If by way of example a consumer purchases a $400,000. home and has prepaid the consulting fee throughout the buying process and at time of settlement has no money owed to the Acre, how does the percentage of the sale price, normally reserved for the buyers agent, flow to the borrower? Is there a resistance from the lenders as to how to handle the transaction? Where does the rebate of 2-3% of the purchase price appear on the Hud 1? Thanks in advance,
Glenn
I guess that to receive the business loans from banks you ought to present a firm reason. Nevertheless, once I've got a secured loan, because I was willing to buy a bike.
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Glenn, If the buyer has already prepaid the consulting fee to the Agent, I believe that the offer is than negotiated by taking the reduction of the 2-3% of the purchase price off the top. So in other words the buyer's offer is accepted with the selling commission deducted of the selling price. And in the end there will be no commission payable to the selling agent. I hope this makes sense to you.
Marjet