Buying or Selling a Home/Commission

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Expert: - 11/14/2007


Question
What is meant by the gross sale price of a purchase and sale contract?

Example:
If I agree to pay a 6% commission on $150,000.00 sale price, but I later agree to a seller's concession of $4,000.00, and closing costs of $2,000.00 at closing, do I now pay 6% on $144,000.00 or the original sale price of $150,000.00?

Thank you, I appreciate your time!

Answer
Gross sales price refers to the total sales price of the home before closing costs or concessions. Usually commissions are paid on the gross sales price, unless otherwise negotiated with your agent. Generally speaking that does not happen unless the sales price is raised above the original listed price or if there is more than a 10% seller contribution to the buyer's costs.

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Diann Tonnesen

Expertise

I have over 25 years of experience in real estate in Las Vegas. I can answer almost any specific question about buying or selling homes, condos, high rise properties or land in the State of Nevada as well as general real estate questions that pertain to the industry as a whole. I can also answer questions related to financing on FHA and VA loans, conventional loans, interest only loans, stated income loans, and hard money lending. You can also go to my site at http://www.greatlasvegashomes.com which has lots of information on it as well.

Experience

With my husband I have been helping families call Las Vegas home for over 23 years and I still love it! We developed a strong niche in the Internet industry and had to start a team of agents to respond to the large volume of calls we were getting. Currently we have 18 full time agents, a sales manager, two leads managers and two transaction coordinators assisting us. Last year we helped over 280 families and investors find property in Las Vegas.

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Las Vegas Board of Realtors and the National Association of Realtors

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PR Web, Las Vegas Review Journal, and interviewed for numerous magazines as well as a broadcast interview for television by CNN.

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college journalism major

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Top agent in the state of Nevada for sales multiple years when working for Century 21 and last year one of the top 10 agents in the country with Prudential.

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Just too many great clients to mention here, but I can certainly provide a long list of references on request. Or check out our web sites at:

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