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Message
re: Buying a FSBO House After Working With A Realtor
Posted on 8/1/16 at 2:48 pm to baldona
Posted on 8/1/16 at 2:48 pm to baldona
quote:
You bought a family property, no realtor is going to expect a fee from them.
I guess you didn't understand what "I didn't say it's a perfect comparison" means.
quote:
Many people use "friends" as a realtor and they don't always sign because of that relationship.
And? If a perfect stranger that I was using as a realtor did nothing to find a house I ended up buying, and didn't do any of the paperwork for me, I'm not paying them unless I signed somethings saying I would. That's how the business works. Much the same way that I tip servers almost no matter how they act, I understand that's how their business works.
quote:
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 close they run the risk of realtors being less willing to work for them.
Maybe if there weren't a million zillion realtors to choose from, this line of thinking might hold some weight. You let me know when that day comes though.
1
Posted on 8/1/16 at 2:49 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?
This is why lawyers are paid up front with retainers. It's the nature of the business.
If it's that big of a threat to the Realtors business perhaps she should change her business model and contract.
Posted on 8/1/16 at 2:49 pm to GeauxMatt624
quote:
As I said above I will probably give her 2% to finish the closing and paperwork.
Very generous of you.
Posted on 8/1/16 at 3:12 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?
Bad analogy. Quality criminal defense attorneys get their money up front. Because how is someone who's just been convicted of any criminal offense going to have the means to pay you if they're headed to jail? Duh. Cash up front w/criminal clients. Always and forever.
Posted on 8/1/16 at 3:22 pm to hungryone
quote:
Bad analogy. Quality criminal defense attorneys get their money up front. Because how is someone who's just been convicted of any criminal offense going to have the means to pay you if they're headed to jail? Duh. Cash up front w/criminal clients. Always and forever.
Yeah yeah I know it was poor. But my point was that not all business is completed by the people being paid.
I have no idea how often realtors make their clients sign paperwork in the beginning, but there is plenty of business done in good faith in and outside of real estate. Just because something was not signed, doesn't mean nothing is due. Just because you save money on the first transaction, does not mean it was the best financial decision long term.
Posted on 8/1/16 at 3:25 pm to baldona
quote:
but there is plenty of business done in good faith in and outside of real estate
what businesses out there get paid in full without ever delivering a final product?
I don't know of any
Posted on 8/1/16 at 3:28 pm to LNCHBOX
quote:
I guess you didn't understand what "I didn't say it's a perfect comparison" means.
It was not just an imperfect comparison it was so wrong it was not worth mentioning. If literally not a single realtor would expect to be paid in that situation why even make the comparison? That's as good as saying that you moved to a different state so you didn't need them anymore.
We can agree to disagree on this, that's fine. You'd rather save the money on the first transaction and risk future business down the road. I have no issues with that. I am saying the opposite in that spending the money now could easily be a good investment down the road when looking to sell, buy the next home, etc.
Posted on 8/1/16 at 3:32 pm to baldona
quote:
If literally not a single realtor would expect to be paid in that situation why even make the comparison?
Well, they shouldn't expect to be paid if they don't find the house and don't do any of the closing work, so it seems pretty apt.
quote:
That's as good as saying that you moved to a different state so you didn't need them anymore.
It's not, but OK.
quote:
You'd rather save the money on the first transaction and risk future business down the road
What future business? I don't need one realtor more than another. It's not exactly a limited field.
quote:
I have no issues with that. I am saying the opposite in that spending the money now could easily be a good investment down the road when looking to sell, buy the next home, etc.
Why, is there only one realtor that I'm allowed to do business with over the course of my life?
Posted on 8/1/16 at 3:34 pm to GeauxMatt624
quote:
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.
I'm all for screwing over real estate agents as I feel most would do the same to you given the chance, but I think this is more than fair and probably the right thing to do. Also let her knew she'll be the first call you make when you decide to sell.
Posted on 8/1/16 at 3:48 pm to The Spleen
A flat $1,000 would be fair, IMO. 2% seems like overkill.
Posted on 8/1/16 at 3:50 pm to GeauxMatt624
Realtors are worthless. I wouldn't be concerned with her 3% commission check. A $200 gift certificate to a top tier restaurant will suffice.
Posted on 8/1/16 at 5:06 pm to baldona
quote:
so 20 hours of work for $50-100?
It doesn't sound like you've ever worked in sales before.
Sales is sales. You can put in all the hours you want but if you don't make the sale then there's nothing to pay you commission from. 3% of $0.00 is $0.00.
This post was edited on 8/1/16 at 5:09 pm
Posted on 8/1/16 at 5:51 pm to GeauxMatt624
If you didn't sign an exclusive buyer rep agreement you owe the agent nothing.
Posted on 8/1/16 at 6:27 pm to GeauxMatt624
It's not classy, but f the realtor. It's your money at the end of the day
Posted on 8/1/16 at 8:01 pm to GeauxMatt624
Just sold my house fsbo and paid the buyers realtor 2%. Have you even pursued that? I have never heard of a buyer paying a realtor commission fees
Posted on 8/1/16 at 8:50 pm to ItNeverRains
so true yet so many "choose" to simply not use one 
Posted on 8/1/16 at 9:08 pm to TheBoo
quote:
Sales is sales. You can put in all the hours you want but if you don't make the sale then there's nothing to pay you commission from. 3% of $0.00 is $0.00.
Agree with this. The agent can't get upset if they didn't check the box to lock their buyer into an agreement.
Posted on 8/1/16 at 10:26 pm to baldona
quote:
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.
The realtor was working for commission only, they didn't find a suitable house there was no sale, no commission. I wish some of my jobs would have paid solely for my efforts. If realtors have a problem with this they should change their fee structure to be paid by the hour.
Posted on 8/1/16 at 10:54 pm to GeauxMatt624
I would offer the realtor a small amt to do the paperwork and set up inspections, etc. $500-1000.
You don't exactly owe them anything, but if they have been helpful, try and give them business. Essentially, you don't pay them the "finders fee" portion of the commission, but pay them to put offer in etc.
Whatever the offer is, net out the fee for the agent.
You don't exactly owe them anything, but if they have been helpful, try and give them business. Essentially, you don't pay them the "finders fee" portion of the commission, but pay them to put offer in etc.
Whatever the offer is, net out the fee for the agent.
Posted on 8/2/16 at 9:17 am to GeauxMatt624
Do you have a contract with the agent?
Does it have an exclusion specifying that it only applies to houses brought to you by said agent?
Why/how are agents working on commission only without a contract to protect themselves?
Does it have an exclusion specifying that it only applies to houses brought to you by said agent?
Why/how are agents working on commission only without a contract to protect themselves?
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