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Listed my home for sale on Zillow. Received an offer from a realtor who is working a relocation package. I did have on my listing that I would work with a realtor.
I received info today from title and abstract company that FSBO do not typically pay commission fees. I thought cutting the fee in half was good but eliminating it would be amazing.
Everything is negotiable unless you've made an open offer to pay commission. Then you can't back out.
I'm guessing that the title company provided you with generic information that applied to the typical FSBO who had no intention of working with a broker.
Relocation realtor may be getting paid by the employer doing the relocating but you need to read your contract. If there is no commission on the contract then I don't see how you would be obligated to pay any.
What does "work with a realtor" mean? Did you have to sign anything when it was shown by the agent representing the buyer? If not, could you pay them whatever you wanted or felt is reasonable? Does it have to be the standard buyers agent fee?
Quote:
Everything is negotiable unless you've made an open offer to pay commission. Then you can't back out.
Are you saying that if someone says they will offer a 3% buyers agent commission in their advertisement, that they would be obligated to pay that even if it is not included in the contract?
I indicated I would work with a realtor but the commission percentage was not in the ad of mine. 3% on 900K is significant, especially since the realtor has spent an hour on this deal so far. I'm not looking to pay zero, but $27,000 seems a bit excessive to me.
I indicated I would work with a realtor but the commission percentage was not in the ad of mine. 3% on 900K is significant, especially since the realtor has spent an hour on this deal so far. I'm not looking to pay zero, but $27,000 seems a bit excessive to me.
If I read this correctly, the Realtor you are paying in this case is the buyers agent, not yours. If you agreed to make payment to that agent, and you agreed to an amount, then it seems to me the issue is settled. You aren't paying the agent for the hour he spent on THIS transaction & YOUR house. YOU aren't represented. YOU don't have an agent. The BUYER has an agent. The BUYER is represented. You have no idea how much time & energy that agent has spent for that buyer, and, frankly, you don't need to know. You agreed to pay the 3% for your BUYER'S AGENT.
I signed up for Zillow recently because someone else mentioned that they send you updates on housing activity in your area and I thought I'd give it a try. About 4x per week they send me an email and about 1/3 of the homes are FSBO. On these listings it says "will work with realtors" or "buyers agents welcome".
Curious what would happen if an agent called to show the home, asked if the seller worked with agents, and then asked them to sign a form stating a 3% buyers agent fee - and the seller said "i'll pay you 1%".... or maybe even a flat $1000 fee. Would the buyer not get to see the house? As a realtor I would be pissed, but as a seller I wouldn't unless my motivation to sell was enough to pay 3%.
Sounds like you are in the drivers seat and curious to hear what you will do.
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