I just answered this question for another seller. I don't like this sceanerio and I would be very careful to open my home to anyone who claims to be an agent with a buyer.
Real Estate contracts are legally binding agreements which will address all issues of your sale, including commission issues.
I would highly recommend getting a second opinion of what your home is worth before pursuing this option. Feel free to call me or email me anytime and I would be happy to prepare a detailed home comparative market analysis for you, this way you can truly make sure they are not taking advantage of you.
Have a good day,
If you want to get top dollar you should be on the market! WOW! If someone is bringing you offers and it's not on the market then it smells fishy or you must have one amazing house. To get the best price for your house why not list it if you are considering selling or your'll get bottom feeders!
I am always here to help. Just sold a home nearby :)
The Carrabba Group
Keller Williams Hollywood Hills
Customs are meaningless, what does the contract say? Unless the contract indicates you owe a commission or feel very generous, I don't know why you would owe one.
When I've done similar situations, I either have a buyerâ€™s agency agreement with my client indicating that they will pay me or it is clearly spelled out in the purchase & sale contract that X% of the purchase price is due to me for bringing all parties together.
Even without a contract you and the agent that came to your door can be in an "agency" situation. Words and actions which lead the principal (buyer or seller) can create agency. This is "Implied or Accidental" agency. This can have consequences for both parties.
Get something in writing to avoid confusion:
If you sell the home through another agent to the buyer that the original agent brought to you, it is possible that a commission will be owed to that original agent. If you do use a different agent which may be a good idea, let the new agent know how the transaction began. An addendum may be used to clarify who is the listing agent and who is the selling agent and eliminate any confusion with regards to commission.
If you sell the home without the use of an agent and something goes wrong that causes you damage of some sort, it is possible that that original agent could be liable for the damage due to his initial contact and instruction to you.
Just some FYI!
Steven Anthony Realty
Best of luck to you!
It's customar for the seller to pay for professional services.....nationally these fees cover a range of between 5 and 9 percent and involve a wide range of services. These fees are traditionally shared between the two parties involved in the sale ..buyer's agent and seller's agent.
If an agent is bringing you a buyer it would be fair to expect that you would not be responsible for a listing portion of the common fees. Thus, it would be fair to assume that you could easily build a case for paying professional fees in the range of 2.5 to 4 percent.
Whatever you do be certain this is agreed to and in writing before entering into a contract to sell.
We hope you find this information helpful.
It all depends. In most instances the seller signs a listing agreement with a Realtor and agrees to apy a percentage of the sale price as commission. That percentage is split between the sellers agent and the Buyer's agent equally.
In your case the buyer's agent brought a buyer to you and asked if you woudl liek to sell to them... it will depend on if he has you sign an agreement to show the home and how much of a commission he puts in. or you can tell him that it is the buyer's responsibility to pay his commission because you were nto actively marketing the home for sale.
Commissions are negotiable. If you decide to sell off the market, ask the buyer to pay since they'll essentially have no competition buying your home.
You may want to consider getting an assessment of your home's value from a Realtor. If you'd like a complimentary one, contact me before you move forward with this buyer.
If you are seriously considering selling your home to this buyer, who is representing your best interest? The buyer has an agent. Ask yourself if you need representation too.
If you choose to pay, the question is how much? You'll get all kinds of different answers. My opinion: I'm not paying someone who came and knocked on my door with a buyer the same commission I'm paying someone when I will be expecting them to market my home until it sells. The end goal of the job is the same, however the means to that goal are very different.
Most FSBOs are open to paying a buyer's agent a commission for bringing a buyer. It makes sense because without them there might not have been a buyer. Without a buyer, you're not moving on to the next step in life. Your case could be unique because you may not need or want to sell.
Ultimately, who pays the commission is up to you. If you want to sell, consider paying it because the buyer might move on. If you don't need or want to sell, put it one the buyer and see how bad they want the home.