Zillow Advice: Buying Process - If I find a FSBO home I am interested in, can I get a buying agent to deal with this one home?

I do not think that you should ...

Thu, 09 Jul 2009 01:11:00 GMT

I do not think that you should allow the realtor to contact the seller before you have the agent under contract for a set fee to write the contract. I have seen too many FSBO's get talked into a listing that they do not want or need and too many buyers get asked to split the 3% with the seller or have the price increase by 3% to cover what amounts to some very expensive paperwork. Arrange the fee before you ever get the seller involved. They should be working on your behalf not the sellers from the start. Be clear about what you want. Do not allow dual agency it is a risk to you as a buyer in my opinion. If the realtor does not agree to write the sales contract for a set fee from about $500 to about .5% of the sales price, find another agent to help you.

Yes. First get mortgage preapproval ...

Wed, 08 Jul 2009 22:28:00 GMT

Yes. First get mortgage preapproval and later make sure you get a quality home inspection and insurance quote during your grace period. Best of luck to you!.

Many FSBO's will pay commission ...

Wed, 08 Jul 2009 22:07:00 GMT

Many FSBO's will pay commission to a buyers agent out of their proceeds. Up to 3% of purchase price in my experience. They get the assurance of a qualified buyer, and a professional to handle the contracts for both parties in the transaction, for half the standard fee. Another option is for the buyer to pay a percentage or negotiate a flat fee. The agent represents the buyer exclusively. In most cases you have better leverage as a buyer if you let the seller know up front that you have an agent, and have the agent make first contact on your behalf.

You can use any Real Estate ...

Wed, 08 Jul 2009 22:06:00 GMT

You can use any Real Estate Agent for a FSBO. The agent would contact the seller to see if they will work with an agent. Most agents will take the sale for a flat fee. This would be negotiated between you and the agent.

Enjoy the beach while you ...

Wed, 08 Jul 2009 22:05:00 GMT

Enjoy the beach while you can. Great agents are a rare commodity in every state. Once the word gets out your wife will have to make any complaints by text or email. ;) Once you get settled, please let me know where you decide to set up shop. I'd love to pass around your professional card so to speak.

Thanks Sunnyview. My wife ...

Wed, 08 Jul 2009 21:35:00 GMT

Thanks Sunnyview. My wife might disagree on the knowledgeable comment, but I'll show her anyway. I'm not in Virginia anymore. Not physically anyway. I moved to Florida in October. My broker won't let me deactivate my license. She's even paying all my fees hoping I'll come back. I am taking my broker classes here and plan on starting my own thing as soon as I stop going to the beach every day.

What area are you in? If ...

Wed, 08 Jul 2009 21:26:00 GMT

What area are you in? If you are in VA, jkonstant is knowledgeable and honest from everything I have ever seen. Maybe you two could make a deal or maybe jkonstant can refer you to someone good that is local in your area.

I have done this several ...

Wed, 08 Jul 2009 21:19:00 GMT

I have done this several times. I charge $500 for the service. It is the only time I use any type of buyer agency agreement and it is a simple straight forward deal. You make an offer that is accepted and close, you pay me $500. I calculate it will take me at most 5 easy hours of time and often it takes less. There is no lack of service for an easy deal.

Yes, in some cases you can, ...

Wed, 08 Jul 2009 20:41:00 GMT

Yes, in some cases you can, but you need to negotiate that upfront. Do not ask a realtor to "go through" the house with you unless you already have an agreement with them upfront or many will try to get the FSBO seller to sign a listing agreement which may increase your final purchase cost so that the FBSO can get the same amount back from the sale after paying the commission. If the seller hires a realtor to list the house, get a realtor of your own. Dual agency listings are dangerous for the buyer because the agent can legally only represent one party fully and if there is a choice to be made in loyalty it will go to the seller in most cases. Approach the agent, offer the fee you are willing to pay to do the paperwork and spell out exactly what you need them to do for that flat fee. The more you ask of them, the more you should expect to pay.

You can also have a real estate attorney look over a standard purchase contract for you for an hourly rate. If you do that the negotiations and inspections would be something you would have to arrange yourself.

You can call any real ...

Wed, 08 Jul 2009 20:08:00 GMT

You can call any real estate office once you find the home(s) you're interested in. You and your agent would agree on a fee to be paid. The agent would contact the seller, arrange to show you the property, and write the contract if that's your wish. You, of course, will need an attorney to handle the closing details.