Last time I wrote about my home sale, I mentioned a few scenarios that could have cost me thousands and thousands of dollars if I had done things differently.
Well, this time around, I’m going to wrap things up with why my sale price wasn’t really my sales price. There are two main reasons why my sales price doesn’t really reflect the true amount of money that exchanged hands. (You can guess how much, but I won’t tell.)
1. The buyers sweetened the deal with a cash sum on top of the sales price that went into escrow. Why did they do this? The only explanation that I got was that one of the buyers (out of the couple) wanted to spend more than the other buyer. Regardless, the commission paid out to the buyer’s agent was slightly less, so who was I to complain?
2. The buyer’s agent only charged a commission of 1.5% and not 3%. Somehow, during the course of the negotiations, the agent dropped his commission from 3% to 1.5% in order to get the deal to happen. That’s quite a drop. Incidentally, the realty company has a mortgage company component to it and I wonder if somehow he got some kickbacks.
If anyone has any theories on why he was able to conduct business with such a low commission (other than desperation), feel free to drop a line.