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  Jul
23
   

REALTOR OR NO REALTOR?

I received a phone call today from a gentleman in New York who had a very good question.  He had contacted a Realtor® that showed him a few properties.  He did not have a “Buyer’s Agency” or agreement with the Realtor®.  A “Buyer’s Agency” is a signed agreement between you and an Agent or Realtor® that they will find you a home and they will receive payment or commission for their services once you close on a home.  He had found a home that was a “For Sale By Owner” or FSBO as is known in the real estate world.  He was appreciative that his Realtor® had shown him properties, but he found this one on his own and was not sure if she should receive some sort of compensation.  My advice is this…and I have done this.  I have had clients that have found a FSBO and I contacted the seller and we negotiated a deal.  I would write up the contract, handle inspections, survey, the buyer’s lender, coordinate the closing and make sure things went smoothly for a nominal fee.   The situation with my clients was a win-win for everyone, especially since the day before closing, someone broke in to the home, did some damage by kicking in a window.  I was there with my contractors, got the damage repaired and passed my contractor’s discount on to the seller.  Realtors® do provide a very valuable service when it comes to buying and selling real estate and I recommend working with one in all facets of buying or selling, even if it is a FSBO.

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