 Posted 4/6/2007 5:26:33 PM
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| Is it required that a FSBO seller pay a prospecctive purchaser's realtor a percentage (they are asking 2.5%) commission? Adele
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Posted 4/7/2007 6:29:54 AM
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| If you signed up for MLS service you would have picked out the percentage (usually 2-3%) ahead of time, but if not, then it's up to you if you want to go ahead with the deal and pay the 2.5% yourself. Most buyer's do not expect to pay their realtor's commission. You could tell them you will meet them halfway and raise the purchase price 1.25% so that your both spliting the fee. Or wait for an offer without a realtor's involvement.
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Posted 4/7/2007 9:07:38 AM
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I'd suggest not doing anything until you have the offer on paper. This way you can see how financially strong the buyer is. If there's a good earnest, with a decent down payment, and buyer will pay their own closing costs, I'd say you have a good buyer. I feel it's important to look at the "Big picture", if this buyer is financially strong, and can close the sale within reasonable time, "Negotiating" over a couple of thousands over the commission is a moot point. You have the option to close relatively fast, and not have to deal with showing the house anymore, or you can "Wait" and hope for the perfect buyer to call. On the other hand, if the buyer is weak financially in the offer, then is no point wasting time discussing something that may not happen. Never negotiate verbally until you have the offer in front of you. This way you will only deal with serious buyers.
Bo Villacis
Real Estate Professional
WWW.Bovillacis.com
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Posted 4/9/2007 11:10:26 AM
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Hi Adele,
To add to what Bo wrote, you can negotiate the commission. If you have a written offer, counter back with a 2% commission. You two may end up settling on a 2.25% commission.
The buyer's agent deserves some kind of commission since the agent is bringing a buyer to you.
Or as Bo suggests, you can wait for a buyer without an agent but you may have to wait a long time.
Good luck!
FSBO Guru
Owners.com
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Posted 5/21/2007 9:01:01 PM
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Definitely focus on the big picture here. I actually had a friend that had a full price offer on his house and was arguing over a $200 inspection fee! He eventually angered the buyer to a point that he would not even consider the property. Personally I would never do such a crazy thing as I'm sure you wouldn't either.
But in a sense you are kind of doing the same thing over a 2.5% commission. Be thankful you have a buyer for your home and realize that there is a good chance a realtor will bring you a buyer. Only paying 2.5% is a good deal for you, especially when you consider the maintenance, mortgage payments, etc required to keep the house until a new buyer comes along should you anger him/her like my friend did.
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