Home Selling in 08302>Question Details

Gabymaus2805, Home Buyer in Carol Stream, IL

I am looking to buy a home in NJ. The seller's contract will expire soon and they will do a FSBO.

Asked by Gabymaus2805, Carol Stream, IL Sun Jun 13, 2010

I have not seen the home with a realtor and don't plan on it either.
If the seller sells to me privately after the contract expires with their realtor, will they be obligated to pay the realtor commission. Is there a certain amount of time they will have to wait before doing a FSBO? Thanks

Help the community by answering this question:

Answers

6
Again, please have your friend review the contract but also please keep in mind why the house may not have sold.
It may be a close friend of yours but you still want to make sure the listing price is in line with recent sold comparables.
Price and condition are the number 1 and 2 reasons a house doesn't sell, with market conditions also being a factor.
1 vote Thank Flag Link Sun Jun 13, 2010
Thanks, RIB. And then, explain to the attorney how there was honestly no way the agent was in any way responsible for your finding out about the property being for sale!
0 votes Thank Flag Link Sun Jun 13, 2010
- If in fact you were actually informed by your close friends that they put the house up for sale prior to seeing any advertising of it by the agent, as a buyer, you're exempt from the protection clause.

Here in the Great Pacific Northwest, our listing agreements simplify matters. From this day, until another day, and for six months after that unless you list with another broker after expiration, you sell, we get paid.
0 votes Thank Flag Link Sun Jun 13, 2010
The seller is a close friend of ours. We hadn't planned on moving when their house first listed, but then our family grew (my son came along). The house has been on the market for a little over a year.

If someone offers more money before the contract is up we will lose the house. That's fine, I will keep shopping.
0 votes Thank Flag Link Sun Jun 13, 2010
Wow.
I have nothing against FSBOs and have stated so repeatedly on this forum but regardless about how you feel about realtors, can you imagine putting yourself in this agent's shoes?

Obviously I don't know what kind of job this agent did, I guess the seller wasn't impressed. But regardless, as James pointed out, you found out about the house in some way. There had to have been some marketing and time and effort involved. Now apparently, you and the seller have no issue with waiting so you can make sure the agent gets no compensation whatsoever for their time and money?

I guess, since I don't know the particular circumstances, I should stay out of this one but I wonder how you would feel or the seller would feel if you put months of effort and dollars toward something, just to have people turn around and say, too bad.
0 votes Thank Flag Link Sun Jun 13, 2010
Hey Gaby if you two are getting together to beat the Realtor® out of their money you need to have the seller review the listing contract on how long the protection period is.

By the way how did you find out the property was for sale?
0 votes Thank Flag Link Sun Jun 13, 2010
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer