 I have a question about buying a home for the first time? |
What are some of the steps in buying a home for the first time. What things do I need and how does it work?
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Thanks Bj80012.. so far.. that is a start..... |
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 Is it common for a real estate agent to take pictures while previewing a property? |
Additional Details
What I mean is: Is it normal for a buyer's agent, not a listing agent, to take pictures when previewing my property for a potential client?... |
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Special K | When doing a for sale by owner what percentage should a realtor receive...? |
if they bring you a perspective buyer? What are the pros and cons of working with realtors who bring you buyers?
Additional Details
I am experienced with home selling, for my situation a realtor is not necessary, I know how to negotiate contracts. I had a realtor contact me. I know some fsbo will not work with realtors, just wondering why. |
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Landlord
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The majority of the duties of the sale have nothing to do with negotiation.
Typically they receive 3%, even though they will most likely end up doing all of the actual work and deserve 6, they typically are under paid for the work required in a FSBO. |
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glenn
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I am a Realtor and will not bring you a contract (or even a possible buyer) unless I am at least getting the same money as I would get from any other house I could sell them.
That might be 3% or it might be more or less depending on a bunch of things. Check and see how much your competition is offering to pay.
Realtors have more qualified buyers than you would ever find on your own. I would have all the right forms and disclosures. It is in my best interest to get the sale to close so I would be trying to avoid or work around any possible challenges. But you would not be represented by an agent- I would only be representing the buyer. Anything you say to me would be the same as if you are saying it directly to the buyer- so be careful of what you say. You have to tell the buyer anything you know about the house- but you don't have to tell them how low you will negotiate or what kind of pressure you are under. |
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Nikko L
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The agent should have you sign a form called, "Authorization to Show Un-Listed Property." This will state how much the agent is charging in the event they buyer makes an offer on the property. Or the commission verbage can be in the offer's stipulations. If there is nothing signed regarding agents commission then the buyer is liable to pay the agents commission at closing if they signed a buyer's agreement with the agent. If they didn't then the agent, from lack of training, will get nothing! It's typical for the buyer's agent to ask the seller for about 3-3.5% percent. There is no CON to this unless you are hurting for money. The PRO: The buyer's agent will take care of just about everything.. from contractual work for you and the buyer, set-up closing... everything! - just not give you advice. |
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Marysue
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3% to 3.5% would typical if there were two agents involved, but a buyer’s agent working with an unrepresented seller usually ends up doing more work they otherwise would so I think a commission of more like 4 or 5% would be reasonable.
The reasons unrepresented sellers don't want to work for agents is that they don't want to pay a comission, they're just plain ignorant of the complications of the process and think it's easy (I'm not saying this is you - just a general issue that pops up here), or in the worst cases, they're trying to hide something from the buyer and think that keeping professionals out of the deal will allow them to dupe the buyer. |
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linkus86
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People who sell property without a Realtor usually know what they are doing and have the money and time to market and show the property. Some FSBO sellers aren't willing to work with Realtors (representing buyers) out of greed (because they aren't willing to pay a commission). What these people are forgetting is that they are cutting a large percentage of prospective buyers from ever considering buying their property.
Generally you need to offer the usual percentage due to a buyers Realtor in your market, 3% where I live. By getting chintzy and only offering 2% will deter these same Realtors from presenting your property over others offering 3%. If you aren't an expert in the real estate sales process, you might consider offering an extra 1-2% to the buyers agent to help you, the seller, out too to make sure you don't screw anything up on your end making you liable down the road. |
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Meghan
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They should be paid 3% of the sale price. The pros- they have buyers who would never know about your property otherwise. I don't think there are cons. Frankly, you should be working with a seller's agent as well. It has been proven that people who work with agents get much higher prices for their homes, negating the costs of services rendered. You get alot more exposure for your property and it will be seen by many more potential buyers.
When you go at it alone, you are responsible for all advertising costs, and don't know how to negotiate the deal. Most people do not know what the seller typically pays for and what the buyer typically pays for. Most people who try to sell their home on their own are in way over their heads and end up losing money versus if they had just hired a realtor to begin with. |
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Xiao Xiong
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The one who helped me got 5%, but he also gave me some good help with paperwork and things like that. It was worth it. |
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Ross
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Full commission, also depending on the price of the home. Having a qualified buyer in today's market has alot of value. As a FSBO you will not have a real estate agent representing you so In order to make sure everything is done correctly I will have to take on extra work.
Add: I work with FSBO and many don't understand all that has to happen. Another is many feel they can sell a home "as is" and not disclaim any known defects. This is always a concern for me. I am licensed and it is easy to hold me accountable for issues, they aren't licensed but are still responsible to disclose defects. Many FSBO don't understand that and it can lead to problems. I have also run into issues with whos name is on the deed vs who is trying to sell the home. This can happen with people who are divorced or for other reasons. I do not want to bring a willing able buyer into a deal that cannot happen. FSBO can be a pain, and much more work than a property listed with another real estate agent.
If you want me to handle the selling and buying side both you have to pay for both. I will not work with a FSBO that is representing himself as the sellor. I am not going to trust that you know enough about the laws and the process that you have to go through in order for the deal to happen correctly. I will not put my client (the buyer) in that kind of postion.
You say you are experienced and that may be true. The process is not that difficult but you are not licensed. The difference is that you career and reputation are not at stake is you screw something up. |
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roadhunter
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Nothing. If you are doing FSBO, the agent would not be involved. If the buyer wants to pay an agent to help them find a home (buyer's agent) that's their business, but FSBO means you aren't paying anyone a commission. |
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Nic
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about 15% because they are kind like helping you sell the house. |
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Zooedca
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I am a FSBO and have sold 2 house on my own. All you need is a good Lawyer... and the Papers. Fill out the offer to purchase give it to your Lawyer. They hold the down payment etc. If a realtor comes to you with a buyer, I would be willing to give them 1%. So 1% on a $500,000 transaction $5000.. forbasically bringing someone to my door.. That's big $$$ for not having to market it etc... Why is it that realtors are the only ones who have not changed the fee structure since houses went from 100K to 500K 6% on $500,000 house does not warrant a realtor $30,000 that's just ludicrous... Realtor make it seem like danger when buying without them... come on! |
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