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Location: Halfway between Number 4 Privet Drive and Forks, WA
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Exactly right!!! 3 houses ago we bought a FSBO and didn't use our fantastic agent figuring that we would save 6%, which when purchased we did. What happened after we moved in was a nightmare that wasn't worth the savings by any stretch of the immagination. Buyers agents (good ones) do way more than just drive you around and buy lunch. They can save you from yourself as in "oh honey, I just loooove this house let's buy it" never mind there's termites, a jury rigged heating system, the master bdrm floor is off level that you never noticed and they know things like what siding to avoid (you southern agents can relate), what builders have a bad rep, what manufacturers have class action suits, problem neighborhoods....seen it before, lived it once..... never again!
Jimj, did you get the house inspected prior to purchase? Termite letters are standard practice down here in GA, but the other things seems like an inspection should have picked up on...
Back to the OP...
There is absolutely nothing wrong with buying FSBO. But, you need to know what you are doing. And if you buy ANY house, either a FSBO or with a REALTOR, you need to have it inspected. Some agents will tell you to stay away from FSBO's because it takes money out of their pockets and is a conflict of interest. A really good agent will work his commission in, however, a 6% commission on a FSBO is quite greedy.
Your lender will coordinate a great deal of the work, it's not rocket science.
Jimj, did you get the house inspected prior to purchase? Termite letters are standard practice down here in GA, but the other things seems like an inspection should have picked up on...
Yes we did but unfortunately they didn't have a termite bond nor did we insist on one and the inspector missed it and the idiots that owned the house had not had it treated in a few years (big,big error btw).
The inspector also missed the masonite siding that had swelled and a jury rigged A/C system. If we'd have used an agent (we found out later) we would have known about the siding since it was evidently common knowledge about a class action lawsuit in the RE community, and in that neighborhood specifically. We also probably would have ended up with a decent inspector as well as a termite bond.
Live and learn I guess...
DecisionsDecisions - if you have already been to the builder, they may not honor giving a commission to an agent if you go back to them.
Thanks to everyone who chimed in!
Let's assume for a moment that it is too late to bring one into the process:
Outside of monitoring the building of the house and any contingencies that might have made it into the contract (e.g. inspection, financing, previous home sale, kickouts)... what are the steps between the signing of the P&S and the closing?
Are there any good resources (e.g. websites) that list a general timeline/list of steps?
It'd be good to know what to plan versus the calendar (when to start, what to do when, what not to forget, etc.)
Also, when does the buyer agent relationship end (if one had one)? Closing?
Let's assume for a moment that it is too late to bring one into the process:
Outside of monitoring the building of the house and any contingencies that might have made it into the contract (e.g. inspection, financing, previous home sale, kickouts)... what are the steps between the signing of the P&S and the closing?
Are there any good resources (e.g. websites) that list a general timeline/list of steps?
It'd be good to know what to plan versus the calendar (when to start, what to do when, what not to forget, etc.)
Also, when does the buyer agent relationship end (if one had one)? Closing?
The buyer agency ends at closing. Your other questions....I'd say would be the reasons why you should and would want to hire an agent. Most agency agreements do not need to be in writing until you wish to submit an offer. Have you been working with an agent?
They will only "love you" if you are an uninformed buyer w/o negotiating skills. If you fall into that category, then yes, it makes sense to work w/a buyer's agent.
Trust me, my builder hated me from day one because I'm on them for every little thing like white on rice.
A well informed buyer with great negotiating skills can still fall short on current real estate law and industry changes. Not many people look for or read those changes....similar to the tax code, who wants to except those who work in that field.
Most people when constantly dogged on their job tend to began to resent this treatment, and many begin to look for ways to repay the attention by a lack thereof.
Jimj, did you get the house inspected prior to purchase? Termite letters are standard practice down here in GA, but the other things seems like an inspection should have picked up on...
Back to the OP...
There is absolutely nothing wrong with buying FSBO. But, you need to know what you are doing. And if you buy ANY house, either a FSBO or with a REALTOR, you need to have it inspected. Some agents will tell you to stay away from FSBO's because it takes money out of their pockets and is a conflict of interest. A really good agent will work his commission in, however, a 6% commission on a FSBO is quite greedy.
Your lender will coordinate a great deal of the work, it's not rocket science.
Most FSBOs realize that the majority of buyers out there are working with an agent so they will usually pay the buyers commission, which if you haven't been reading throughout this forum, is not 6% (an ongoing misconception)
I don't know of a single lender who will coordinate inspections. Neither will an attorney. Both will tell you to talk to a Realtor.
Actually, I believe they are hoping to rely on the professional assistance of the buyers' agent to get the transaction to closing.
That also is correct but is a whole other subject. It is also why many agents prefer not to work with FSBOs since the buyers agent usually ends up doing their job and what should be the sellers job, in order to do the best for their client, the buyer.
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