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Didn't read all the logic from above but the 1 thing that caught my eye:
I had to smile with that one. If they only knew how many buyer agents never put their clients in front of a lender before they show them houses. I've had so many people who I've met that will tell you about their stellar credit and couldn't get a newspaper on credit. Or the Mortgage Companies that pass out Pre-Qual letters that should be used as toilet paper. Also my all time favorite is "I'm a Doctor so you know I've got great credit" There are many high paid professionals who are broke or bankrupt.
So ahead and take that contract on your house which might in 60 days fall apart because the buyer can't get the money. Then you can hold the buyers agent responsible, but he won't care cause he represents the buyer.
One more quick note: Be sure and read your financing information in your contract about contingencies and release of earnest money. That is one of the biggies of people who come here and are totally confused and don't understand.
All the offers I have received from my FSBO sale have included a preapproval letter from the buyer's lender. Do you require a preapproval letter from buyer agents for each of your listings?
All the offers I have received from my FSBO sale have included a preapproval letter from the buyer's lender. Do you require a preapproval letter from buyer agents for each of your listings?
I'll answer.
Actually, some properties I do.
Let me first say I have no doubt that some people are successful at FSBO - but truly the odds are against those sellers. (And true FSBOs are not listed in the MLS.)
When an offer comes in with a pre-approval, a good listing agent usually knows (or can find out pretty quickly) if a pre-approval is worth the paper it's written on. And in this era of financing killing deals, that's a great attribute to have.
All the offers I have received from my FSBO sale have included a preapproval letter from the buyer's lender. Do you require a preapproval letter from buyer agents for each of your listings?
Congratulations on getting your house under contract!
Requiring a preapproval letter is the first step, but when you do multiple transactions you know which lenders are causing difficulties and which ones are notorious for missing closing dates and/or issuing rejections at the last minute. A lot of times when the listing agent may suspect it is not a very good preapproval they will negotiate that the buyer will get a preapproval from the listing agent’s preferred lender – even though the buyer won’t be using that lender – just to make sure that they have information from someone they trust. It’s the same thing that a lot of REO’s require.
Don't forget, getting under contract is only the first negotiation. There are negotiations throughout the process - repairs being the biggest one.
I took a huge assumption leap based on your username that you might live in Bedford in the Triangle. If your home is the one I think it is, you should be fine – the buyer’s agent is very experienced and good one.
All the offers I have received from my FSBO sale have included a preapproval letter from the buyer's lender. Do you require a preapproval letter from buyer agents for each of your listings?
You aren't a FSBO. You have representation, even if it's limited.
Is FSBO worth it?
Views: 483
Posted By BedfordResident1
I'm selling my house FSBO. It's been on the...
I'm selling my house FSBO. It's been on the market about two months. I paid a local agency $300 to put it on the MLS, as well as have been marketing it myself with craigslist/owners.com/ plus a few...
Is FSBO worth it?
Views: 483
Posted By BedfordResident1
I'm selling my house FSBO. It's been on the...
I'm selling my house FSBO. It's been on the market about two months. I paid a local agency $300 to put it on the MLS, as well as have been marketing it myself with craigslist/owners.com/ plus a few...
Rick Abdella thinks that this example is in our local market, and Bedford has yet to refute that supposition.
So, I will expound on our local rules. (What the heck, I made the rules on this one... )
In the Triangle MLS:
"Entry Only," "EO," listing specifically is the entry of data in MLS, without any representation, no agent-client relationship.
By Triangle MLS rules, the listing agent can call this a "FSBO" and/or a "For Sale By Owner" in the public remarks.
"Limited Service," "LS," Listing indicates some level of agency being offered. That would not be a FSBO.
To me it seems this is like the DIY oil change questions. For most it is easier and better to have it done at the dealership with a lot of $$ paid. Others would read about it, give it a shot and most would probably would do okay. In between a few burn the engine, not to mention same outcome also happens at the dealership too!
I am not planning to sell yet, but I can see pocketing the 3% commission or at least part of it and maybe even be able to sell faster. I think with proper research all the paperwork could be done.
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