Question Details

Thomas T,  in 22031

FSBO - How to handle the situation that your client asks u to paperwork as FSBO

Asked by Thomas T, 22031 Wed Nov 19, 2008

Hi,
I have a client who would like to sell her house and asks me to CMA so that she can review and comes up with a selling price. I did not complete a discussion with her to list her house yet. I recently received her call to tell me that she found a buyer and didnot want to list to mris. She still wants me to take care of all paperwork to help her and new buyer to the settlement.
What should I do in the case? if I process with the paperwork without listing her house (obvioustely she found a buyer and no need to list it) Am i in any of violations with my broker in term of business agreement, compensations?
I'm totally a new agent and did not have any transaction, please give me some experiences and advices. Thanks you all

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Answers

5
Virginia allows this, but you need your broker to be involved. The broker must allow this "limited service" type of agreement, and help you understand the pros/cons of acting as a dual agent or just seller agent.
0 votes Thank Flag Link Fri Nov 21, 2008
Thomas:

If I read you right, this will be your first transaction. The good news is Virginia allows you to do this, secondly the experience gained by acting as a transaction broker you will gain incredible experience by doing this. I suggest you perform all the duties normaly associated with dual agency that come after the contract is ratified. It will cost you a few hours and a few dollars but the opportunity to develop a system to get to settlement is priceless.

Discuss it with your broker and then with the seller and hopefully you can come to a simple dollar figure. Think of it as training and ask your broker to watch and follow it through with you.
0 votes Thank Flag Link Fri Nov 21, 2008
Your Broker is there to help and guide you through every step you should always ask them for advise. If you feel you can't talk to them find another broker. I would do the transaction as a flat fee but I am in florida and have a little room because of my commision schedule with my broker.
0 votes Thank Flag Link Thu Nov 20, 2008
Hi Thomas,
I think it depends on your state laws, check with your broker. I did this once before and charged a commission fee of 2% and made sure all the disclosure forms were signed and that both parties acknowledged that I was being a transaction broker and didn't represent either side. I simply got paid to do the paperwork and it worked out well. Actually, my firm got paid and then disbursed to me. Good luck!
0 votes Thank Flag Link Wed Nov 19, 2008
In the state of CA, your broker must receive the compensation directly, then pay you.

Keep in mind that you are responsible for both sides of the paperwork (including errors and ommissions) and your broker may not approve of this.

Selling a home is not just about finding a buyer...it's about all of the contracts, paperwork, disclosures, and negotiations that go on after the fact, I personally would not do this. Talk to your broker first. (And welcome to the business!)
Web Reference: http://www.cindihagley.com
0 votes Thank Flag Link Wed Nov 19, 2008
The Hagley G…, Real Estate Pro in Pleasanton, CA
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