FSBO Buyer? No realtor involved? You need a lawyer now.

By
Real Estate Agent with Advantage Real Estate, serving Lincoln County 200509394

cliff

I was working with buyers for over a year who suddenly decided to buy a home off of Craigslist, a FSBO in a rural area, on septic.

They called me after writing an earnest money agreement which they said they were pressured to do right away by the seller, so the seller could hurry up and make a bid on the house they want to move to.

Now that they are getting nervous about the transaction, they want to know if I can help, as I have been their agent for the past year, showing them homes every time they called.

When I asked how how the contract is going they said date had gone beyond the 15 day inspection period. ("Danger, Will Robinson!!")

They were advised by me to seek legal advice as I am in no way involved in transaction.

Had they called me prior to writing the offer, I could have represented them using a buyer -broker agreement, perhaps even saved them some money / headaches on the transaction.

 

 

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Rainmaker
752,540
Pete Xavier
Investments to Luxury - Pacific Palisades, CA
Outstanding Agent Referrals-Nationwide

Barbara,

Had this happen many times as investors would go out on their own, get in a bind and plead with me to help them! I do the same as you and advise legal consul for them.

 

Jan 02, 2015 06:39 AM #1
Rainmaker
661,271
Tanya Van Blake-Coleman
Van Blake-Coleman Realty, St. Thomas/www.talk-to-Tanya.com - St Thomas, VI
Improving the Quality of Your Life

Sounds like a headache Barbara! I wonder if the seller would have been as eager knowing they would be dealing with someone who knows what to watch out for. Good luck in 2015!

Jan 02, 2015 06:55 AM #2
Rainmaker
268,303
Barbara Le Pine
Advantage Real Estate, serving Lincoln County - Newport, OR
Your agent for the Central Oregon Coast!

Pete: this is not the first time this has happened to me, some people listen to the seller paint a rosy picture and do not understand the pitfalls that await them, even in the most friendly seeming situation.

Tanya: The seller might think they have the advantage by encouraging a buyer to go without representation. In this case, they are in control now. I do not want to touch it with a ten foot pole.

Thanks for your comments!

Jan 02, 2015 07:03 AM #3
Rainmaker
3,249,421
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Barbara

A FSBO needs professional help. If there not using a Realtor . . . .  they need an attorney.

Good luck and success.

Lou Ludwig

Jan 02, 2015 11:46 AM #4
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Rainmaker
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Barbara Le Pine

Your agent for the Central Oregon Coast!
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