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Here is the situation... My home is not currently on the market, but we plan to list in the early spring. I don't have an agent yet. Meanwhile, through a neighbor/mutual friend, I was put in touch with a person interested in buying a home in my specfic subdivision (several homes have recently sold and there is new construction available, but this person has specific requirements for a home and specific timing for completing the transaction)
This person contacted me and asked to come and look at my home and we have set up an appointment. How should I handle this in terms of pricing etc.? Should I contact an agent about representation on this one transaction or should I just wait and see if the person has a serious interest? Any thoughts would be greatly appreciated...
I would wait and see what they say. Do not discuss price. Listen, listen, and listen, saying little. If they like the house, then you can decide your next move.
Should I contact an agent about representation on this one transaction or should I just wait and see if the person has a serious interest? Any thoughts would be greatly appreciated...
It sounds like you already have an idea of how much your house is worth based on nearby sales and builder actions. Since you have a potential buyer, then you really don't need to be listed on the MLS or advertise your house. Skip the commission check and go find a real estate lawyer who can give you guidance and provide you with the necessary legal forms. Agents aren't the only ones who can represent you. If there's one thing I've learned from working with professionals (in any field) it's that the professionals don't always do a better job than a well-informed and patient regular person. Do your homework, consult with friends, and get a real estate lawyer to give you the ok on the paperwork and you'll get through this just fine. If your potential buyer backs out or doesn't offer enough, then you may want to meet with an agent to do the whole marketing and MLS thing. Beware that there are advantages and disadvantages to both courses of action in terms of time and money.
Of course I'm just a random internet person you don't know! What are you doing taking advice from strangers on a forum when there are potentially hundreds of thousands of dollars involved!?
Thanks for the responses so far...of course I realize that if this should turn into a real offer/negotiation I will need to get proffesional representation, but was just curious if anyone else had been involved in this type of situation and if so how they proceeded...
Make sure you have someone with you when the prospective buyer comes to look at the house.
Why? Do you mean for safety reasons or some other reason? The potential buyer isn't a stanger off Craig's list or something...this is someone that my close friend has known/worked with for many years.
Why? Do you mean for safety reasons or some other reason? The potential buyer isn't a stanger off Craig's list or something...this is someone that my close friend has known/worked with for many years.
For safety reasons that is some good advice. You don't want to do a showing alone for fear of what the other people might try to do. Maybe they become hostile or they might steal stuff. Maybe they won't leave! Who knows. However, in the interest of transparency, the reason a realtor would want to be there is they can use something called the procuring clause to force you to pay them commission simply for the showing even though you did the work yourself. Very sneaky trick.
Why? Do you mean for safety reasons or some other reason? The potential buyer isn't a stanger off Craig's list or something...this is someone that my close friend has known/worked with for many years.
I would probably not even show a place i owned myself. There's always the possibility that the potential buyer will claim (rightly or not) that you promised something that you don't think you promised. I know of a couple of cases where verbal miscommunication squelched the deal. In one case, it was a big issue, but in another the potential buyer walked away because she was angry that the seller did not agree with her remembrance of the conversation.
I would probably not even show a place i owned myself. There's always the possibility that the potential buyer will claim (rightly or not) that you promised something that you don't think you promised. I know of a couple of cases where verbal miscommunication squelched the deal. In one case, it was a big issue, but in another the potential buyer walked away because she was angry that the seller did not agree with her remembrance of the conversation.
Thanks everyone for your input.... I had a casual/preliminary converstation about this with an attorney and he advised that the act of having someone enter my home and giving them a standard "tour"is very different then putting a FSBO sign in the yard and doesn't creat any contractual obligations on my part...he said to just walk around with them, show them the house, don't say much and don't discuss price...if they express an interest he said I should ask them to have a realtor/real estate attorney complete a written offer that outlines the terms and at that point I can take it to him and decide how to proceed and then I will pay him for his services if it turns out to be something I want to pursue...so that sounds like a good approach to me...we'll see what happens, could turn out to be nothing, but you never know I guess
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