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Before we talk to our realtor, I wanted to run this by you folks.
We have a buyers realtor, he works without a contract for his services. He has been a realtor for 1.5 years.
He has shown us some homes but we find way more to look at than he does and he's not very responsive unless we are making an offer.
We found a FSBO that won't pay a realtor commission.
We'd still like to use our realtor to write up the purchase contract and stay on top of things for us as it's been many years since we have purchased a house and we'd be likely to miss things. I assume we'd have to pay him out of pocket. But I don't see this as being worth 3%.
We also don't want to stiff him for what he has done so far.
Before we talk to our realtor, I wanted to run this by you folks.
We have a buyers realtor, he works without a contract for his services. He has been a realtor for 1.5 years.
He has shown us some homes but we find way more to look at than he does and he's not very responsive unless we are making an offer.
We found a FSBO that won't pay a realtor commission.
We'd still like to use our realtor to write up the purchase contract and stay on top of things for us as it's been many years since we have purchased a house and we'd be likely to miss things. I assume we'd have to pay him out of pocket. But I don't see this as being worth 3%.
We also don't want to stiff him for what he has done so far.
Any advice?
If he is working without a contract, then you have no LEGAL obligation to him. I've worked with realtors to find me houses/property on many occasions. If they find me something, then any offers I make to purchase that property are made through that realtor.
OTOH, if I find something on my own that is FSBO, then I buy straight from the owner. The realtor knows and understands this. It gives him incentive to find me something. It sounds like your realtor was a bit lacking on incentive to find you something... although it might not have made a difference in this situation.
BTW, I don't think that you can pay him "out of pocket" since the realtor's code generally prohibits the acceptance of money or gifts except from his own broker. I tried sending a monetary gift to a realtor once and she sent it back to me. I made up for it a few years later by buying a property through her when I could have used a different realtor just as easily.
In our state forms, and probably yours, there is an addendum that establishes payment of agent commissions for FSBO and off market properties. If your seller is firm on NOT paying it, add the amount on to your offer above your agreed price if you would rather have it be included.
We found a FSBO that won't pay a realtor commission.
We'd still like to use our realtor to write up the purchase contract and stay on top of things for us as it's been many years since we have purchased a house and we'd be likely to miss things. I assume we'd have to pay him out of pocket. But I don't see this as being worth 3%.
We also don't want to stiff him for what he has done so far.
Any advice?
WAY too soon to tell how much work this FSBO contract is going to be to get closed.
So far, all we know is you have a seller who doesn't want to do anything in the customary way. That's not a vote for simple and easy.
WAY too soon to tell how much work this FSBO contract is going to be to get closed.
So far, all we know is you have a seller who doesn't want to do anything in the customary way. That's not a vote for simple and easy.
The OP didn't say that. All he said with regard to the seller was that he didn't want to pay a commission to a realtor. That's not synonymous with "doesn't want to do anything in the customary way." It's quite customary for many people to sell property without the services of a realtor, but I can understand how you might think differently.
If he is working without a contract, then you have no LEGAL obligation to him. I've worked with realtors to find me houses/property on many occasions. If they find me something, then any offers I make to purchase that property are made through that realtor.
OTOH, if I find something on my own that is FSBO, then I buy straight from the owner. The realtor knows and understands this. It gives him incentive to find me something. It sounds like your realtor was a bit lacking on incentive to find you something... although it might not have made a difference in this situation.
Actually, it gives the agent incentive to CLOSE a deal, as much as find a deal. That incentive is a huge consideration for smart buyers who recognize what it means to create further conflicts of interest.
Quote:
Originally Posted by Chas863
BTW, I don't think that you can pay him "out of pocket" since the realtor's code generally prohibits the acceptance of money or gifts except from his own broker. I tried sending a monetary gift to a realtor once and she sent it back to me. I made up for it a few years later by buying a property through her when I could have used a different realtor just as easily.
No. This is way off. "REALTOR code" is not relevant.
The broker would generally be fine with it, as long as they got the firm split.
The issue is more likely a RESPA issue, unless it was a cash transaction.
Before we talk to our realtor, I wanted to run this by you folks.
We have a buyers realtor, he works without a contract for his services. He has been a realtor for 1.5 years.
He has shown us some homes but we find way more to look at than he does and he's not very responsive unless we are making an offer.
We found a FSBO that won't pay a realtor commission.
We'd still like to use our realtor to write up the purchase contract and stay on top of things for us as it's been many years since we have purchased a house and we'd be likely to miss things. I assume we'd have to pay him out of pocket. But I don't see this as being worth 3%.
We also don't want to stiff him for what he has done so far.
Any advice?
As opposed to him doing it for free? Maybe he needs the practice
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