Home Buying in Columbus>Question Details

Maria, Other/Just Looking in Pickerington, OH

Seven months ago, I looked at some houses with a real estate agent but didn't buy anything. One of the

Asked by Maria, Pickerington, OH Sat Jan 10, 2009

houses I saw with hime is now a FSBO. The price has been reduced and I think I might like to purchase it. Since I first saw it with a agent, do I need to contact him or has enough time passed that I can contact the homeowner directly?

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Did you trust the agent and feel that the information they provided to you was of value. If the answer is yes -then you should contact them and ask for their professional assistance. The advice and negotiating skills they bring to the table will most likely save you money, time and aggravation. The seller most likely is already offering to pay a co-op fee to an agent who brings a buyer. Beside this property I bet there are also several others that have had signifigant price reductions since you looked 7 months ago. Good Luck either way.
0 votes Thank Flag Link Tue Jan 20, 2009
Maria,

As long as you did not view the home with the listing agent you have no obligation to be in contact with them. Depending on the contractual obligation between the seller and tha agent, there may be an obligation on the part of the seller to the listing agent even though the listing has expired.
0 votes Thank Flag Link Tue Jan 20, 2009
You are under no obligation to use a real estate agent for this purchase. The seller will pay for your agents commission but with YOUR money. Let's say the house is listed at 150k and the lowest offer that seller will accept is 140k. If you use an agent and at a 2% commission, the seller will go no lower than $142,800, which includes the commission to your agent (2% of 140k is 2,800... Add 2,800 to the bottom of 140k). It's a horrible economy and you should try to save every penny that you can.
0 votes Thank Flag Link Tue Jan 20, 2009
Maria:

It depends on what your agency agreement stated between you and the agent that you worked with 7 months ago. There may have been a stipulation that if you buy one of the homes that you saw with him within 6 months or sometimes 1 year, he is due a commission.

If you signed no contract with that buyer agent, then you do not have to contact him. However, the seller would likely cooperate with him/her and pay their fee on your behalf. You may even be able to cut the amount of commission since you have already identified the home and simply need the agent to write the contract, negotiate and coordinate with the lender, title company and inspectors. Possibly a flat fee?
0 votes Thank Flag Link Tue Jan 13, 2009
Maria,

This depends on the agreement he had with te home owners at that time. The best source for accurate information is to contact the home owners and have them refer to their listing agreement. The information should be clearly stated in this document.

Good luck
0 votes Thank Flag Link Sun Jan 11, 2009
Most FSBOs pay a commission to the buyer's agent so I would definitely recommend that you use and agent. If you were happy with that agent, by all means go back to him!! Having an agent gives you tremendous negotiating power that you may not have otherwise. In all probability, he'll more then earn his keep and save you money in the short run and the long run!!
0 votes Thank Flag Link Sat Jan 10, 2009
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