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re: Buying a FSBO House After Working With A Realtor
Posted on 8/2/16 at 9:29 am to NYNolaguy1
Posted on 8/2/16 at 9:29 am to NYNolaguy1
quote:
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.
Some are changing their business model. They will charge a flat fee up front and then a smaller % commission than traditional for the close. It can actually be much cheaper for the customer in the end (if the property closes) but gives the realtor some protection for the work they do if the deal doesn't actually close. Essentially it more evenly distributes the risk of the deal not closing between realtor and customer since both have a role in whether you ever get to closing.
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Posted on 8/2/16 at 10:21 am to LNCHBOX
quote:
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.
Ok that's fine. But then don't complain again about realtor fees. You can't try to screw a realtor every which way but Sunday, then complain about their high fees. The reason they are so high is because of scenarios like this and yours.
What would be more absurd than the OP's situation is paying a realtor 3% in your situation. But as you suggest everyone should sign contracts that state if the buyer closes on anything in say 1 year they should pay up? What if the buyer gets a divorce or moves in that time? Should realtors then get $1000 if say the buyer doesn't find a house to buy in 1 year? I mean sign a contract and all right, they did the work in trying their best but sometimes there simply are buyers that can't find what they want.
The OP was working with a realtor and went out of their way to not use their realtor to try and save money, viewed the house twice without their realtor they had a verbal agreement to work with. They should of either fired and moved on from their realtor and not pay them, or continued to use their realtor to see the FSBO and complete the deal. Instead the OP wants the cake and to eat it to, can you disagree with that?
I agree realtor fees are absurd, but it's situations exactly like in this thread of why they are that way. There's simply no perfect answer to how they should be paid, and the market has so far shown a % is the best way.
This post was edited on 8/2/16 at 10:23 am
Posted on 8/2/16 at 11:09 am to baldona
Again, if he didn't sign a buyer rep agreement, he owes them nothing. This is coming from a realtor. I'm not leaving the house without a buyer rep agreement. This realtor will learn as well or keep losing time and money.
Every transaction is different. I've got a house on the market with a smal flat fee all the way up to a 4% commission as I spent over a month lining up subs doing a full reno to get the property ready for the market. With the money and time saved that's the best 4% this couple ever spent.
Every transaction is different. I've got a house on the market with a smal flat fee all the way up to a 4% commission as I spent over a month lining up subs doing a full reno to get the property ready for the market. With the money and time saved that's the best 4% this couple ever spent.
Posted on 8/2/16 at 12:16 pm to GeauxMatt624
This happens all the time and normally the FSBO will pay the buyers agent for bringing a buyer.
Posted on 8/2/16 at 12:47 pm to baldona
quote:
Ok that's fine. But then don't complain again about realtor fees. You can't try to screw a realtor every which way but Sunday, then complain about their high fees. The reason they are so high is because of scenarios like this and yours.
Where did I complain? You're inventing arguments to try to make a point and failing miserably.
quote:
What would be more absurd than the OP's situation is paying a realtor 3% in your situation.
I think they'd be equally absurd.
quote:
Instead the OP wants the cake and to eat it to, can you disagree with that?
Yes, I can disagree with that. OP just stumbled upon a FSBO house. But, OP is paying the realtor because the realtor is doing work. That isn't what you and I seem to be discussing any more. You're just arguing to argue.
quote:
I agree realtor fees are absurd
I never once said that, so not sure who you're agreeing with
Posted on 8/2/16 at 1:12 pm to guttata
quote:
Buy her a gift certificate to a nice restaurant and be done with her.
This here
Posted on 8/2/16 at 3:29 pm to baldona
quote:
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.
Congrats on writing the dumbest thing I've read on TD today. You are right though, when the OP goes to sell there will be an entire community of realtors unwilling to list his property.
My question to the OP is, are you going to get the house any cheaper by not having a buying agent? If not, then have your realtor do all the paperwork, take care of closing, etc for whatever fee the seller negotiates. It's money he's not getting paid out of the negotiated sale price.
Realtors typically have a very inflated self worth. But they have done a nice job of making themselves more necessary than they should be (frustrating but smart of them to do so). We used a buying agent when we were purchasing a house in another state which I was happy to do even though we only looked at the houses my wife and I found online. The paperwork, negotiations, inspections, etc wouldn't have been worth my time, especially when you consider what I would be making at work instead of dealing with that kind of crap. If you are moving down the road though, it would be much easier to do without. Either way you aren't really paying for the buying agent, unless like I said the seller is actually giving you some sort of 3% discount on what he would have sold to someone with a buying agent.
This post was edited on 8/2/16 at 3:33 pm
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