If you buy a foreclosed home, does your agent still get a commission?

It is the same, the bank even has their own agent.

Generally the commission is only 5% and split, but not always.

Don't worry about it, your agent will get paid by the bank. I am surprised he did not reassure you himself.

Val,

Included in the price is an offer of commission for the agent. If your agent is acting as your agent, you should enter into a "Buyer Broker Agreement" and negotiate the agents compensation prior to entering a purchase contract. I usually worked for my clients for a set fee. That way at the closing you can either further reduce the purchase price or receive the balance of the commission offered to pay closing costs or even recieve the money as cash back. The real estate industry wants you to believe that the seller is paying the commission. In reality the commission is additional money you pay for the property.

Even if you buy it from the bank isn't there an agent involved showing the home or listing it?

Odds are you'll still end up paying some kind of middle man. But since you should be buying the home at 20% discount or more, why does it really matter?

Did your agent make you sign a contract saying that they are your exclusive agent and if you buy a property, even without there help, they will get a commission?

Of course, buying a foreclosed home is just like buying any other home, except your buying it from the bank that took it away from the people that used to own it. Its basically just a bigger pain in the *** and they wont work with you.