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Started By
Message
Buying a for sale by owner home
Posted on 12/14/14 at 6:20 pm
Posted on 12/14/14 at 6:20 pm
Wife and I have been house hunting for a few months. Wife was at a child's birthday party for one of her friends and the friend's sister who is a casual acquaintance of my wife mentioned she is selling her home in the area we are looking. We go to see it today and it is literally exactly what we wanted.
This house is not even listed yet and they weren't planning on it for several weeks. We have been working with a buying agent for about 2 months and the guy has been great and extremely helpful. While we were looking at the home with the owners they indicated they would go for sale by owner if we wanted to to keep costs down.
We love our realtor. Want to involve him and reward him in some way for helping us search, but he had nothing to do with this house. Is there a way I can still do fsbo and maybe offer him some kind of commission to write the offer?
Still some things to be worked out. If it was fsbo sale price will likely be 310-315k. We are first time homebuyers but this falls very comfortably in our budget and is very affordable for us.
This house is not even listed yet and they weren't planning on it for several weeks. We have been working with a buying agent for about 2 months and the guy has been great and extremely helpful. While we were looking at the home with the owners they indicated they would go for sale by owner if we wanted to to keep costs down.
We love our realtor. Want to involve him and reward him in some way for helping us search, but he had nothing to do with this house. Is there a way I can still do fsbo and maybe offer him some kind of commission to write the offer?
Still some things to be worked out. If it was fsbo sale price will likely be 310-315k. We are first time homebuyers but this falls very comfortably in our budget and is very affordable for us.
This post was edited on 12/14/14 at 8:36 pm
6
Posted on 12/14/14 at 6:56 pm to Saint5446
I have no idea what a "for daly by owner home" is, but I'm guessing you have a realtor now and happened to stumble on a property you really like without his help.
If you signed a contract with the realtor, chances are he has the legal right to represent you no matter who found the house. Read the terms and be sure.
If you signed a contract with the realtor, chances are he has the legal right to represent you no matter who found the house. Read the terms and be sure.
Posted on 12/14/14 at 7:16 pm to Saint5446
You can get the agent involved if the seller wants to pay commission. I tried to get an agent for a fsbo home, but the lowest the agent could go was 2.5%. You could always try and do 1% if he's willing.
Posted on 12/14/14 at 7:32 pm to Saint5446
quote:
We love our realtor. Want to involve him and reward him in some way for helping us search,
Forget it. No need. Send him a nice letter.
I have never paid a buying agent ever let alone one that did nothing.
He will understand and go on.
Posted on 12/14/14 at 8:06 pm to Saint5446
As said earlier if you signed a contract with him you need to follow that . If no contract he should understand and be thankful for referrals from you in the future.
Posted on 12/14/14 at 8:27 pm to redfish99
No contract. Also it's our first time buying. If we didn't use a realtor who draws up the agreement, etc? Real estate attorney.
And yes for sale by owner is what I meant in title, daly was a typo as I'm on my phone typing all of this.
And yes for sale by owner is what I meant in title, daly was a typo as I'm on my phone typing all of this.
Posted on 12/14/14 at 8:31 pm to Saint5446
Are you looking to cut the guy out, or are you asking if you should pay him something?
Posted on 12/14/14 at 8:39 pm to Mr.Perfect
No I'm saying that despite him not really being involved in any way with us finding or seeing this one, I feel that we should have him draw up our offer and include him and get his commission even if we have to pay a little more. Guy has bent over backwards to show us houses in Lakeview and driven in from the northshore several times just to show us homes, and I wouldn't feel right about cutting him out.
Posted on 12/14/14 at 8:41 pm to Saint5446
Give him a 500 dollar gift card to Ruth's Chris and all the referrals you can think of.
Posted on 12/14/14 at 8:41 pm to Saint5446
frick your realtor dude, he only wants your money
Posted on 12/14/14 at 8:53 pm to Saint5446
I agree with you.
Good man
Good man
This post was edited on 12/14/14 at 8:54 pm
Posted on 12/14/14 at 8:58 pm to Mr.Perfect
I hate realtors.
They are greedy and I had bad experiences with several.
You don't owe this guy anything and the seller sure as hell doesn't owe him anything.
If it makes you feel better as someone mentioned send him a gift card.
Someone mentioned a contract .....that's bs too, you can fire them anytime you want.
You're only obligated to pay him on a house he showed you.
They are greedy and I had bad experiences with several.
You don't owe this guy anything and the seller sure as hell doesn't owe him anything.
If it makes you feel better as someone mentioned send him a gift card.
Someone mentioned a contract .....that's bs too, you can fire them anytime you want.
You're only obligated to pay him on a house he showed you.
This post was edited on 12/14/14 at 8:59 pm
Posted on 12/15/14 at 5:56 am to TIGRLEE
I hate to generalize an entire profession, and while I think a lot of them are kind of scummy this guy is very honest and was never pushy. Always went the extra mile for us and I can't stomach the thought of him spending 25-30 hours with us, writing a few offers that didn't pan out, and getting nothing from it even if that is their business. Maybe I'm a sucker.
Posted on 12/15/14 at 6:19 am to Saint5446
quote:
I hate to generalize an entire profession, and while I think a lot of them are kind of scummy this guy is very honest and was never pushy. Always went the extra mile for us and I can't stomach the thought of him spending 25-30 hours with us, writing a few offers that didn't pan out, and getting nothing from it even if that is their business. Maybe I'm a sucker.
Impossible, no such thing in real estate exists.
Seriously, guy should have had a buyers rep agreement. Without that he has nothing to warrant payment for his services.
I always put in a dollar amount that if my clients want to break contract for FSBO this is what it'll cost. Typically $500-$1000 depending on the client.
This post was edited on 12/15/14 at 6:26 am
Posted on 12/15/14 at 6:29 am to ItNeverRains
Back to your other questions....the seller draws up the purchase agreement, you give him a check for your earnest money, and your bank or lender handles the closing. Your purchase agreement should specific that it is contingent upon an inspection (after which you can either renegotiate to address any deficiencies found) and contingent upon your financing. It will also have a termination date by which you must either close or break the agreement. Do you need to sell your present house? If so, your off can be contingent upon finding a buyer for your house, but most sellers won't accept that as a condition unless the market is really slow.
If you know absolutely nothing about buying/selling, do some research on the process before you sign a FSBO purchase agreement. You need to understand your rights should the inspection reveal deficiencies or the deal begin to sour due to some other matters.
If you know absolutely nothing about buying/selling, do some research on the process before you sign a FSBO purchase agreement. You need to understand your rights should the inspection reveal deficiencies or the deal begin to sour due to some other matters.
Posted on 12/15/14 at 6:50 am to hungryone
If it was me, I would offer to give you realtor 1k out of your pocket to handle the paperwork. That was the realtor gets something and you still don't have to do anything.
Posted on 12/15/14 at 10:08 am to Saint5446
quote:
I hate to generalize an entire profession, and while I think a lot of them are kind of scummy this guy is very honest and was never pushy. Always went the extra mile for us and I can't stomach the thought of him spending 25-30 hours with us, writing a few offers that didn't pan out, and getting nothing from it even if that is their business. Maybe I'm a sucker.
I am exactly your same boat. Exactly. Seller does not want to pay a realtor fee but this guy did a lot of work and the contract reads in his favor in this event. He has accepted 30% of what he would receive if seller paid the fee. I did not want to stiff this guy--he put in considerable time.
Posted on 12/15/14 at 11:18 am to Saint5446
so I'm assuming you found a place in Lakeview before it was on the market? You are really lucky if so. Houses that are priced right in Lakeview right now are always gone within 48 hours. The only ones that sit for a long time are the astronomical asking prices.
Posted on 12/15/14 at 11:41 am to Tigerstudent08
Not even listed yet. Found it talking to someone at a party and we were already close on price before we even saw it. Will be a pretty lucky find if it works out.
Posted on 12/15/14 at 1:20 pm to Saint5446
That's awesome man congrats!
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