Took house off, now realtor to bring people thru-$$?

chicagoerinOctober 19, 2009

Hi, so I took my house off the market and put a FSBO sign in the yard to attract anyone who is driving on my busy street (not expecting much action ) and a realtor called today to ask if he could show it. If I let him in do I owe him the full 3% or the fee negotiated later? Should I have him sign something? Thanks

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harley_rider

Negotiate with the agent on the commission before they show it. Most realtors will assume 3% up front.

You wouldn't want to get hired to do a job without knowing what you were going to make so don't treat them any differently.

KC

    Bookmark   October 19, 2009 at 5:03PM
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ncrealestateguy

If he is a smart agent, he will not show the property unless you two have signed a compensation agreement between the two parties. And in this market, you are getting a deal if you can sell your property for 3%.

    Bookmark   October 19, 2009 at 7:03PM
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calliope

Yes, it would be a deal at three percent, but the fact a realtor wants to show a FSBO, suggests that they have a party who is interested enough in it or has criteria it would fit. Sounds promising. Good luck. I also agree, I had a realtor wanting to show a home I wasn't wanting to sell, and I told her I wasn't interested in listing it. Immediately she said she'd draw up the paperwork on it to cover that particular showing without a long-term commitment.

    Bookmark   October 20, 2009 at 12:29AM
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sweeby

FWIW, When I was selling a house FSBO a few years ago, I got TONS of calls from Realtors claiming to have interested buyers. But what they really wanted was to sign a listing agreement...

    Bookmark   October 20, 2009 at 10:31AM
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graywings123

My guess is that the call is a pretext to enter into a conversation with you to try to get you to list with him.

Have the conversation, but don't get your hopes up of seeing a real buyer come through. Be prepared to hear a sales pitch on the many buyers he has ready to see your house.

    Bookmark   October 20, 2009 at 10:34AM
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chicagoerin

Thanks guys, this one is a real buyer. They are coming through today at 3:00. He will be letting himself in so there will be no sales pitch or signing of contracts. Sounds like *if they want the house, I am in the drivers seat as far as realtor fees since I haven't signed anything.. Thanks for the great info!

    Bookmark   October 20, 2009 at 10:57AM
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berniek

The buyer can also pay their agent and just reduce that amount from the offer price.

    Bookmark   October 20, 2009 at 2:22PM
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sylviatexas1

When the Realtor is representing the Buyer, their fee is usually included in the offer.

    Bookmark   October 20, 2009 at 2:58PM
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creek_side

I hope you have met this guy and checked him out before you allow him to "let himself in." There are rip off artists that work the FSBOs. They pretend to be buyers (and/or agents) just to get into the homes.

Never let a FSBO buyer in without at least minimally checking him out first.

    Bookmark   October 20, 2009 at 5:58PM
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chicagoerin

He is a well known realtor in the area..no different than giving him the key code to the lock box.

    Bookmark   October 21, 2009 at 9:48AM
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ncrealestateguy

"When the Realtor is representing the Buyer, their fee is usually included in the offer."

An offer from a buyer to a seller can not include any thing concerning the compensation between the agent and the seller. The agent is not a principal in the transaction, therefore the agreement for compensation must be a separate agreement between the seller and the agent.

    Bookmark   October 21, 2009 at 8:33PM
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sylviatexas1

sorry, didn't make myself clear:

When a buyer who's represented by a Realtor or Broker makes an offer on a FSBO, the buyer almost always includes the Broker's fee in the offer.

Here, we use a "One-Time Registration" (may not have the name quite correct, this hardly ever arises) where the seller agrees to pay the Buyer's Broker's fee from proceeds of sale.

This document can be executed before the offer or with the offer.

    Bookmark   October 22, 2009 at 2:33PM
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