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We are in the process of selling our home and looking for a new one. I met an agent while doing some preliminary searching(different state from where we're selling), explaining that we were in the very early stages of looking and would not be ready to buy until we sold our home. She has been very helpful and responsive and we plan to have her represent us if at all possible, because if there's going to be a commission, she is certainly entitled.
We just came across something on craigslist from a seller - the home needs extensive renovations and he appears to be doing a FSBO. There is nothing stating principals only or anything like that. I am planning to ask our broker to contact him directly. So realtors, I am curious - if you saw a posting like this on craigslist, would you contact the person? And what has the response generally been if you've been in the situation? I have seen more and more FSBO's where the seller seems to be willing to pay a commission to the buyer's broker, but not sure if this is the norm.
Yes, if I was working with a buyer who found a home they were interested in that is FSBO, I would contact the seller and explain that I have an interested buyer and find out if they are willing to pay a commission if the house was the right one for my client. But, in your situation you said you have to sell your home first, right? Is your home on the market yet? You might be jumping the gun on looking for a new home if yours hasn't sold and you don't want to have 2 house payments.
I am sure your agent will appreciate you letting her work on your behalf with whatever house you choose, and you'll be glad to have an agent help you through the negotiations.
I am a Realtor and have sold numerous For Sale by owner homes where I brought the buyer and was compensated by the seller. Very few sellers these days will not compensate agents. 3 years ago it was a different story. I actively search for sale by owner listings if I am working with a buyer and can't find what they are looking for through our MLS.
<SNIP> So realtors, I am curious - if you saw a posting like this on craigslist, would you contact the person? And what has the response generally been if you've been in the situation? I have seen more and more FSBO's where the seller seems to be willing to pay a commission to the buyer's broker, but not sure if this is the norm.
Thanks for your responses.
Yes, I would contact the owner of a home that is selling without representation, if I had a buyer that might be interested in that property. Actually, for several reasons, all of them to the benefit of my buyer. The popularity of sites like craigslist notwithstanding, they just are not getting full exposure if they aren't being marketed by someone who knows what they are doing. Fewer people will have seen the house, and that always means a better negotiating position for the few buyers that are interested. Especially in a buyers market, sellers seem willing enough to offer a "co op" to any real estate agent who brings the buyer.
Bill
do you normally get a FSBO to sign a Co Op agreement before you bring your Buyers to him or her?
Nope. I don't bother. I know I'll get paid. And asking the unrepresenteed seller to sign an agreement sometimes gives that seller the false feeling that I somehow represent them, or will be working to get them the highest price. I don't like sellers thinking that, as it will obviously not be true. I usually have an agreement with my buyers, detailing the range of paymnents that are acceptable to me, as well as how we are to handle a property they want to buy that is offering either no fee for me, or a fee lower than I am willing to accept. I ask the unrepresented seller if I might show their property to my buyer, and I ask if their asking price includes an offer of compensation. I show the house either way, and then, if my client wants to make an offer, we deal with the compensation issue.
In North Carolina, I have to get a "Working With Real Estate Agents" brochure signed, an Unrepresented Seller form, and we are off and running.
One of the smoothest deals I did this year was a FSBO.
I was meeting a young couple to see a home, and the one on the corner was FSBO.
Called the Seller, and set it up. He knew the score, and that I would be paid out of the total by one party or the other.
Went off without a hitch, but it was understood "As-Is" going into it.
In the current market, a FSBO is more likely than ever to pay a commission - hopefully, from my point of view, he's so freaked out by the current market he pays me 10% - but whatever it is, if it's the house you want, it'll be the house you end up with.
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