FSBO in The Triangle (Raleigh: flat fee, for sale, real estate)

[PDXmom]

I know some of you have had successful experiences at listing and selling your own homes. As a relocating buyer I have some questions about FSBO in The Triangle that I'm hoping either the FSBO sellers or other real estate agents can shed some light on for me.

1) If a home is listed in mls does that automatically mean the seller will honor the buyers agents fee?

2)Does the FSBO seller provide the potential buyers the comps that he/she used to set the listing price?

3)If not, how does a buyer get those comps without an agent? I know about the tax website that lists values and sq footage. But generally the tax websites will be off and also it does not give me details that a comp will give me.

4) For those who have successfully sold a FSBO did you honor the buyers agent fee? If so will you share the percentage that you paid? 3% etc

5) For the realtors out there.... what percentage of your business has been representing buyers with a FSBO? Is that number about the same for other realtors in your office?

Thanks for any input!

[North_Raleigh_Guy]

I thought I would revive this thread since it was never really responded to.
I have been watching a FSBO house in Falls River (N. Raleigh) for the past 2 months. I pass it every day on the way to work. I noticed yesterday that the FSBO sing has been replaced and now their is a Remax sign in the yard.

[MikeJaquish]

I know some of you have had successful experiences at listing and selling your own homes. As a relocating buyer I have some questions about FSBO in The Triangle that I'm hoping either the FSBO sellers or other real estate agents can shed some light on for me.

1) If a home is listed in mls does that automatically mean the seller will honor the buyers agents fee?
Honoring the fee is the responsibility of the Listing Agent, not the Seller. There is no such thing as a FSBO on the MLS, only agents who eschew agency responsiblities and leave Sellers without representation.


2)Does the FSBO seller provide the potential buyers the comps that he/she used to set the listing price?
Some do. The Buyers Agent is responsible for comps for their client.

3)If not, how does a buyer get those comps without an agent? I know about the tax website that lists values and sq footage. But generally the tax websites will be off and also it does not give me details that a comp will give me.
You use the tax website, Zillow, gossip from the neighborhood, and a little guesswork. FSBO's generally are overpriced, and you also calculate that into the equation.
Or you can pay for an appraisal.
Deduct what you calculate as agent fees from an offer to a FSBO, since that value is not represented in the transaction.


4) For those who have successfully sold a FSBO did you honor the buyers agent fee? If so will you share the percentage that you paid? 3% etc
N/A


5) For the realtors out there.... what percentage of your business has been representing buyers with a FSBO? Is that number about the same for other realtors in your office? Very little.
Can't answer for others.


Thanks for any input!
You are welcome!

[North_Raleigh_Guy]

I am curious. If a real estate agent lists there own house, puts it on the MLS and offers a buyer's agent commission, is this still considered a FSBO?

In such a case, is it required that the listing state that the property is "Agent Owned"? If the seller does not disclose up front that they are the agent/owner is this some kind of disclosure issue?

[leighbhe]

Originally Posted by North_Raleigh_Guy

I am curious. If a real estate agent lists there own house, puts it on the MLS and offers a buyer's agent commission, is this still considered a FSBO?

In such a case, is it required that the listing state that the property is "Agent Owned"? If the seller does not disclose up front that they are the agent/owner is this some kind of disclosure issue?

The agent must disclose that it is agent owned, or the agent is related to the seller, etc.

As far as FSBO's go........I have worked with a couple of different ones. Some where the FSBO was offering to pay a buyer's agent the commission, some where the agent was not and my buyer's paid my commission. I think it all depends on the situation. Sometimes it can be a nightmare for an agent simply because the homeowner is difficult to deal with.

Just remember that a buyer's agent is representing the buyer and it is their job to protect and negotiate for the buyer. If you are planning to sell FSBO, make sure you know what you are doing and have your own attorney involved.

Leigh

[MikeJaquish]

"I am curious. If a real estate agent lists there own house, puts it on the MLS and offers a buyer's agent commission, is this still considered a FSBO? "

Good question, NRG.
I don't consider it a "true" FSBO anytime there are laws and ethics aimed at leveling the playing field between principles. And since, in your example, the Agent is a Realtor, those laws and ethics apply.

And Leigh did a good job on your other question.

[North_Raleigh_Guy]

Thanks Leigh and Mike for your responses.

Things are looking interesting in my neighborhood these days as far as homes sales go. Three homes have gone up for sale within the past 2 weeks. One is listed with a realtor, albeit one I have never heard of (CHK Realty?) and shows up on MLS, the second has a Home Depot Style FSBO sign and is not on the MLS, and the third has a Carolina's Realty Sign in the yard, which I think is some sort of flat fee service but it doesn't show up on the MLS either so it doesn't sound like much of a service.

Should be interesting to see which one of these gets picked up first. All the homes are different so it isn't a true apples to apples comparison, but they are all in the same price range.