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Here are 15 real estate terms you need to know. Real Estate Agent Professional who represents the seller (listing agent) or buyer (buyer’s agent) in a real estate transaction.
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It was conceptualized to hold auctions for high-priced real estate between a seller and a group of buyers. Local real estate agents receive 5-6 percent sales commission and Concierge Auctions charges 12 percent to buyers. Auctions range from $2 million to $100 million, but have an average of about $4 million. [10]
[18] Likewise, the provision of information on other bidders in such auctions is generally known to affect prices [19] Pre-existing relationships are known to be the key driver in the buyer’s selection and therefore bidding aggressiveness in the auction-- in terms of the number of bids submitted, the rate at which the bids are submitted, and ...
A cash offer can be a really important tool in helping real estate investors get more deals because if you are able to pay cash you can close more quickly. Other lenders assist mortgage buyers compete against cash offers. For example, a mortgage company may provide a buyer a commitment prior to identifying a home.
The typical commission on a real estate transaction totals somewhere between 5 and 6 percent of the home’s sale price, split evenly between the listing agent and buyer’s agent.
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Only 41% of buyers in the US had a written agreement with their real estate agent, according to the NAR's most recent report on buyers and sellers. For first-time buyers, that percentage was just 34%.
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