Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Please keep us posted if you FSBO. Id be curious to know days on market for your home without a realtor.
Do you happen to know if your area is a seller's market at the moment?
Why would a FSBO be required to pay the buyers agent? Where is there a contract between said agent and the seller?
Mike is right that if the seller were to list on the MLS, a commission to the buyer's agent would most likely be required. I, perhaps, stated too firmly, that the FSBO would pay a buyer's agent in other situations. What I meant was that any buyer's agent showing a FSBO would first obtain from the seller a contract stating that the FSBO seller would pay the buyer's agent. As Mike said, if the seller refused, the agent would either need a contract from his buyer that they will pay them out of pocket, or would refuse to show the property.
If a commission to a buyer's agent is not offered, agent's are very unlikely to show it. It won't even be on their radar.
The best way a FSBO can save both commissions is if a buyer without an agent comes across and inquires directly.
I had a deal going on to sell my house, I had a buyer that I found on my own, and I went to a reputable huge law firm. I sort of know what I am doing so I do not need a broker. Brokers are good if you are in a hurry and want them to bring in buyers, because at the end of the day that is what they do; bring in the buyers. However if you are not in a hurry, you can get your own buyers , BUT MAKE SURE, your lawyers are the BEST in real estate. Some of them only charge $350 nope stay away from them. Mine was $1200. There was not one thing that he did not know and did not answer and he was always there for me. No the sale did not go through because the buyers mortgage guy was locked up!!!........If you get a lawyer make sure that in the contract you stipulate that if the buyer backs out THEY pay your lawyer. In my case I didn't and I had to eat $300+. for the services rendered.
Upshot: If you have time all you need is a good real estate lawyer. If you are short on time, you need a broker.
Mike is right that if the seller were to list on the MLS, a commission to the buyer's agent would most likely be required. I, perhaps, stated too firmly, that the FSBO would pay a buyer's agent in other situations. What I meant was that any buyer's agent showing a FSBO would first obtain from the seller a contract stating that the FSBO seller would pay the buyer's agent. As Mike said, if the seller refused, the agent would either need a contract from his buyer that they will pay them out of pocket, or would refuse to show the property.
If a commission to a buyer's agent is not offered, agent's are very unlikely to show it. It won't even be on their radar.
The best way a FSBO can save both commissions is if a buyer without an agent comes across and inquires directly.
The seller can take control and set the tone of the contract. When I was going through the motions of the sale of my house, the buyers lawyer sent my lawyer a contract with their stipulations, I TOOK SOME OF THEM OUT AND PUT SOME OF MY OWN IN. Take it or leave it.
WHEN YOU GO INTO A CONTRACT YOU HAVE THE RIGHT TO MAKE DEMANDS, REFUSE DEMANDS, PUT IN YOUR OWN WHAT EVER.........people somehow get the idea they have to abide by what OTHERS demand of them and sign the contract NOT SO. It is your money and your life!! HAGGLE AND DEMAND.....you will always find someone that will meet you all the way or half way because it benefits them as much as it does you.
All of the above is true... just don't forget the object is to get the home sold and move on.
This is where intermediaries can help... help to keep everyone focused and keep the ball moving... remember, all the expertise, advertising, showings, etc. that an agent does is done at no cost to the seller unless the buyer is found...
The reason I said found is because I do know of a case where the agent worked tirelessly and did a super job and set a new record for the area and then on closing day, the seller and wife split and she refused to sign... the agent eventually got her commision because she had produced a ready, willing and able buyer... docs were in and ALL that was needed was a few seller's signatures.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
with regards to contracts
