Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 05-30-2015, 12:03 PM
 
26 posts, read 65,252 times
Reputation: 15

Advertisements

Stop by a house that is listed for sale, meeting the owner. The owner said his contract with his seller agent is that he could also sell the house directly if the buyer was not introduced through the brokers.
So, does it mean I can buy the house from the seller directly with going through both siders' agents?
Anything to watch out?
Reply With Quote Quick reply to this message

 
Old 05-30-2015, 12:14 PM
 
Location: Mostly in my head
19,855 posts, read 65,607,770 times
Reputation: 19374
If you already have an agent, read your contract. Otherwise, get a lawyer. If you are going to need to finance, it can be tricky.
Reply With Quote Quick reply to this message
 
Old 05-30-2015, 12:55 PM
 
54 posts, read 69,966 times
Reputation: 48
If neither of you have a binding contract with a realtor then it shouldn't be a problem. People do FSBO all the time. However, pay few hundred to a real estate attorney for paperwork. It is not necessary to hand over 6% to realtors to sell a house if they haven't earned it, seller can split the saving with a buyer.
Reply With Quote Quick reply to this message
 
Old 05-30-2015, 02:38 PM
 
Location: DFW
40,920 posts, read 48,870,470 times
Reputation: 54906
Can you handle getting through Inspections and repairs? Do you know when you can terminate and for what reasons?

Don't rely on the seller to give you this information.
Reply With Quote Quick reply to this message
 
Old 05-30-2015, 02:42 PM
 
13,194 posts, read 28,118,828 times
Reputation: 13124
Quote:
Originally Posted by flybird2 View Post
Stop by a house that is listed for sale, meeting the owner. The owner said his contract with his seller agent is that he could also sell the house directly if the buyer was not introduced through the brokers.
So, does it mean I can buy the house from the seller directly with going through both siders' agents?
Anything to watch out?
If you have not bought / sold at least a few houses (or don't have a lot of experience with real estate contracts/law....which is most of us!), I would still buy through your agent to protect yourself. He can cut his agent out and save 3% if he wants.
Reply With Quote Quick reply to this message
 
Old 05-30-2015, 02:46 PM
 
13,194 posts, read 28,118,828 times
Reputation: 13124
Quote:
Originally Posted by Buyer2015 View Post
If neither of you have a binding contract with a realtor then it shouldn't be a problem. People do FSBO all the time. However, pay few hundred to a real estate attorney for paperwork. It is not necessary to hand over 6% to realtors to sell a house if they haven't earned it, seller can split the saving with a buyer.
I'm not a realtor, but I still don't like your insinuation that realtors work ends when you find the house. In my buying/selling transactions, I find realtors "earn" their money doing the often complicated process between signing an option contract and closing. So many things can go sideways from the inspection to financing to difficult sellers to title issues/ unknown liens, etc and while I'm an expert in my profession/industry, I'm one in theirs and I repsect the value they bring. We probably would have lost our house without our realtor.
Reply With Quote Quick reply to this message
 
Old 05-30-2015, 03:14 PM
 
Location: Mostly in my head
19,855 posts, read 65,607,770 times
Reputation: 19374
What she said!^
Reply With Quote Quick reply to this message
 
Old 05-30-2015, 04:35 PM
 
763 posts, read 1,184,246 times
Reputation: 1123
I am definitely a fan of working with realtors for reasons described by others. However, we had a very positive experience selling our last house without one. We have bought and sold a few houses before, and i think that experience helped set our expectations appropriately about what selling without a realtor might entail.

We had no issues with inspections and repairs. As a buyer i always manage repairs myself and as a seller it has always been my experience that buyers want to do the same. If you use that approach, the only issue to manage in that regard is the $ amount of concession/price reduction. That negotiation has always pretty straightforward and generally less than 1/2 of one percent of purchase price so not a huge deal either way.

We did run into a snag when the house we were selling did not appraise but we were able to work that out too. Overall it was a great experience, not that hard and saved us a ton of money. Im sure it doesnt always work out that way. I think it helped us a lot that both parties really wanted to make it work, and hat both parties had experience buying and selling before. We also used a lawyer for paperwork, as another poster recommended above. Good luck!
Reply With Quote Quick reply to this message
 
Old 05-31-2015, 12:04 AM
 
54 posts, read 69,966 times
Reputation: 48
I'm neither against nor for realtors but implying that every transaction needs one is misleading.
Reply With Quote Quick reply to this message
 
Old 05-31-2015, 08:58 AM
 
37,315 posts, read 59,533,131 times
Reputation: 25335
Quote:
Originally Posted by TurtleCreek80 View Post
I'm not a realtor, but I still don't like your insinuation that realtors work ends when you find the house. In my buying/selling transactions, I find realtors "earn" their money doing the often complicated process between signing an option contract and closing. So many things can go sideways from the inspection to financing to difficult sellers to title issues/ unknown liens, etc and while I'm an expert in my profession/industry, I'm one in theirs and I repsect the value they bring. We probably would have lost our house without our realtor.
Our agent earned the 3% from our side AND the buyer's agent's 3% as well
Buyer's agent did jack to facilitate the sale of our Bedford house
Unfortunately our agent didn't get any kickback on all her xtra work for them...

If u don't know what you are doing when you buy a house, a good agent is priceless...
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate
View detailed profiles of:

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top