WHAT IS THE CO-OP COMMISSION WHEN PLACING A BID ?
When you review the Property Information sheet on a property being sold at an onlne sales event it contains a percentage that the owner is willing to pay up to if the buyer has a real estate agent involved in the sale.
If a zero appears on the bid submission form this means the owner is not willing to pay for a Realtor's co-op commission. If there is an amount pre-filled into the bid submission form then this is an amount the seller will pay up to. If this is a For Sale By Owner listing the owner has a choice of whether they will pay for a Realtor fee or not. All listings on homebidxpress that are listed with First Agency Group, Real Estate Services will always have a 3% co-op commission available to a buyer's agent.
If the amount is pre-filled in and you don't have an agent then remove it and put 0 in. Otherwise the seller will receive a bid minus the 3% co-op commission.
If you have an agent and they want to reduce their fee then with their permission you can enter that amount in instead of the pre-filled amount which will increase the net bid to the seller. |
