Reasonable fee for my realtor when buying FSBO?

LeahRWHAugust 6, 2012

A couple months ago, an investor bought a HUD house I was interested in. I offered to buy it from him, and we tried to work out a deal, but he had some issues with closing the place, so I kind of gave up on it. After giving up on that place, I found a nice buyer's agent to help me look around. She's taken me through three houses in the past few weeks (I have fairly odd criteria, so three houses isn't as few as it sounds like), and she's been helpful with my questions.

Now the investor has contacted me again, with the house properly closed and available for sale, and I'd like to go ahead and buy it for the same price we agreed on previously ($156,500). Trouble is, there were no agents involved then. Technically there still isn't - I found the house on my own, negotiated on my own, etc., before she was even in the picture. But my realtor has been very nice, and I'd hate for her to have worked for me the past couple weeks for nothing. Plus, I would really like to have her help with the paperwork, closing process, etc. What would be a fair fee to offer her to help buy this property?

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brickeyee

The agent may not have any choice.

Her broker is the person that gets to decide.

    Bookmark   August 6, 2012 at 4:42PM
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chispa

Did you sign a buyers's agreement? If you did the agent might legally be entitled to the full commission, depending on the wording. If you did sign a contract, you could have excluded certain properties that you had already contacted on your own.

    Bookmark   August 6, 2012 at 7:39PM
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ncrealestateguy

Is the seller not offering to pay a commission? If not, go to him and ask if he would split the commission 50/50.
Brickeyee... not all BICs dictate what % their agents can charge.

    Bookmark   August 6, 2012 at 9:20PM
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sylviatexas1

never had this come up in my own experience, but I think I probably would be happy with 2%;

I'm figuring 1% for finding the property,
1% for what handling paperwork,
1% for what I call "buyer education", which amounts to getting you through the process.

I remember when you were thinking about approaching this guy;
I hope everything works out!

    Bookmark   August 6, 2012 at 9:24PM
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LeahRWH

I talked to my agent about it, and it looks like brickeyee was right, so the fee will be 2.5%. We spoke to the seller again, and we're going to bump up the price enough to cover the fee while allowing him to net the same amount, so we don't have to pay it out of pocket. Thanks!

    Bookmark   August 8, 2012 at 12:00PM
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