I've been with my current agent for about three months. He basically set up his MLS listing account so that
each listing that satisfies my criteria gets forwarded to me automatically. I go through the listing, and asks him to show me the ones that interest me.
Now, I found a house for sale by owner. What do I do? There was no contract in the beginning.
To make things more tricky, the seller is working with a MLS listing service that assists sell-by-owners, so her house came up in the database that my agent uses and was forwarded to me.
I think my agent is not aware of this listing or at least did not make any recommendations to me. I got to know this home through craigslist and street signs and fliers, all combined, first. My friend lives on the same street so I drive by the street often.
We met about 7 times, each time viewing 2-3 houses. What would be the best way to handle this situation?
Joe & Gail are right. I would call your agent and discuss the situation with him. If it is listed in the MLS then they might be offering a commision anyway.
I have met people that have over pid for their homes because they bought through a for sale by owner, don't make the same mistake.
Ask your agent to do a CMA (Comparative Market Analysis) for any home that you are seriuos about, whether it be a FSBO or Listed.
Hope this helps
2 part answer; If you did not sign a Buyer Agency contract, you may not have any obligation to that agent.
If it is listed in the multiple listing then the seller has factored their asking price taking in account the fact that there will be a commission so, why would you not want to have someone represent you and look out for your best interest? Furthermore, when you use an agent to represent you, that broker assumes some liability. If the seller is willing accept an offer that is approx. 10-12% less than asking, there may be some benefit but if the listing broker is going to get 2 commissions and you have no representation, you may be leaving yourself wide open and may even pay more.
Yes, I know all the do-it-your-selfers out there will tell you this is what kind of response you would expect from a real estate agent.
However, if someone is selling their greatest investment themselves, chances are there are many other things that they have done to the house by themselves during the time they owned it. Did they make improvements without getting the necessary permits? Electrical, Plumbing, Decks, etc.
You have to do what you feel in your heart is right. What ever you do, I recommend that you get a good real estate attorney. One that has closed at least 10-20 homes in the past year in the town and county that you want to buy in.
Good Luck!
Thankfully you have a conscience; otherwise, you would not be asking the question. You already know what you should do.
Are you going to do it? That's another question. Realtors work for nothing until they get a deal together. They use their time, their gas and their expertise.
What do you think you should do?
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