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Message
Buying a FSBO House After Working With A Realtor
Posted on 8/1/16 at 1:58 pm
Posted on 8/1/16 at 1:58 pm
My s/o and I are looking at buying our first house. We had been working with a realtor looking at houses but have found one that we really like but it is FSBO. We are looking at making an offer this week and I was curious at what the right etiquette is in this situation. I don't want to slight the realtor but at the same time I am not going to pay her 3%.
As a side note, we live in a medium sized town where everyone knows each other and her family has known the realtor for a long time. Any insight from the MT is appreciated
As a side note, we live in a medium sized town where everyone knows each other and her family has known the realtor for a long time. Any insight from the MT is appreciated
11
Posted on 8/1/16 at 2:01 pm to GeauxMatt624
Buy her a gift certificate to a nice restaurant and be done with her.
Posted on 8/1/16 at 2:02 pm to GeauxMatt624
I would offer her 1k to handle the paperwork as long as you didn't sign a contract saying you had to buy with her.
Posted on 8/1/16 at 2:03 pm to GeauxMatt624
I had the same situation where we used a realtor for about 3 months but ended up buying a FSBO without him. We did it all ourselves.
We sent him a letter and a gift card to a restaurant thanking him for his time and told him that we would recommend him to any friends and family that needed a realtor.
We sent him a letter and a gift card to a restaurant thanking him for his time and told him that we would recommend him to any friends and family that needed a realtor.
Posted on 8/1/16 at 2:07 pm to GeauxMatt624
quote:
My s/o and I are looking at buying our first house. We had been working with a realtor looking at houses but have found one that we really like but it is FSBO. We are looking at making an offer this week and I was curious at what the right etiquette is in this situation. I don't want to slight the realtor but at the same time I am not going to pay her 3%.
negotiate down to 1-2% for her to handle everything
Posted on 8/1/16 at 2:09 pm to Salmon
How much time did you spend with the person? If they spent hours with you and helped you narrow your options, I think they certainly deserve to be paid. Just because they didn't do everything doesn't mean they don't deserve full pay.
Lol at a gift card. I mean wow. How would you feel if someone spent hours working for you and you send them $50? If that's how you want to be so be it, but it's certainly not a good way to do business.
Also, what happens if this house doesn't close? Because that's pretty common.
Lol at a gift card. I mean wow. How would you feel if someone spent hours working for you and you send them $50? If that's how you want to be so be it, but it's certainly not a good way to do business.
Also, what happens if this house doesn't close? Because that's pretty common.
This post was edited on 8/1/16 at 2:11 pm
Posted on 8/1/16 at 2:18 pm to baldona
She showed us more than just a few houses, was very nice and helpful and was quick to respond when we needed her. But at the end of the day I am not sure if that was $8,500 worth of work.
I am thinking about offering her 2% to handle all paperwork and any thing else that may come with closing the deal on the house.
I am thinking about offering her 2% to handle all paperwork and any thing else that may come with closing the deal on the house.
Posted on 8/1/16 at 2:22 pm to baldona
quote:
How much time did you spend with the person?
He probably showed us 20 something houses.
quote:
Just because they didn't do everything doesn't mean they don't deserve full pay.
Wow...I wish my job worked like that
I can work on something forever but if I don't deliver the final product I will never get paid. Posted on 8/1/16 at 2:24 pm to GeauxMatt624
Have you viewed the new house yet? IMO she deserves to be paid. Believe me I'm more in the boat that some realtors are a sham, but outside of being the one to find your exact house you want to offer she did everything else. Again if this house doesn't close how happy will your realtor or any other be to work with you knowing you'll throw their pay out the window if they don't do 100% of the exact work you needed?
When I bought my last house I found all the houses I wanted to view myself, and had my realtor set up the viewings and get the info. So my realtor didn't do all the work either.
When I bought my last house I found all the houses I wanted to view myself, and had my realtor set up the viewings and get the info. So my realtor didn't do all the work either.
Posted on 8/1/16 at 2:24 pm to baldona
quote:
Just because they didn't do everything doesn't mean they don't deserve full pay.
What does this even mean? If the realtor worked with them without them signing anything, too bad.
OP did the realtor find this house? If they did any kind of work in locating it, then I would pay them something. But otherwise, that's just part of doing business as a realtor.
When my wife and I were looking for our house, we used a realtor recommended to us by my BIL, a friend of his wife's family. We worked with her for about 2 months, maybe 5 days of actual meetings with her. My wife's grandfather passed, and we ended up buying his house from the estate. We explained the situation and she understood and didn't ask for any compensation and said these things happen. We recommend her to others and have sent some business her way. She had nothing to do with our purchase, why on earth would we owe her a percentage?
Posted on 8/1/16 at 2:27 pm to Salmon
quote:
He probably showed us 20 something houses.
Haha man you are a great guy, so 20 hours of work for $50-100? That was a lot of appreciation. I'm sure the card was enough though.
Not all jobs are the same. Some you get paid hourly and some you get paid to close a deal, some are in between.
I'm as cheap as anyone, but paying people for their working and not skimping on business relationships are money well spent IMO. Don't forget you'll have to sell a house, not going to be easy to find realtors willing to work with you and show your house when you skimped them on the purchase.
Posted on 8/1/16 at 2:28 pm to GeauxMatt624
quote:
I am thinking about offering her 2% to handle all paperwork and any thing else that may come with closing the deal on the house.
Does the FSBO clearly state that they won't pay any % of realtor? I've seen some that will pay buyer's realtor 1-2% then keep the "3%" seller + 1-2% buyer.
Posted on 8/1/16 at 2:29 pm to LNCHBOX
That's not apples to apples to the OP or even close.
Posted on 8/1/16 at 2:29 pm to Salmon
So you were so happy with your realtor than you gifted him a rate less than minimum wage? Sounds legit.
Posted on 8/1/16 at 2:30 pm to baldona
quote:
Haha man you are a great guy, so 20 hours of work for $50-100? That was a lot of appreciation. I'm sure the card was enough though.
We found the house, scheduled everything, wrote the offer/contract, did the closing...everything
I can honestly say that we felt bad for how it went down, but we were 25 at the time, it was our first home, and we didn't really know what to do, so we did what we did
I'd probably do a little more today, but not sure I'd pay the full 3%
and I was always under the impression that realtors were in the "get paid to close the deal" category
Posted on 8/1/16 at 2:33 pm to LNCHBOX
quote:
What does this even mean? If the realtor worked with them without them signing anything, too bad.
Let's say you are a criminal lawyer representing someone for murder, and during the trial someone else confesses. My bad lawyer, didn't need you after all so no pay necessary right?
I understand how realtors work just fine, and yes they do get easy sales sometimes. But we all get 'easy' business at work. You can do as you please, I'm just saying IMO the OP should pay the realtor.
Posted on 8/1/16 at 2:36 pm to baldona
quote:
Let's say you are a criminal lawyer representing someone for murder, and during the trial someone else confesses. My bad lawyer, didn't need you after all so no pay necessary right?
Did you sign something with the lawyer?
quote:
I'm just saying IMO the OP should pay the realtor.
And my opinion is I've seen you give bad advice in several threads.
Posted on 8/1/16 at 2:37 pm to baldona
quote:
That's not apples to apples to the OP or even close.
I didn't say it was a perfect comparison, but it's close enough if OP's realtor did nothing to find the house OP is buying and OP didn't sign anything with them.
Posted on 8/1/16 at 2:43 pm to LNCHBOX
quote:
I didn't say it was a perfect comparison, but it's close enough if OP's realtor did nothing to find the house OP is buying and OP didn't sign anything with them.
You bought a family property, no realtor is going to expect a fee from them.
Many people use "friends" as a realtor and they don't always sign because of that relationship.
If you pay someone properly even when they may not deserve it 100%, they will be more willing to work harder for you in the future. If you don't, they are running the risk if this place doesn't close then they screw themselves down the road there. Not to mention, once it comes time to sell they run the risk of realtors being less willing to work for them.
So in my opinion, that is worth paying the realtor for. People love to hate on the cost of buying and selling a house, and I agree it is a lot.
This post was edited on 8/1/16 at 2:45 pm
Posted on 8/1/16 at 2:47 pm to LNCHBOX
quote:
OP did the realtor find this house?
We found the house and set up the two viewings and are putting an offer on the house. We didn't sign anything but I am in agreement she helped us out and was very cordial to us as first time home buyers.
As I said above I will probably give her 2% to finish the closing and paperwork.
With us both being in our early 20's we will be buying another house in 8-10 years so it's probably best to keep good faith with her.
This post was edited on 8/1/16 at 2:50 pm
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