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It's a very common con job from agents. They pretend to have a buyer and get the seller to sign a listing contract at which point, the "buyer" disappears.
I've had more than one agent try that on me every time I have a house that I am putting on the market.
I tell them I will give them a one buyer listing, just for that buyer that they have lined up and... drum roll... they simply disappear and don't bother to bring me a contract. That is because they don't really have a buyer.
I'd tell that agent that his buyer is welcome to pay whatever commission the agent can talk him into, but not to look to me.
I will pay a "courtesy to agents" of 2% if a buyer of a FSBO really wants to have their agent.
But it sounds to me like OP is being conned. it's as common as the email from a Nigerian Prince and just as easily recognizable.
It's a very common con job from agents. They pretend to have a buyer and get the seller to sign a listing contract at which point, the "buyer" disappears.
I've had more than one agent try that on me every time I have a house that I am putting on the market.
I tell them I will give them a one buyer listing, just for that buyer that they have lined up and... drum roll... they simply disappear and don't bother to bring me a contract. That is because they don't really have a buyer.
I'd tell that agent that his buyer is welcome to pay whatever commission the agent can talk him into, but not to look to me.
I will pay a "courtesy to agents" of 2% if a buyer of a FSBO really wants to have their agent.
But it sounds to me like OP is being conned. it's as common as the email from a Nigerian Prince and just as easily recognizable.
You didn't say if their price was reasonable. Just take what they offered, net of the realtor fee, and decide for yourself if that's what you will accept. Adjust accordingly.
Yes I read the opening thread. OP sent letters to a bunch of people he doesn't know offering land FSBO. Some one he doesn't know contacted him to say he is interested and immediately, an agent contacted OP to tell him that he would bring that buyer for a 4% commission.
Yes I read the opening thread. OP sent letters to a bunch of people he doesn't know offering land FSBO. Some one he doesn't know contacted him to say he is interested and immediately, an agent contacted OP to tell him that he would bring that buyer for a 4% commission.
I call BS.
Read it again:
Quote:
Originally Posted by marjean
We’ve never sold anything by owner but we have 4 1/2 acres to sell and we wrote letters to neighbors (we don’t live near there anymore) asking if anyone is interested. A man called and was interested and said he was going to go look at it. Then today a realtor called saying the man is interested and had used her before with real estate purchases. Said she’d do all the paperwork err and we’d pay 4%. So I know from the past experience it’s never good to trust a buys realor without having your own realtor. It surprised us that he got a realtor . Should we pay the 4%? And does this seem right?
Marjean has ONE post in the thread, and nowhere does it say marjean doesn't know the person.
Nowhere does it say that the agent offered to bring the buyer.
Nowhere.
.....
Marjean has ONE post in the thread, and nowhere does it say marjean doesn't know the person.
Nowhere does it say that the agent offered to bring the buyer.
Nowhere.
Why would you make that stuff up? I call B.S.
OP doesn't live there. Letters were sent to people in the area. Nowhere does the OP say that the person interested in buying is a neighbor that she knows. The agent did call to say that they would manage the sale for that particular buyer for 4%. If the 4% isn't paid, the implied threat is that the buyer won't buy the house.
Just because you are not unethical, Mike, does not mean that the world isn't full of unethical agents who play unethical tricks.
OP doesn't live there. Letters were sent to people in the area. Nowhere does the OP say that the person interested in buying is a neighbor that she knows. The agent did call to say that they would manage the sale for that particular buyer for 4%. If the 4% isn't paid, the implied threat is that the buyer won't buy the house.
Just because you are not unethical, Mike, does not mean that the world isn't full of unethical agents who play unethical tricks.
You are reading much more into the story than the OP offered.
And, there is not a thing unethical about an agent offering to manage a transaction for a fee, as long as the buyer is on board. That last point is not clarified, either. I have seen it often enough to know that it is logically quite reasonable.
Guy buys a few properties, and comes into another one. Decides he is in over his head, and contacts the agent he worked with for help.
Note that the OP absolutely did NOT say, "The agent says they will bring me a buyer."
At this point, seller says, "Sure," and negotiates an acceptable deal.
It's a very common con job from agents. They pretend to have a buyer and get the seller to sign a listing contract at which point, the "buyer" disappears.
Quote:
Originally Posted by oregonwoodsmoke
Yes I read the opening thread. OP sent letters to a bunch of people he doesn't know offering land FSBO. Some one he doesn't know contacted him to say he is interested and immediately, an agent contacted OP to tell him that he would bring that buyer for a 4% commission.
You backtracked a bit, but you still seem to be mischaracterizing the situation. The OP sent letters to neighbors (some of whom may or may not be known) and one of the neighbors responded. The surprising part to the OP was that an agent contacted the OP indicating that they were working with the neighbor and offered to handle the paperwork for 4%.
Personally, I think 4% is on the high side, but I have no idea what the total purchase price might be. Also, there's really no indication as to whether a purchase price has been agreed upon. Details matter.
Regardless of the percentage, the OP needs to determine whether the net amount received would be satisfactory. If they're comfortable with their knowledge of the actual market value of the property then it's fine for them to proceed without a Seller's agent. They can accept the proposal from the buyer's agent, negotiate a different amount, or simply reject paying any commission altogether. Depending on local requirements, and the comfort level of the OP in handling the transaction, they may want to hire a real estate attorney to look after their interests.
Last edited by jackmichigan; 03-27-2019 at 02:35 PM..
Reason: simply added a comma
Just because you are not unethical, Mike, does not mean that the world isn't full of unethical agents who play unethical tricks.
Well, that's a given, but I don't see any trickery involved here--just a business decision to be made.
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