Selling my home do I pay the Buyer's Agent and the Seller's Agent?

Seller pays all commissions- if you are paying 6% for example your agent will get 3% & buyers agent gets 3%. You don't pay till the closing though so you don't have to come up with it up-front. If you paid your agent when you bought that is highly unusual!

When you sell your house you agree to a fee with your listing agent. The fee is usually 5 or 6%. (Assume it's 6% here).

If your listing agent actually brings in the buyer, they get the full 6%. If another agent brings the buyer, they usually get 1/2 or 3%. This is called the co-op fee.

It doesn't matter if the selling agent that brings the buyer is a buyer's agent or not in terms of getting paid. They are paid from the 6% that you agreed to up front.

When you buy a home, your buyer's agent is also paid the same way. You don't pay anything.

It can be discussed that the buyer is actually paying their buyer's agent indirectly since they could get the house at a lower price if the agent wasn't there. But that's not the case. The seller would have netted more.

Generally speaking, when you list your home, a portion of the commission is allocated for the buyer's agent; this process creates cooperation amongst agents to maximize the exposure of your home.

If the buyer has no agent, then generally the 3% overage will be retained by the listing agent (seller’s agent). A savvy buyer can negotiate a rebate from the buyer’s agent; in turn, a good buyer’s agent will be focused on getting a better price & terms on behalf of the buyer.

The seller pays both agents. Typically 6-7.5% total, but can be negotiated down with some agents. The fees come out of the closing and are rarely paid up front. The agents then split that money. I own a mortgage brokerage and do business in Indiana, Michigan, and Florida. Let me know if you have any more questions.

If a buyer hires an agent, they may have an agreement whereby they pay that agent. That wouldn't involve the seller in any way.

However, when you go to sell your house, you typically sign a listing agreement with a broker. That agreement will specify what you have to pay your broker.

Generally, the agreement you sign with your broker will specify that some amount of money that the buyer puts into escrow will go to the broker rather than you.

In a sense, you don't pay anyone. Since no money goes from you to anyone else. But in a sense, you pay everyone. Since the money that goes to the agents would otherwise have gone to you. If a buyer spends $150,000 on a house, they don't care who gets the money. So any money that goes to anyone else that they need to pay to buy the house is money they would otherwise have been willing to pay to you to buy the house.

Another way to put it is that the seller agrees that the buyer will pay the broker. Sorry, I don't think there's any simple way to put it that's not wrong. ;)

Yes, Typically.

In Michigan the standard commission is 6%.

The seller of the house (owner) pays the selling agent, the agent that you hire to sell your home.

That agent typicall splits the commission to the agent who brings a buyer to buy the house. So in Michigan each agent would get 3%, unless the selling agent also found the buyer. Then he would get the full 6%.