we have a contract with our realtor to help us find a place. well, my wife found one that is FSBO…and it is perfect, it’s the one we will be purchasing. are we obligated to our realtor since this is not a listing with a real estate company? or does it being a FSBO "void" our responsibilities to her?
She is void because she did not show you the property, This has happened to me before and I told the agent I found a home that was a FSBO she wasn’t happy but, it’s all about me
She is void because she did not show you the property, This has happened to me before and I told the agent I found a home that was a FSBO she wasn’t happy but, it’s all about me
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Take a look at your contract. See if it includes property you find on your own.
I would NEVER sign an agreement with a real estate agent.
I am the customer, not them! I might want to talk to other agents, which I have!
Good luck.
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You will need to read your buyer’s agreement with her. You very well may not be obligated to use her on your purchase from a FSBO.
However, it may be in your best interest to go ahead and have her assist you in this purchase as she can implement many safeguards for the return or your earnest money, structural inspection, negotiating repairs that the seller in some cases must correct for the sale to go through, etc.
Some may agree to do it for a lower fee (she would negotiate that directly with the seller) for a limited capacity (transaction facilitator), such as drafting your offer, negotiating corrections for the structural inspection and she would then bow out & you complete the process with the seller on your own.
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The answer to this is yes and no. Which one depends on the agreement you signed. If you signed an "exclusive right to buy agreement" similar to an exclusive right to sell agreement, then you are obligated to pay the fee, regardless of whom procured the sale. If your agreement contains no such clause or an exception clause, then you may be entitled to terminate your agreement.
For instance, John lists his house with ABC Realty. John then finds out that his uncle, Joe, is willing to buy the house. John tells him about it, and Joe makes an offer. It is accepted. According to the exclusive right to sell, John still owes ABC Realty their commission, because he has endowed ABC with the exclusive right to sell regardless of who procures the sale.
Your contract is key. Comb it over carefully to find the answer.
Another option you have with a FSBO is to ask the seller to pay your real estate agent’s fees. He may have anticipated this scenario when pricing his home, so you may still be off the hook for paying.
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