We’ll pay your commission, whatever the amount!*
We want to start by thanking you for visiting us here–we know a FSBO listing isn’t the norm, and often appears to have a dark cloud over it. We’re hoping to make sure that this owner-sale is all sunshine.
We’re well aware of both the changes to Iowa law effective July 1, as well as the settlements affecting Realtors, MLSs, and a number of brokerages. We know there’s been a lot of misreporting, a lot of misunderstanding, and a lot of misleading–but we’re the nerdy types that tend to go straight to the source, and can assure you we’ve read both the actual settlement text, and the updated Iowa law as well as the status of rule 7931C. You are welcome (and encouraged) to include your client’s request for your commission to be paid by us, so that your client needn’t come up with additional funds at closing.
*Hopefully it goes without saying that we’re referring to the commission for the agent who represents the purchaser of the home, not merely any agent asking for money without a buyer or one who submits an offer we do not accept. The amount of buyer agent compensation requested will be considered when evaluating an offer, with net price after payment of commission the relevant metric.
Note that while the Iowa REC currently prohibits the incorporation of a commission split between brokers in a purchase agreement (IAC 193E-11.3(9)), you are not prohibited from including payment of your commission in a purchase agreement you may enter into with us. Our payment of a buyer’s agent’s commission does not create an agency relationship with you (IAC 193-11.3(6)a). Regardless of the form of the arrangement, we are happy to work with you and to make sure you get paid.
