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re: I'm selling a condo FSBO and the buyer's realtor has contacted me
Posted on 6/9/16 at 9:16 pm to boosiebadazz
Posted on 6/9/16 at 9:16 pm to boosiebadazz
There's no "supposed to" about it. Without meaning to sound dickish, this is an easy squeezy deal. You're making it more complicated than it actually is. You're not obliged to pay her anything, going by what you've said. If you want to, and the deal hinges on you doing so, then it's 100% up to you. If this deal gives you the net that you're seeking (including her fee), and it's as good a net as you'd likely get if you left it on the market... let your conscience (and your wallet) be your guide. But the way it sounds, you don't know if she's a buyer's broker or what her fee even is. You've wound yourself up prematurely, IMO.
Breathe.
Think.
Act.
Breathe.
Think.
Act.
0
Posted on 6/9/16 at 9:18 pm to foshizzle
But in this case, that's not what happened - going by the OP's description of the events.
Posted on 6/9/16 at 9:18 pm to ItNeverRains
That's my frustration with it. She didn't bring me a buyer. He found it on his own. I didn't agree to her entering the transaction, yet I'm supposed to pay her to hold his hand through the process.
Like I said, I'll get a deal done because I have a bargaining chip with a signed lease and friends who can do the closing work for a discount and I want to get the deal done, but I just don't like how she can insert herself into a transaction and expect a fee. I don't know if another job that has that ability.
Like I said, I'll get a deal done because I have a bargaining chip with a signed lease and friends who can do the closing work for a discount and I want to get the deal done, but I just don't like how she can insert herself into a transaction and expect a fee. I don't know if another job that has that ability.
This post was edited on 6/9/16 at 9:19 pm
Posted on 6/9/16 at 9:27 pm to boosiebadazz
I was shopping with an agent and saw a FSBO that I wanted to see. We looked at it and liked it. We kept our agent and paid him 3% out of our pocket to make it happen. We did it only because we felt obligated. I would never do it again.
Posted on 6/9/16 at 9:45 pm to Janky
Likely the buyer didn't sign a contract. So boosie can find out who the buyer is and tell the realtor to get fricked actually
This post was edited on 6/9/16 at 9:45 pm
Posted on 6/9/16 at 9:50 pm to lsupride87
quote:
Likely the buyer didn't sign a contract. So boosie can find out who the buyer is and tell the realtor to get fricked actually
The buyer has to sign an agency disclosure before ever even working with the realtor so the realtor could use that as proof that she was representing him. Not saying she would win but boosie would spend more in litigation than the commission is worth.
Also, boosie said the buyer contacted him before the realtor did so obviously the buyer wants to use the realtor.
Posted on 6/9/16 at 10:42 pm to Janky
quote:
but she is bringing you a buyer.
Actually, if its not boosie's realtor but the buyer's, the realtor is bringing the listing to the buyer and not a buyer to boosie. In a rational, real world market place, the person who HIRES the realtor, compensates the realtor. Does FSBO not mean For Sale By Owner any more? Of course, realtors knowing their place in the world is a step above the guy in Jackson square playing 3 card monty, try to gouge money from who ever they can.
Posted on 6/9/16 at 11:29 pm to boosiebadazz
the whole realtor thing is a strange world.
when we were looking to buy a house, starting a couple of years ago, we decided we did not want a buyer's agent. We would look online, then go drive by the place, and if it looked decent, we would call the listing agent.
8 times out of 10, our calls were never returned.
When the calls were returned, they said sure, we will show it to you. We'd go out there and every single time, They would try to get us to sign an agreement to basically have them be our buyer's agent. i thought that was weird since they were the listing agent, but they all said, well, hey, if this house is not for you, we can show you others!!!! I told all of them no thanks.
Ended up buying this house FSBO. Neither party had an agent. We each hired an attorney to help us with the legal stuff and the closing company was a huge help as well.
when we were looking to buy a house, starting a couple of years ago, we decided we did not want a buyer's agent. We would look online, then go drive by the place, and if it looked decent, we would call the listing agent.
8 times out of 10, our calls were never returned.
When the calls were returned, they said sure, we will show it to you. We'd go out there and every single time, They would try to get us to sign an agreement to basically have them be our buyer's agent. i thought that was weird since they were the listing agent, but they all said, well, hey, if this house is not for you, we can show you others!!!! I told all of them no thanks.
Ended up buying this house FSBO. Neither party had an agent. We each hired an attorney to help us with the legal stuff and the closing company was a huge help as well.
Posted on 6/9/16 at 11:29 pm to boosiebadazz
double post
This post was edited on 6/9/16 at 11:30 pm
Posted on 6/9/16 at 11:31 pm to boosiebadazz
I wouldn't pay that realtor a dime.
Posted on 6/10/16 at 5:58 am to LSUFanHouston
quote:
Ended up buying this house FSBO. Neither party had an agent. We each hired an attorney to help us with the legal stuff and the closing company was a huge help as well.
That's what I was planning on doing. My mom is an active real estate investor and has bought multiple properties, I'm a lawyer, and I have friends from law school who are title/ closing attorneys. I didn't need any help on my side to get the paperwork done, and I'm sure between all of that, we could have gotten this done without a realtor.
I don't mind the buyer wanting someone to walk them through the process, I just think it is absurd her fee should come from my end of the deal. Her interests aren't even aligned with his. The higher the sales price, the more commission she stands to make. The whole thing seems backwards.
Posted on 6/10/16 at 6:56 am to boosiebadazz
Again, you are over thinking it. I'm not disagreeing that on $1 million dollar deals realtors are overpaid many times, but for sub $200k deals they aren't killing it.
Do you really think you are going to make more money if you make the buyer pay the realtor? Think about it, they are including the realtor fee in the transaction one way or another. That money was either going through the transaction or outside of it, but its not additional money going into your pocket.
Do you really think you are going to make more money if you make the buyer pay the realtor? Think about it, they are including the realtor fee in the transaction one way or another. That money was either going through the transaction or outside of it, but its not additional money going into your pocket.
Posted on 6/10/16 at 7:35 am to boosiebadazz
I wouldn't pay the % if the buyer contacted you directly. I would tell the realtor that you have already been in contact with that buyer. Also, I had a realtor ask me to go up on the price of my house $13,000 to cover her commission. Now imagine having a realtor represent you as the buyer, and she's telling the seller behind your back to go up on the asking price. I'd be pissed!
Posted on 6/10/16 at 7:52 am to boosiebadazz
You're just lucky she doesn't have you thrown in the slammer for practicing realty without a license.
Posted on 6/10/16 at 8:03 am to Cold Cous Cous
Posted on 6/10/16 at 8:49 am to boosiebadazz
i get the angst for realtors, I do.
But at the same time that is the cost of business, period. It's very ignorant to look at one sale in a commission based business and income as a rule of thumb. OP has no idea of the realtors involvement here, and furthermore it's not like 100% of realtors clients end up in a sale and furthermore in a quick sale. For every client that finds the house on their own there's probably multiple that they spend 6 months or so helping to search.
OP the bottom line here is you obviously don't want to tell the buyer to pound sand and walk away but you are pissed because you thought you found a rare buyer without a realtor.
For all you know th next buyer may ask for closing costs and have a realtor asking for 3%. If you can close the deal for under 3% of costs you are doing very well.
But at the same time that is the cost of business, period. It's very ignorant to look at one sale in a commission based business and income as a rule of thumb. OP has no idea of the realtors involvement here, and furthermore it's not like 100% of realtors clients end up in a sale and furthermore in a quick sale. For every client that finds the house on their own there's probably multiple that they spend 6 months or so helping to search.
OP the bottom line here is you obviously don't want to tell the buyer to pound sand and walk away but you are pissed because you thought you found a rare buyer without a realtor.
For all you know th next buyer may ask for closing costs and have a realtor asking for 3%. If you can close the deal for under 3% of costs you are doing very well.
Posted on 6/10/16 at 9:13 am to boosiebadazz
quote:
boosiebadazz
You've edited your original post for god knows what reason but I don't recall anywhere in this thread where you have indicated that the realtor has come to you asking for a commission on this deal. The only thing you mentioned her being involved in was the condo docs which was a solid done by her for you as these documents are required to be in the buyers hands in a certain amount of days by law.
If that is the case then grow a pair and have a conversation with her instead of all this supposition over a fee that hasn't been requested. If it has been requested and you just haven't stated it then apologies.
In any event, good luck with the sale.
Posted on 6/10/16 at 10:00 am to boosiebadazz
2-3% from you like others have said. Agents have to make money somehow.
Posted on 6/10/16 at 10:10 am to Brettesaurus Rex
quote:
2-3% from you like others have said. Agents have to make money somehow.
how about from the party who actually hired them and invited them to participate in this transactionPosted on 6/10/16 at 11:40 am to boosiebadazz
quote:
2-3% from you like others have said. Agents have to make money somehow.
how about from the party who actually hired them and invited them to participate in this transaction
If only more plaintiffs' attorneys thought this way...
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