escrow once the closing takes place. YES, the amount also depends... 1 point, 2 points, plus other fees could all take place. Again, I think once you set up a partnership with a mortgage broker they may be more than willing to lower the standard fees... They will ultimately make more money in the long run because the intent is to do many deals over time..

Like I said, I might not have the best answers but it is what I think... So with that said, I will definately look forward to hearing from others.

PS - By the way, you will ultimately get your questions answered so just be a little more patient. I'm sure others were not ignoring you; it's just that Sundays, or weekends for that matter, always seem to be slower days on the forum. Besides you literally just posted it later this afternoon! lol Have faith and you will eventually get the answers your looking for!

Take care...

bombercpa,
Thanks for commenting and your answers,I thought a mortgage broker would be paid with the points added to the loan i did not think about fees as well.Closing cost would seem to be a standard fee,If you have a 50k property and a 500k property what would be the difference in the title check of the properties,It would seem un just to charge a percentage fee on the value of the property when the labor is equal in checking into clean title.
My second question i was to vague,When i use a real estate agent to sell my property and the agents fee is 6% (What would the cut be between my REA and theyre Broker)REA must do business under a broker.

bombercpa i enjoy your comments and ideals on this forum and i hope your AZ group is going good!!!

Randall

The seller will usually pay both sides of the transaction. Therefore if you list a property for $200k and agree on a 6% commission. The 6% or $12k for a full price offer of $200k would be deducted from your proceeds as the seller.

Also, for your reference, below is a link to the HUD-1 Settlement statement.

http://www.hud.gov/offices/adm/hudclips/forms/files/1.pdf

The Hud-1 is used to summarize the charges, credits and amounts for the buyer and the seller of a property. Line #800 to Liner # 811 show costs associated with getting a loan. I hope this helps. Good luck with real estate investing. Believe and Achieve! - Joe

Joe,
Thank-you for the great information and i will use the link you have provided.My question is how would a RE broker get paid from a RE agent under theyre brokerage,The 6% the REA gets i am sure RE broker has to eat as well?

Question:How does the Real Estate Broker get paid,When the broker represents the REA.

Thank-you Joe,I am sure many others do as well!

Hello to all,
I must learn to be more correct in my Questions:What is the percentage a RE broker takes from the fees a RE agents gets for selling or showing a property to a buyer.