This is for all my Chicago real estate agents out there. I recently was the buyer's representative on a real estate transaction with Elias Villanueva from Re/Max Premier Properties in Chicago.
I had to work hard to get this deal done when my client wanted to cancel. The listing sheet stated a 2.5%-$295 co-op commission for $12,500.00 deal. Most of the time when that is the case there is just a flat fee commission of $1,000 since the purchase price is so low.
My focus was on getting the deal closed for my client. I called Elias and asked him about the commission. He told me that the seller would not pay anymore. This led me to believe that the entire commission was 5% and he and I were splitting the commission, as usual and customary.
When I got the closing statement it said, $3,500 to the listing agent Elias Villanueva, $17.
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