From a twitter follow who is a real estate agent in VA, and a former lawyer, this appears to be how the process is working:
The listing agent’s agreement has the listing agent’s commission. No buyer’s agent commission is mentioned.
Buyers offer includes buyer’s agent’s commission from seller.
Buyer then evaluates best net sales cash to accept. But, if the buyer offers 3% (too much) over list to pay buyer’s 3%, the house may not appraise well vs market, and mortgage is denied.
Currently it’s all in the offer terms and conditions.
Over a decade of twitter reads and nuanced learnings.
|