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a seller saying they will "work with agents" or "agents welcome" may mean
just that... they will work with them or they are welcome. no mention of
compensation there.
You actually think the agent will work for free? That's like a tire store saying that they sell tires, but don't mention a price. I don't expect to walk in and take tires without paying for them.
no, i don't expect an agent to work for free - but your explanation that a seller would be required to pay a standard fee because of common law requirements is very weak indeed. i think others have said as much also. the tire analogy is not the same thing.
I sold a FSBO before. At the time, the sales price remained and the buyer paid his buyers agent their own agreed upon commission out of his pocket. My price was the price regardless of who was involved on the other end. The buyers agent had a representation contract with his buyer and not with me.
but your explanation that a seller would be required to pay a standard
fee because of common law requirements is very weak indeed.
It's note weak at all. It's supported by many court cases here in Illinois. What exactly should the commission be if not a 'standard' commission if there is otherwise no clarification on the matter?
It's note weak at all. It's supported by many court cases here in Illinois. What exactly should the commission be if not a 'standard' commission if there is otherwise no clarification on the matter?
It's note weak at all. It's supported by many court cases here in Illinois. What exactly should the commission be if not a 'standard' commission if there is otherwise no clarification on the matter?
It should be nothing. If an agent is too stupid to get it in writing they don't deserve anything.
Could you give us a link to court case(s) so we can see it ? I am willing and wanting to learn because it defies common sense to me. I will be the first to apologize if this is indeed the case.
I had a FSBO in Vermont. Put it on a few FSBO sites and got very positive response. A woman drove from Boston to look at it
as a weekend skiers house. We got a local who was very interested it it so we just told them due to the interest, "This is the price, period". I made it clear there would be no buyers agent commission, but planned on giving her a check at closing. Due to some irresponsible behavior by the realtor after the deal was signed, mostly not having control over the buyer who kept calling me with demands, I chose not to pay the realtor at all. There where no legal issues with that at the closing.
I had a FSBO in Vermont. Put it on a few FSBO sites and got very positive response. A woman drove from Boston to look at it
as a weekend skiers house. We got a local who was very interested it it so we just told them due to the interest, "This is the price, period". I made it clear there would be no buyers agent commission, but planned on giving her a check at closing. Due to some irresponsible behavior by the realtor after the deal was signed, mostly not having control over the buyer who kept calling me with demands, I chose not to pay the realtor at all. There where no legal issues with that at the closing.
I assume because you never put in writing you were paying a commission. I also assume they got paid by the buyer.
I assume because you never put in writing you were paying a commission. I also assume they got paid by the buyer.
That is correct, I am commenting on a post that infers there might be legal obligations to the buyers agent from the seller.
Before I get slammed for being anti-realtor, I want to be a realtor when I retire. I am very pro-realtor. In this particular instance, which does not bear going into for the sake of on-topic, I withheld the payment I was voluntarily going to give to the realtor at closing. In VT lawyers do the closing anyway. Realtors are just there as a courtesy to their client.
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