Do you look at FSBO's for your buyers? Do you scan the newspapers, online classifieds or traverse the open houses of sellers doing it themselves in case you find one your buyer actually may want?
Your buyer probably is.
Mine certainly did. After showing her dozens of homes I found and previewed off the MLS she came to me with a FSBO. Was there anything in the ad about a buyers agent commission? Of course not! That's the whole idea, isn't it? To avoid that extra cost?
But she fell in love with it so I asked the seller if he would be willing to do a 3% commission and we negotiated down to 2.5%. Granted, had I known that I would be handling both sides, I should have asked for the full 6%. But again, in the sellers mind this was his way of saving money.
He was mi
litary and being relocated so I did my best to accommodate. Unfortunately he knew nothing about selling a house and had never done it before with or without an agent. He questioned everything I did because he was unsure if he could trust me being on the other side of the transaction. He had his mother go over all the P&S forms, contingencies and addendums and I assured him everything was legal and protective. I was hoping my personality would help him feel more comfortable.
When the appraisal came back though, he had priced the home too high and either had to lower it or my buyer would have to come up with the extra funds. He also tried again to lower my commission which I stood firm on, reminding him I was basically doing the job of two agents here. He lowered it enough to come in under the appraisal and we proceeded with the transaction.
The inspection went well but again, I had to explain to the seller every detail and how it WAS legal and what we were asking for and why. It was actually a pretty smooth transaction but I do not recommend it for any seller.
The deal closed and I gave the seller a little traveling gift as they left town. He thanked me for being patient with him and appreciated all I did.... but I really didn't want to do that again.
Have you had any experiences like this? How did you handle the seller?
For excellent referrals on listings agents in their area feel free to contact these folks!
- Tim and Mary Flood - Lake Chelan Waterfront Homes Specialist.
- Jason Barrow - Kennewick Real Estate professional
- ERAKing in Alabama - Powerhouse brokerage for all Alabama homes and real estate
- Crescent Realty in Tacoma Real Estate - Experts in selling in the Pacific Northwest
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