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Fee for buyer's real estate agent when FSBO?
Posted on 10/1/12 at 1:09 pm
Posted on 10/1/12 at 1:09 pm
Long story short, I found a residential lot and contacted the seller who did not have a realtor about purchasing the lot. Because it was my first real estate transaction I used the services of a family member that is an agent to handle all the paperwork, title, loan, survey etc. I am glad I did this as the whole process has been a huge mess because the title has been wrong for 50+ plus years and the survey didn't match the legal description (resulting in 2 appraisals and trying to find very old records). It has been a 4-5 month process
Finally everything is settled and we are closing soon, my family member said to decide whatever I feel is a fair price to pay him. I talked to one realtor I know who said anywhere from $500-1000. Anyone have any insight? 115K is the purchase price fyi.
Finally everything is settled and we are closing soon, my family member said to decide whatever I feel is a fair price to pay him. I talked to one realtor I know who said anywhere from $500-1000. Anyone have any insight? 115K is the purchase price fyi.
5
Posted on 10/1/12 at 1:17 pm to saderade
Sounds like a great deal of work and experience went into what he provided to you. Most RE agents would get at least 2.5% for doing something similar. I would say at least 1% is more than reasonable.
This post was edited on 10/1/12 at 1:42 pm
Posted on 10/1/12 at 1:21 pm to saderade
The standard starting point for buyer representation is generally around 3%, but can be negotiated either way.
Honestly, this probably should have been discussed before he started working the FSBO for you
Honestly, this probably should have been discussed before he started working the FSBO for you
Posted on 10/1/12 at 2:53 pm to saderade
Where we moving to?
Posted on 10/1/12 at 8:18 pm to saderade
1k is cheap I would pay 1500-2000 It is family- you may need a favor in the future
Think of the fact you saved a lot more
Think of the fact you saved a lot more
Posted on 10/1/12 at 9:18 pm to 756
quote:
1k is cheap I would pay 1500-2000
Posted on 10/1/12 at 10:05 pm to saderade
The Standard 3 % goes to the company/organization/broker. The amount the real estate agent makes is the relevant number. That will vary based off their experience and their pay structure.
I would suggest 1.5% of sales price.
I would suggest 1.5% of sales price.
Posted on 10/1/12 at 10:13 pm to Shankopotomus
quote:
The standard starting point for buyer representation is generally around 3%, but can be negotiated either way.
Honestly, this probably should have been discussed before he started working the FSBO for you
Good advice
Posted on 10/2/12 at 6:59 am to Walkertiger
quote:
I would suggest 1.5% of sales price
That is what I offered an agent that called me about my FSBO listing for vacant land. IMO, there is less work than with selling a home, but your situation is a bit different. I still think from what you described, anything from 1-1.5% is reasonable
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