Many home sellers who list their homes For Sale by Owner decide they are better off accepting buyers brought to them by real estate agents. These buyer agents usually get a 3% commission for bringing buyers to the FSBO home seller.
The home seller thinks the 3% commission is worth it, and at least they will have saved one-half of the customary 6% Realtor commission. This is not a bad strategy if it means getting your home sold more quickly at a good price.
However there are some complications that can arise with this approach, and the FSBO home seller needs to work these out in advance of signing any agreements with buyer agents.
The main complication that arises and must be planned for is the complexity in determining when a buyers agent is entitled to a commission. Without clear guidelines in the contract the home seller has with the agent, there can be misunderstandings.
The last thing you want when selling your home FSBO is to have a real estate agent tell you that you owe him or her a commission when in fact you believe you do not. This can lead to nasty legal conflicts which you want to avoid at all costs.
The best thing to do is to talk to your real estate lawyer first. You cannot do a FSBO sale without an attorney anyway. The attorney should review and advise on the terms of all contracts with buyers’ agents before signing anything.
The simplest way to approach the problem is to require that a buyer’s agent be present at your home with a prospective buyer in order to receive a commission. You should also require that the buyer’s agent and prospect register with you and record the date and time of the showing.
You will need to keep a record of all home showings by buyers’ agents, including the names of the prospective buyers. If you do this you will avoid any confusion as to when to pay the agent a commission or not.
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Source by Leo J. Vidal