This past Saturday, one of my buyers, Lisa, called and said she had seen a ?For Sale by Owner? sign on a house and asked me to call about it. I always tell my buyers that I can show them any house on the market ? whether it?s listed with my company, any other real estate company or even a for sale by owner. A seller is a seller and they all have one goal in mind ? to get the house sold. If you are one of my buyers, my objective as your buyer?s agent is to see if that ?for sale by owner? is willing to pay my company a commission if I sell their home to you. As part of the Buyer Agency Agreement that I enter into with you buying a home, it states that I will always look to the seller of the property for a commission. If that seller happens to be a for sale by owner, they have to be willing to pay my commission or my company will turn to you, the buyer for the commission. In my 26 years as a real estate agent, I have sold a handful of ?for sale by owner? properties and they have all agreed to pay my company 3%. I have never had to turn to one of my buyers to pay a 3% commission.
Lisa texted me his phone number and I made the call ? only to leave a message. I then heard back from Lisa to discover that she had actually already looked at the house. She did tell him that she was working with a buyer?s agent and he said he was willing to pay the 3%. We agreed to meet at the house later Saturday afternoon so I could give her my opinion. As her buyer?s agent I was able to talk to her about:
- The price of the house
- Comparable prices of other recent sales in the neighborhood
- My opinion of the condition of the house ? with respect to the asking price
Naturally when I got to the house, I asked him to sign my ?Permission to Show and Commission Contract? which sets the agreement between all of the parties: the seller, the buyer and the buyer?s agent. He told me he had his own agreement drawn up which we could use. I said that if I sold his house, it would have to be done on a standard sales contract that all of the real estate companies use. Unfortunately or perhaps fortunately for some, our sales contract is 16 pages long and is intended to prevent any miscommunication between parties.
Here?s the tricky part?while I am representing my buyer, I am also talking with the seller which normally doesn?t happen in a real estate transaction. But since the seller is ?unrepresented? I must talk directly to him which puts him at somewhat of a disadvantage since he doesn?t have an agent.
After providing all necessary documentation to Lisa, she is conferring with her dad regarding the purchase. Here are 3 things you should consider before entering into a purchase agreement with a ?for sale by owner?:
- There are no rules the ?for sale by owner? has to follow ? he?s not represented
- You should only enter into a ?fsbo? agreement using a buyer?s agent to help you through the process ? not a real estate attorney
- Everything MUST be in writing in order to prevent any misunderstandings from either party
Will Lisa make an offer on this house? Don?t know yet. Dealing with a ?for sale by owner? is a bit more challenging than it seems for some buyers and for good reason. There?s more to consider when buying a home from a ?for sale by owner? than a house that?s listed in the Multiple Listing Service with another Realtor.
If you?d like buyer?s representation to buy your next home, please call me direct at (913) 515-3250 or contact me here.
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