How do broker commissions work with assumable mortgages?
mortgage
Someone has recently offered to assume the mortgage on our house. We have the correct type of loan to do that, and the person has been approved by the lender. When we close, what sort of broker commission will we owe to our current realtor?
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You will owe them the contractual amount, usually 6%. It doesn’t matter that they are assuming the mortgage our not, they are buying your house and that is what you paid the realtor for, to bring you a buyer. Hopefully you sold the house for more than the balance of the mortgage.
The loan has nothing to do with the broker commission. It is whatever you contracted. Standardly that would be 6% of the sales price.
You will owe the amount you agreed upon from your listing agreement