Can anyone explain the concept of real-estate?

Question

Examples:Commission

Answer 1

you get paid a certain percentage of how much the house sells for. hope this is what you mean't!

Answer 2

You're a Realtor, you have a product to sell. You get people coming into your office (if you work in a certain subdivision in an office and wait for people come to look at the brand of houses that you are selling and the lots that they have available), or realtors put their personal signs up in front of houses that have been listed for sale with their company (usually re-sale homes, and then wait and sees who calls asking about the house). There are new home sales, and there are re-sales...already been lived in. They do have brand new homes in subdivisions that are called spec. homes and are already built, only you don't get to choose what colors, tiles, color of brick, etc...and the price is usually nonnegotiable on spec. homes.

They show you the house plans, if it's a "to be built" house and you can make the decision of what upgrades, colors, tiles, etc...that you want. If it is a resale, the realtor negotiates price with the person selling the home, and/ or the realtor that is representing the seller.

If you come to a decision on the resale home, the realtor usually makes 6% of the price of the home. If the seller and the buyer both have realtors they will usually get 3% commision on the cost of the home, and any other BS they want to throw in splitting it between them) that you have to pay, so you get screwed. The new home salesman has to go by what his/her company is asking for for the home and any personalized additions, and gets whatever % they are able to receive due to the things that you want done to the home, size of lot that it is built on, etc...so, you get screwed again. Also, you have to know what the interest rate is on buying homes at that time, as it fluctuates. You also have to be careful of the type of loan that you get. If you get what is called a "balloon rate", your house payment will go up usually yearly I believe, or after a certain amount of years that you have lived there, it will increase. There are several different types of loans and it also depends on your credit, and the bank or credit union that you use for the loan will decide how much you pay initially (and again, the type of loan that you will get, depending on your credit rating) Be careful what you sign. Again...you usually get screwed. Sad but true. Don't any of you realtors out there give me a thumbs down...because you know I'm right, and I didn't even have the time to tell all of the details.

Best Wishes!

Answer 3

An agent gets paid a percentage of the sales price of the home in exchange for marketing the home, advising his clients, negotiating contracts, etc.  

Example: if a home sells for $100,000, the commission rate is 6% and there’s only a listing agent (not a buyer’s agent) involved, the listing agent will get $6,000.

(This over-simplified because there are other parties with whom that amount is likely to be split.)

Answer 4

Your question is too broad, too general and basic.

Real property is defined as property in buildings and land