Posted by: Roby Robertson | September 25, 2008

Dang, Found a FSBO now what? Your Lake Norman Agent Responds

Even buying a FSBO around Lake Norman, you should make sure you have representation

I can’t take full credit for this idea.  I have experienced this situation in the past but had never thought of writing about it until reading an article at Inman News.

A Realtor has shown numerous homes to a client over a period of time. The broker/client relationship was very good.  However, the client found a FSBO that they loved.  They called the seller and made an offer.  Again the broker/client relationship was very good, so the client had a bad feeling of guilt.  So, they asked, does the agent deserve compensation? 

This type of situation is a sore spot with many real estate professionals. Your Realtor devotes many hours to your search for a home and now will receive nothing for those efforts. Unless you have a contract with him, you are under no obligation. In NC, we have a buyers agency agreement that assists us with making sure we get compensated for our efforts.  

The seller in this case is clearly under no obligation to pay a real estate commission, nor is it likely that he would be willing to pay one. So there’s probably no way to involve your Realtor in the current transaction.

The most fair and respectful way to have handled this situation would have been to inform your Realtor of your interest in the property, rather than contacting the seller directly. The Realtor could then have called the seller and said, “I have clients who are interested in your home. Would you be willing to pay a reduced commission if I bring you an offer?” At that point, the seller could have accepted or declined. Most times they agree.  They understand that having a realtor facilitate things will make the transaction go much smoother.  However, If he/she had declined, you would have been free to make your own offer, and there would have been no misgivings about your relationship with your agent. 

Allowing your Realtor to contact the seller is the right thing for at least two reasons.  One, your realtor has worked hard for you and has your best interest at heart.  Two, you need representation so potential pitfalls don’t reach up and bite you!  There are coutless stories of transactions going bad and your realtor can prevent this from happening.

If you would like information about any of our fantastic Lake Norman Communities,just call your Lake Norman agent at 704 451 7051 or contact by email.

See Also:

Be The First To See Lake Norman Hot New Listings as soon as they become available.

What would my Lake Norman Home Sell For?

Why Lake Norman is such a great Destination

Roby Robertson

 

Saving My Clients Thousands

Broker/Owner

 

Real Living In Style
Davidson NC

 

roby.robertson@realliving.com
www.LakeNormanRealLiving.com

 

Ph: 704 451 7051
Fax: 704 892 9766

Committed to Saving My Clients Thousands When Buying and Selling Real Estate


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