Many realtors will work with for sale by owner (FSBO) home purchases as specified in the terms of the buyer-broker agreement signed by the buyer. This contract should contain the details, including the amount of fees the buyer would need to pay their realtor for handling the purchase of a for sale by owner property.
Other realtors may steer away from for sale by owner, only agreeing to show such a property if inventory in the desired market is sparse or if a particular for sale by owner home is exceptionally well priced.
You may want to ask this question directly to the realtors you are considering working with if buying a for sale by owner home is an option you would like to have.
Fees to the Realtor
Typically, a buyer-broker agreement covers any and all real estate purchases a home buyer makes within the contract’s established duration. Many buyers will tell their realtor about the for sale by owner home they wish to buy and ask them to help with the transaction. You may think that processing a for sale by owner sale transaction will be simple to navigate, but this is not necessarily the case.
Buyers typically discuss the fees their realtor will expect to be paid should the buyer find a for sale by owner home they want to purchase. If not, their buyer-broker agreement should stipulate the agent’s terms in this situation.
In some cases, a realtor may also request a commission from the seller when helping a client purchase a for sale by owner home. If the seller agrees to pay this commission, but it is less than the fees specified in the buyer’s agent contract, the buyer’s realtor might be willing to waive the difference. If not, that amount may fall on the buyer to pay. Alternatively, the buyer could ask their agent to add the realtor’s fee to the purchase price offer to the seller.
Consulting directly with the realtor and reviewing the terms of a specific buyer-broker agreement could help you understand what fee structure may apply to a for sale by owner home purchase with a specific realtor.
To consult with an experienced for sale by owner lawyer today
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A Real Estate Lawyer May Be Able to Advocate for You
The process of purchasing a new home can be complex, especially if a realtor is unwilling to work with a for sale by owner listing. Setting the terms of your buyer-broker agreement, or even engaging in a real estate transaction with a homeowner who is not a real estate professional, can put a lot riding on important legal documents.
Many buyers choose to work with a real estate lawyer in this situation. A real estate lawyer is a third-party advocate for you, who can review documents and give you clear, unbiased legal advice surrounding your options.
Call Bogin, Munns & Munns May Today
Buying a home is a major investment. It is understandable that anyone putting so much of their assets on the line would like professional legal guidance regarding the process to help them understand all options that are available, prepare and review documents, anticipate complications, and more.
A real estate lawyer can give you real estate counsel to help you make sound decisions in the sale or purchase of a property. The legal team at Bogin, Munns & Munns can handle virtually every aspect of these often-complex transactions—all the way up to closing.
We work with individual buyers who are looking for a residential home, and we also work with large developers. Whether your realtor will work with for sale by owner or not, we may be able to help you.
Bogin, Munns & Munns can also assist homeowners who are selling their own homes without the help of a realtor but would still like professional guidance with paperwork, applicable laws, process questions, and more. We can also review your contracts to determine if they meet your needs, or if they require modifications.
Our firm has been in the business of serving the people of Central Florida with legal representation in a wide variety of practice areas. We proudly serve our clients in 13 locations across Central Florida, including Orlando (main office), Clermont, Cocoa, Daytona, Gainesville, Kissimmee, Leesburg, Melbourne, Ocala, Orange City, St. Cloud, Titusville, and The Villages.
To learn more about our services and to discuss your real estate needs with a member of our team, call Bogin, Munns & Munns today at (855) 686-6752.
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