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, Other/Just Looking in 75204

Is it safe to buy a FSBO home, when the home owner is a broker with an active real estate license?

Asked by , 75204 Thu Aug 14, 2008

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Sure. Just make sure that you have your own representation--your own real estate agent--representing you. Don't try to "go it alone." That'd be my advice even if the seller weren't an agent. But since the seller is, you absolutely need someone representing you.

Good luck.
0 votes Thank Flag Link Thu Aug 14, 2008
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
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There is no issue with it. You are aware, it has been disclosed and so therefore you have a good start. I would recommend that you have someone represent your interests in the matter and make certain that you have an ASHI certified home inspector come out to look at the property.

Here are some key questions....

What was the purpose of the house...Was it an investment or his/her residence?
Who did the (if any) work on the house?
Why is he/she selling the house?

I would feel much better buying a personal residence than an investment property, and I would feel much better working with a REALTOR or ATTORNEY on my side of the transaction. It will most likely come out of your pocket, but better spend a few thousand to save tens of thousands.

I hope this helps!!!

Respectfully,

Gary De Pury
Broker~Owner
Bay Vista Realty
Tampa, Florida
Chairman, Communications Committee
Greater Tampa Association of REALTORS
Director, Florida Association of REALTORS
0 votes Thank Flag Link Thu Aug 14, 2008
Dan, I can see your concerns about the situation. Not sure what state you are in, the agents role in the transaction would change state to state. In Louisiana you would have to sign a Ministerial Act stating that the agent is in no way representing you and you are on your own. I believe very strongly in what I do and have been doing for nearly 18 years. I would find me a buyer's agent to represent me in the transaction. I almost always have an agent represent me when I buy a home, and this is what I do everyday. They will be able to negotiate for you on your behalf much better than you will. That way also you will have unbiased recommendations as far as inspectors, appraisers and such. You will have someone in your corner. Understand, I am not saying that who ever the agent is that is selling their home would do anything wrong. I just believe that everyone buying and selling property needs a professional! Real Estate is usually your largest investment. Why would you risk it over a small percentage?
Web Reference: http://www.PaigeWalker.com
0 votes Thank Flag Link Thu Aug 14, 2008
He has to disclose that to you and act in good faith as he was selling any other property with the proper disclosures. I would think it would be safer as they would have to live up to qa higher standard then an average owner. You should feel better. Good luck
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Thu Aug 14, 2008
I would say yes, but... I would make sure that you find an agent to work for your best interests and represent you in the transaction. I would strongly suggest not trying to do it yourself unless you have gone this route before.

If the FSBO is not willing to pay a commission to a co-op agent working for you I would not look further into the purchase.
0 votes Thank Flag Link Thu Aug 14, 2008
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