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Is a 1.5% commission fair for a buyer agent that found my fsbo on craigslist? I am not on the MLS.?
I put my condo on the market 2 days ago and have already had a few agents contact me. The purpose of going the fsbo route on craigslist initially was to avoid these fees. My friend who is in real estate said to offer a discounted 1.5% since they sought me out on craigs and since my listing is not on their system. Sound reasonable??????
More details....
It's a prime corner unit in a building where only 2 of this unit have sold in 4 years. I guess its' really relative. If I get full asking, I'll be happy to pay 3%, but not on a low offer. Also our neighborhood is one of the hotter in chicago and has not been impacted by the current market too much. Thanks for answers....keep them coming.
3 Answers
- 1 decade agoFavorite Answer
If there are many condos similar to yours currently on the market, don't even bother. An experienced Realtor will take their buyer to a condo that pays a more reasonable fee. If yours is unique, the Realtor unfortunately may have to take what they can get.
Just realize that if a Realtor does bring your buyer, they work hard for their money. Especially in today's market. He or she will negotiate the contract, set up and attend inspections, watch over the title work and transfer, get the buyer qualified, collect earnest money, review HUD statements, disclosures, etc, etc, etc.
The reason you are a FISBO is to "save" money. That will entail handling all of the legalities, etc.
Good Luck!
Source(s): Laws and customs vary by state. Realtors in my area DO handle all of this and then some. Also, let the buyer choose the title company as long as it is reputable and fees are reasonable. It is the buyer's policy, not the seller's. That is the law in my state. Bad info from someone trolling for business. Stick with a local! - 1 decade ago
1 to 1.5% is a reasonable request. They brought you a buyer right? That is worth something and they are not asking for the full 3% that they would get in a typical transaction. Granted, their fees are negotiable. You can always hold strong on your asking price and see what happens, but, you run the risk of losing the buyer if you need to sell quickly.
As stated by someone earlier...MOST Realtors do NOT watch over the HUD (title company responsibility) or get the buyer qualified (lender's responsibility) or anything outside of the marketing of the property itself. That is just a fact.
As the seller...REMEMBER...you have the right to pick your own Title Company. Do not let the agent stear you. Find a Title Agent you feel comfortable with to do your closing. They will handle all the legal aspects of the closing for you...you do NOT need to worry about that yourself. This is why you want to hire your OWN Title Agent instead of using the buyer Agent's Title Agent.
Source(s): I have 18 yrs of mortgage and title experience. I own a national Title Company and also a Real Estate Investment Company. You can check out www.freetitlequote.com for a title company in your area that you can feel comfortable with. Good luck. - Anonymous1 decade ago
Most buyer agents would sell it for 3%. I would not show for anything less.
