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If someone can't figure out a kitchen is outdated I question if they have the intelligence to enter in to such a large financial transaction.
That's non-responsive to my point. Sure it's obvious if a kitchen is very outdated, but how much will it cost to make it look better ? Can you tell how old the windows are by looking at them ? I can't, but my agent can. How about all the other things I mentioned, such as how old is the roof, etc, and how much the home owner should budget for replacing.repairing other things near the end of their life ? And what is a fair price for the property, taking all of this into account ? Despite your flippant dismissal of my point, this is far from obvious.
and leaves a message saying "I have a client that saw your property on For Sale By Owner. com and is interested in buying". So, I'm thinking...and she calls you and not me...and if she buys it, I owe you 6%...for doing what, exactly?
Why would you think that? Did this agent say anything about you paying a commission? If all they said is that they have a buyer who might be interested, it's entirely possible that they are in fact representing a buyer, and that buyer has agreed to pay them. You don't owe anyone anything if you have not agreed to pay them.
Of course an agent should be able to help you with pricing. That is one of the key things in my book. But to tell someone how much it will cost to make something look better? Might as well ask how long a piece of string is. You can remodel a kitchen for $10,000 or $100,000.
I certainly don't expect them to be able to tell me how old a roof is. And windows can be old, but still function just fine. If the seller isn't telling you something is new, it is most likely old.
You obviously don't get it. If you are representing yourself as the seller, then you have responsibilities to the buyer - and you have to find your own buyer. If an agent brings you a buyer and represents them, then you would "cooperate" with that agent - and negotiate a commission with them for their services. In representing a buyer, they would be alleviating you from that particular liability - and you seem to sneeze at the fact they are bringing you a buyer.
No, actually it's YOU who doesn't get it. A seller owes NOTHING to a buyer except honesty. The seller can't lie or misrepresent his property. He has no other responsibility to the buyer until they sign a contract, and then he has just the obligations spelled out in that contract. As to cooperating with a buyers agent by negotiating a commission; that's an option, not a necessity. (I happen to think it's a smart thing to do, but that's not the point here.) In this case, the agent would be representing the buyer, and should expect to be paid by that buyer. And you seem to have missed the part of the post that said the BUYER found the house on FSBO.com.
OP,
The realtor has squat. It's tease to get you to list with them.
That MAY be true. But making a phone call and having a civil conversation with the agent can't possibly hurt. He might actually be representing a specific buyer. And if it turns out he's lying, the OP can just tell the agent to leave him alone as he doesn't want to deal with a liar.
It is something to keep in mind next time you choose an agent. You should also make them include in their contract that they will help you discover condition issues (when you view the house) AND question them to find out if they are actually equipped to do that. (Don't expect this if you choose to use an agent working for the company that is representing the seller - they can't proactively help you to discover condition issues as it would hurt the seller.)
That's not true, though yours is a common misunderstanding.
Read the dual agency disclosure carefully. You'll see what I mean.
Just a thought for others that may go FSBO - Two of the things to remember before you put your house on the market (there are more) - even as a FSBO:
1. If your home is "for sale" you can't get a new insurance policy - IE can't change companies - They won't write a new policy on a for sale house.
2. You can't get an equity loan on a for sale house.
So, if, for some reason, you want to change insurance companies do it before your house is for sale and if you want to take money out of it for any reason do it before your house is for sale.
Not sure what this has to do with anything in this thread. Rules for insurance coverage don't change because the house is FSBO vs listed with a broker.
One would be about dual agency -- what would they do if you found a listing you liked on their brokerage ? It's a conflict of interest to have the same brokerage represent the buyer and the seller, even if the agents are different.
Perhaps this is deserving of a new thread, but since it came up here...
Please explain what you think is the conflict of interest in having two different agents in the same brokerage representing buyer & seller.
Perhaps this is deserving of a new thread, but since it came up here...
Please explain what you think is the conflict of interest in having two different agents in the same brokerage representing buyer & seller.
This is an old debate, both sides have been argued (and you were on one side), so I believe you are familiar with both sides of the argument. As I recall you debated Marc Paollela on this topic some time ago.
Simply put it's a conflict of interest from the standpoint of the firm, so the question is really whether the firm can manage their conflicts of interest (not whether or not they exist). I understand you've heard this before and don't agree with it, and that's fine with me.
I agree with the OP, why should he HAVE to pay the buyers agents commission? Because the AGENT has a buyer? Isnt it the other way around? The BUYER has an agent?
Im on the record that my realtor didnt do anything but schedule the appts for me to visit a few homes. Are realtors entirely useless? No, some people dont have the time or the desire to get familiar with real estate economies, nor the transaction process. Those folks should have a realtor, PAID out of THEIR OWN POCKET.
Isnt this how this how everyone else buys a house...
Buyer searches internet mls for listings...
Buyer forwards to Agent
Nope - Actually very rare. I would think one out of 20 or 30 clients is actually able to do a credible search. I have a good one now but it is the only one in the last year.
Quote:
Agent calls listing agent to schedule visit...
Agent visits home with buyer...
Nope. Seldom talk to the listing agent. Schedule without listing agent involvement.
Quote:
Buyer likes house wants to offer....
Buyers agent calls listing agent to conspire a number in the middle that will get deal done...
Nope - Gin up the comps - generally as specific graphs. Client decides what he is willing to offer.
Quote:
Buyer signs standard offer sheet...
Buyers agent faxes offer to listing agent....
Listing agent presents to seller...
Seller accepts....
contracts go to lawyers....
Nope. Buyers agent prepares contract in support of the buyer. Buyer discusses and often changes the contract. Contract is then sent to listing agent who goes over it with the seller. Counter offers follow leading to a meeting of the minds or a decision not to proceed.
No lawyers. (Unless someone eventually gets sued.)
Quote:
deal is done
I dont need a middle man to negotiate for me. Some folks do. All the information you need to make an educated offer are available on line. And hell, even if the info isnt avalable, if a buyer wants to offer X amount, he doesnt need a justification, he can offer whatever he likes. its up to seller to accept or not.
The real estate agent is going away as a profession. Sorry folks.
Hardly - Inspections. repairs, offsetting payments financing all still to be worked. Banks can be very demanding about things that would challenge the buyer.
Actually times are pretty good for RE Agents and trending better. Commissions are up slightly - remarkable considering how the lenders can be hard nosed on REOs.
Twenty years ago I turned down an opportunity to join an outfit that was going to make a software package that would put all the Realtors out of business. I looked at it hard and decided it could not be done. Twenty years later my judgement still looks pretty good.
The problem is that it is not a clerical task as stock brokerage proved to be. It is much more complex than buying a car...a task I generally do on the net but that is mostly done by car salesmen.
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