[WSBARP] real estate commissions

[Craig Gourley]

Thanks Kary!

From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com> On Behalf Of Kary Krismer
Sent: Wednesday, November 9, 2022 3:57 PM
To: wsbarp at lists.wsbarppt.com
Subject: Re: [WSBARP] real estate commissions


That sounds like what Redfin has done for years.  It probably does have to be done as closing costs, if there's a loan, but I'm hardly an expert on such matters.  If I've rebating I'll always ask the lender what's allowed.

BTW, the new Form 41C that went into effect in October has a choice to credit part of the commission to the buyer or to reduce the commission (effectively benefiting the seller under the new listing forms).  It also covers situations where no compensation is offered in the listing, and where the compensation is less than the buyer's agency agreement.  And if that's not enough, there's an "other" section where you can write in whatever you want.

Kary L. Krismer

206 723-2148
On 11/9/2022 3:42 PM, Craig Gourley wrote:
Further clarity on my facts.  Property is listed by the " listing agent" and seller offers whoever brings a buyer a larger than normal commission.  My client is not the "listing agent" but represents the buyer thus he is the " selling agent".  Buyer wants his agent to rebate him (the buyer) the " bonus" portion of the selling agents commission.  I suppose this could be considered a fee sharing.  What if the selling agent offered to pay part of his client's ( buyer's) closing costs?   Same result as a cash payment? I agree that the safer way would be to offer the seller a lower commission in exchange for a lower price but for some reason they want to do it the hard way.   Thoughts?

From: wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com> <wsbarp-bounces at lists.wsbarppt.com><mailto:wsbarp-bounces at lists.wsbarppt.com> On Behalf Of Kary Krismer
Sent: Wednesday, November 9, 2022 2:15 PM
To: wsbarp at lists.wsbarppt.com<mailto:wsbarp at lists.wsbarppt.com>
Subject: Re: [WSBARP] real estate commissions


It would help if you would define "selling agent."  Traditionally that is not the "listing agent" unless there is no separate buyer's agent.  The term "selling agent" was used because the agent might or might not be the buyer's agent.  I suspect though you mean listing agent because Redfin has been rather famous for rebating part of their commission when representing the buyer.

I'm pretty sure there's no NWMLS rule against what you are asking, assuming you meant listing agent.  Whether that's allowed by RESPA or a buyer's lender would be another matter.  It is okay for a buyer's agent to rebate part of their commission, but the lender might have limits on that.

Kary L. Krismer

John L. Scott, Inc.

206 723-2148
On 11/9/2022 1:55 PM, Craig Gourley wrote:
Listmates.  I am not familiar with all of the rules governing real estate agents so hopefully those of you who work that arena can educate me.   Client wants to know if a selling agent can give/rebate the buyer part of the selling agents commission.  On its face I don't see an issue unless there is some sort of prohibition on fee sharing like with attorneys or it violates some MLS rule.  Thanks in advance!  Craig

Gourley Law Group
Snohomish Escrow
The Exchange Connection
Trustee Services of Washington, Inc
1002 10th St Snohomish, WA 98290
PO Box 1091 Snohomish, WA 98291
360-568-5065   Craig at glgmail.com<mailto:Craig at glgmail.com>





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