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Buyer Representation ~ Compensating the Buyer Agent ~ Myths vs. Reality
In the last part of this series - Long Island Homebuyers ~ Buyer Representation - we started to address some concerns that Long Island homebuyers may have about buyer representation, including:  signing a contract, competing clients and dual agency.  All of those issues are important, but perhaps the biggest concern about buyer representation is the issue of compensation.
 
Most people believe that the brokers / agents are compensated by the seller, but this is not actually the case.  Although the seller is the one that agrees to have the compensation come out of the proceeds of the sale, the fact of the matter is that all of the broker fees come off of the top of the transaction.  One could argue that the buyers are the ones that are actually paying the fees, since they are the only ones that bring money to the closing table.  In reality, the whole issue of compensation really comes down to upfront, out-of-pocket expenses.
 
Let's explore some of the myths and realities about buyer agent compensation.
 
MYTH # 1:     "I will have to pay the buyer agent's fee out of my own pocket."
 
REALITY:      Since the buyers are the only ones that ... more

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