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Old 04-17-2014, 01:39 PM
 
24 posts, read 28,976 times
Reputation: 10

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We are looking to buy a home and have been starting to look with a realtor (buyers agent). One place we are considering is FSBO however he said his price would increase if he had to pay an agent's commission. Or we pay the commission (which we do not want to do). Thoughts? Terrible idea? We are first time home buyers so we don't want to get screwed in the process, however we would have an attorney, inspector and lender.

Thanks!
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Old 04-17-2014, 02:17 PM
 
Location: Starting a walkabout
1,739 posts, read 807,881 times
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Normally the commission on a sale is 6 % which is paid by the seller, not the buyer. 3 % goes to the agent of the seller and 3 % to the buyer's agent who showed you the property.


If The FSBO does not want to pay this 6 % and wants you to pay the 3 % you need to ask yourselves if this house is worth 6 % less than what you would have paid. If not you are not gaining much.

Also read the contract you have with an agent you asked to show homes for you. Make sure he / she gets the commission only on the houses they show, that you end up buying. If you buy on your own without it being shown, and they still want the 3 %, that may be a loss to you.

Good luck
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Old 04-17-2014, 02:18 PM
 
24 posts, read 28,976 times
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Quote:
Originally Posted by kamban View Post
Normally the commission on a sale is 6 % which is paid by the seller, not the buyer. 3 % goes to the agent of the seller and 3 % to the buyer's agent who showed you the property.


If The FSBO does not want to pay this 6 % and wants you to pay the 3 % you need to ask yourselves if this house is worth 6 % less than what you would have paid. If not you are not gaining much.

Also read the contract you have with an agent you asked to show homes for you. Make sure he / she gets the commission only on the houses they show, that you end up buying. If you buy on your own without it being shown, and they still want the 3 %, that may be a loss to you.

Good luck
We do not have a contract with the agent and they apparently only require 3%
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Old 04-17-2014, 02:42 PM
 
4,382 posts, read 6,089,611 times
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Quote:
Originally Posted by lsc22 View Post
We do not have a contract with the agent and they apparently only require 3%
Just for clarity, as long as you have a contract with that agent they'll get paid no matter how you buy. The only way out is to void the contract. If you don't use an agent make sure you know what you're doing. They're there to protect your well being. I know of someone who bought fsbo cash. When they decided to sell the very next year they found out they paid too much. It sold for $30k less. Sometimes when you think you're saving you can end up paying to much if you don't understand the market and legalities of real estate. I hope this helps.
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Old 04-17-2014, 05:19 PM
Status: "Summer, please don't leave!" (set 20 days ago)
 
Location: Asheville, NC
11,496 posts, read 25,771,137 times
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When we sold our house in FL, the buyers found our house because they lived in the same neighborhood. They made a deal with the realtor to pay a flat rate of $1000. The agent required that it was that amount. If I had a realtor taking the time to show us houses, I'd feel like they should get something for it.

Redcliffe is right though, make sure you find out the market value before you purchase it.

One thing that was different when we purchased our home here, they required an attorney even though we had a realtor and title company. In FL, we just had a realtor and title company.

Bottom line, it can be done. Being it's your first home, a realtor can guide you through the process. If not, do as much research as you can to educate yourselves.

Good luck!
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Old 04-17-2014, 05:25 PM
 
4,382 posts, read 6,089,611 times
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Quote:
Originally Posted by beckycat View Post
When we sold our house in FL, the buyers found our house because they lived in the same neighborhood. They made a deal with the realtor to pay a flat rate of $1000. The agent required that it was that amount. If I had a realtor taking the time to show us houses, I'd feel like they should get something for it.

Redcliffe is right though, make sure you find out the market value before you purchase it.

One thing that was different when we purchased our home here, they required an attorney even though we had a realtor and title company. In FL, we just had a realtor and title company.

Bottom line, it can be done. Being it's your first home, a realtor can guide you through the process. If not, do as much research as you can to educate yourselves.

Good luck!
Good post. For most people, this is the biggest purchase they'll make. Heavy research and/or assistance is almost a must.
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Old 04-17-2014, 10:23 PM
 
Location: Piedmont, SC
661 posts, read 1,164,556 times
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As someone who recently sold a FSBO, I agreed to pay a 2.5% commission to their buyer's agent. (It was their first home, as well.) It was well worth it, IMHO. Hopefully the seller is reasonable enough to consider that, as long as their list price is fair. It still saves them the other half of the commission, and will likely help them with the closing arrangements and buyer qualifications. No matter what, you'll still have an appraisal, inspection, attorney, etc.
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Old 04-18-2014, 07:14 AM
 
Location: Upstate
5,504 posts, read 6,236,956 times
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I also sold a home as a FSBO, but hired an agent to do the paperwork for a flat fee. Both myself and the buyer split the fee, it was $800 at the time.

I would try this approach with your seller. Never hurts to ask and an experienced Realtor doing all of the paperwork will make for a lot less headaches for both parties.
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Old 04-18-2014, 08:31 AM
Status: "Summer, please don't leave!" (set 20 days ago)
 
Location: Asheville, NC
11,496 posts, read 25,771,137 times
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Quote:
Originally Posted by USNRET04 View Post
I also sold a home as a FSBO, but hired an agent to do the paperwork for a flat fee. Both myself and the buyer split the fee, it was $800 at the time.

I would try this approach with your seller. Never hurts to ask and an experienced Realtor doing all of the paperwork will make for a lot less headaches for both parties.
We split the fee as well.
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Old 04-18-2014, 04:10 PM
 
3,627 posts, read 12,433,271 times
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I also sold the home as FSBO but when a buyers agent came to me went ahead and paid the commission because it sold the house quicker than I had anticipated.

If you find an agent, find someone good. I have been remarkably UNIMPRESSED by some of the real estate agents I have met. Folks who don't seem to or don't want to do things like check out adjacent zoning (like one subdivision I looked at across the creek from a trailer park and across the street from a peice of land zoned industrial. There were NICE homes. Do people just not do these things?

I found the houses I wanted to look at and had the agent take me. It seems I did most of the research. Only looked at about 6 houses because I had pre-weeded out many many more.
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