Do Buyers hesitate to open up for FSBO?
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13 years ago
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jane__ny
13 years agotinker_2006
13 years agoRelated Discussions
FSBO w/realtor offering to do open house? What's his motive
Comments (10)Happens all the time in the business. Not a bad thing at all if all is agreed upon up front. 1.While the OH is actually going on, the FSBO sign is gone, and any potential buyers that come through the door, and then hires the agent, is working through the agent. Hence the agent would receive the 2.5%. If any of the buyers decide not to sign up with the agent, they could still go directly to the ownwer to present an offer, and the agent gets no commission. 3.He gets to meet actual Buyers (well maybe, my experience is that OH are a long shot)that he can try to capture as future clients... whether it be for his listing up the road, the FSBO listing, or a listing of someone elses across town. He picks up a buyer or two, the owner gets his home featured in an OH for free, the owner now has an agent on his side to let other buyers he comes in contact first know of the owners home... win/win for all. OHs are done primarily so that the listing agent can get thier face in front of actual potential buyers for future business... your listing agent is not holding an OH thinking that your buyer is going to walk through that door. Just doesn't happen too much. Most people that visit OHs are nosy looky - loos, or persons that are just starting thier home search and are probably about 6 months off from purchasing. Good for possible future business for the agent, but holds little promise for the Seller....See MoreFSBO - Buyer's Agent Questions
Comments (9)Why would you want to cut your buying pool in that way? Several buyers (with agents) might both want the house and end up offering more than the commission amount over the best non-agented buyer's offer. It isn't as if you would have to accept their offers. If your house does not get a large enough offer from a non-agented buyer, the names of previously interested parties could prove useful. If your house ends up not selling after it has been on the market for a while, and you then decide to open up to offers from buyers with agents, your listing will be "old" and less likely to get a full-priced offer. The early viewers are often more likely to worry about other offers being put on the table, and take that into consideration when they make their offer....See MoreThought on Buyer's agents for FSBO
Comments (23)Right--the issue is not that anyone would voluntarily take less if they could receive more, but that in many areas, the trend is that buyers "discount" FSBOs and are not willing to pay as much as they would for the same house with an agent. You don't really have any control over that; the best you can do is look at the other FSBOs in your area and see what they sold for relative to the competition. If they are closing at the same prices as homes with agents, you're probably fine. Consider that even if you and your buyer agree that your house is worth, say, $200K, if the buyer has to pay $6K to their agent, they will offer you $194K, because otherwise they're paying $206K for a house they think is only worth $200K. Why would they want to do that, any more than you would want to turn over $6K of your proceeds to their agent? If they're not already working with an agent and are deciding between two houses that they think are worth $200K but for one they could have an agent representing them and for the other they'd have to figure it out themselves, they might well choose the one they could bring an agent to. Now, could be that you just need to get $200K in proceeds and your buyer thinks your home is worth $206K so they're willing to pay your price plus the commission on the side or to be unrepresented because they're getting your house for less than they would otherwise pay. It's just that you don't have much control over that. If there are no agents at all, you may need to be prepared to split the savings with the buyer to get the house sold....See MoreFSBO help for the buyer
Comments (20)"Fantasy prices aren't exclusive to FSBOs. I've seen plenty of realtor listings with fantasy prices too. " There may be a few, but it has always been far better when agents are involved. They tend to try and keep prices more in line since they know they will not be able to close a sale. The FSBO folks are usually trying to capture every dollar they think they can get, and often cannot understand their costs have little to do with the market value....See Moreaaaaaaaa
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