Should FSBOers Get a Real Estate Agent to Prepare Paper Work?

6 Comments so far

1. James E Gallagher on October 2, 2009 2:41 pm

   Its probably a good idea to hire an agent to make sure that the escrow is handled properly. You need to do this to limit your liability. Many investors are very shrewd and know the law better than a FSBO. They’ll use this knowledge against you. This is why investors like to buy FSBO.http://www.bpos4reos.com/blog

2. Fred on October 3, 2009 8:02 am

   FSBO’s should hire a good attorney that understands real estate transactions. They don’t need a Realtor to handle paperwork at all.

3. Cheryl Peck on October 3, 2009 11:58 am

   I would certainly recommend a professional title search, which would be required before a title insurance policy could be issued. There are a lot of sales contracts out there. As a former mortgage broker, we could use just about anything signed by the buyer and seller as long as it didn’t violate any underwriting guidelines or laws. I had a client who gave me a sales contract generated by both the seller and him. The closing went fine EXCEPT both the buyer and seller were extremely unhappy because what the contract said was not what they really meant to do. The closing attorney explained that everyone was bound to abide by the contract or we could start over with a new contract. They chose to close, but I learned to always discuss the transaction with at least the buyer to make sure the contract said what they meant. For information on what the contract should and should not contain, see my book “Getting To Closing” (www.CherylLPeck.com).

4. cmy on October 3, 2009 1:51 pm

   I do not see the need for the FSBO to use an Agent. The usual cost of an Agent versus the value provided (after a willing Buyer has already been found) is not worth the cost. Instead I would go with Fred’s suggestion of hiring an Attorney, specifically an Attorney who specializes in Real Estate transactions.

   Furthermore, make sure that representation with the Attorney is clear and that the Attorney does not represent both parties.

5. Cynthia Tilleman on October 5, 2009 11:43 am

   In the past I have given friends advice about a home they were selling as a FSBO. They found a buyer & I hooked them up with an accredited escrow company who assisted them with the whole transaction. The buyer I believe had an agent that they paid directly.
   It went very smooth with no glitches.

6. Latest fsbo news – New FSBO.com Site – Coming Soon! on November 3, 2009 4:04 am

   [...] Should FSBOers Get a Real Estate Agent to Prepare Paper Work … [...]