For sale by owner generally indicates that the seller is not a real estate professional. I believe most people would find it rather odd that a real estate agent would sell their own home outside of MLS and outside their brokerage but to each their own.
Flat Fee to List House for Sale
- Thread starter calvcopf
- Start date
For sale by owner generally indicates that the seller is not a real estate professional. I believe most people would find it rather odd that a real estate agent would sell their own home outside of MLS and outside their brokerage but to each their own.
Goldenhawk
Well-Known Member
Maybe I'm missing something obvious, but I can't see any reason a buyer's agent couldn't freely contact a FSBO and try to get them to sell to their client. I had a realtor call me the other day asking about a private, non-MLS-listed rental I'm offering, and wanted to talk about what we would pay if they brought a client. Same thing for a sale as a rental, I think. The FSBO seller could agree to pay 2-3 percent if they wanted the business, or would be free to reject the request.
LightRoasted
If I may ...
If I may ...
They can, and they should, when acting in the best interests of their client. And on the reverse, say if you did not want to pay the 2-3% fee, and the buyer/renter still wanted it, then it would be the buyer/renter paying that fee. Either way the agent gets paid.
They can, and they should, when acting in the best interests of their client. And on the reverse, say if you did not want to pay the 2-3% fee, and the buyer/renter still wanted it, then it would be the buyer/renter paying that fee. Either way the agent gets paid.
black dog
Free America
Many times I have seen FSBO signs or advertising, at the bottom of the Ad it will state Agent Owned..
LightRoasted
If I may ...
If I may ...
FSBO doesn't generally indicate anything other than an owner selling their house. JHFC! You must practice very hard everyday to be this stupid. Have you never heard of examples? Does someone have to spell out everything in such minute detail so you can follow along? Can you not intelligently read into a statement? Does someone have to hold your pee pee for you while you use the toilet? Wipe your ass for you?
FSBO doesn't generally indicate anything other than an owner selling their house. JHFC! You must practice very hard everyday to be this stupid. Have you never heard of examples? Does someone have to spell out everything in such minute detail so you can follow along? Can you not intelligently read into a statement? Does someone have to hold your pee pee for you while you use the toilet? Wipe your ass for you?
You really need to calm down before you have a heart attack.
I was merely pointing out some information you had omitted.
You must be fun at parties
littlelady
God bless the USA
I bet LR is a hoot at parties. His sense of humor is awesome. Yours not so much. It looks like you are the one having a heart attack. I hope you will be ok. After reading, this thread, my take away from your posts is that you think real estate agents can't sell their own house. My mom was an agent in NOLA, and she sold our house when we moved to TX. What part don't you get?
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Please point me to the COMAR or NAR code of ethics section that makes it so.
They can. They just have to disclose at every step along the way that they are a real estate professional.
The reason for an agent to sell 'FSBO' is to stiff their broker on their point of the sale. The better brokers will forego or discount their commission if one of their agents buys on their own account to avoid that odd looking situation.
LightRoasted
If I may ...
If I may ...
https://www.nar.realtor/sites/default/files/handouts.../nar-fiduciary-duty-032213.pdf
http://law.justia.com/codes/marylan.../title-17/subtitle-5/part-iii/section-17-532/
An agent can not properly do their responsibilities and represent the best interests of the client without presenting all possible properties. Another reason an agent should present all properties is to prevent any appearance of steering. It is a violation of the Federal Fair Housing Law to "steer" a client to or away from a neighborhood. Say in a certain neighborhood that the only homes for sale just happen to be FSBO, (say there are three, even only one would suffice, in a 50 home neighborhood), and the agent does not present them to their client. Now, if their client is black and that neighborhood is predominantly white, or visa versa, that could be argued as a case of steering based on color, discrimination, and that agent would, will, absolutely, without a doubt, lose big time, regardless of intent. So while there may not be a specifically spelled out rule or law, you better believe it is there. Because there is federal law, state law, county law, city law, municipality law. And then there is NAR, MAR, and SMAR, for our area. Any agent that does not present all properties, absent a signed disclaimer to do so, is gambling with their license, and a hefty fine, up to $50,000. Also, there are people out there that plot against real estate agents looking for a big payday just hoping for a screw up so they can file a claim with the Maryland Real Estate Commission or with the Department of Housing and Urban Development, or both. That's all they do, some people. Then there are testers from the Maryland Real Estate Commission trying to trip up agents. There are so many pitfalls for an agent. That is one reason why an agent "must" present all properties, if only to cover their ass.
https://www.nar.realtor/sites/default/files/handouts.../nar-fiduciary-duty-032213.pdf
http://law.justia.com/codes/marylan.../title-17/subtitle-5/part-iii/section-17-532/
An agent can not properly do their responsibilities and represent the best interests of the client without presenting all possible properties. Another reason an agent should present all properties is to prevent any appearance of steering. It is a violation of the Federal Fair Housing Law to "steer" a client to or away from a neighborhood. Say in a certain neighborhood that the only homes for sale just happen to be FSBO, (say there are three, even only one would suffice, in a 50 home neighborhood), and the agent does not present them to their client. Now, if their client is black and that neighborhood is predominantly white, or visa versa, that could be argued as a case of steering based on color, discrimination, and that agent would, will, absolutely, without a doubt, lose big time, regardless of intent. So while there may not be a specifically spelled out rule or law, you better believe it is there. Because there is federal law, state law, county law, city law, municipality law. And then there is NAR, MAR, and SMAR, for our area. Any agent that does not present all properties, absent a signed disclaimer to do so, is gambling with their license, and a hefty fine, up to $50,000. Also, there are people out there that plot against real estate agents looking for a big payday just hoping for a screw up so they can file a claim with the Maryland Real Estate Commission or with the Department of Housing and Urban Development, or both. That's all they do, some people. Then there are testers from the Maryland Real Estate Commission trying to trip up agents. There are so many pitfalls for an agent. That is one reason why an agent "must" present all properties, if only to cover their ass.
LightRoasted
If I may ...
If I may ...
I couldn't really give a f*ck, even if I had any to give, about what you think. Especially since I'm not trying to make a case out of anything. Believe what you will. I'm giving examples of why an agent must present all properties. If you can't see that ... But if you want, under "fiduciary relationship", (Fiduciary Responsibilities);
Reasonable Care and Diligence: An agent is obligated to use reasonable care and diligence when pursuing the principal's affairs. The standard of care expected of a buyer's or seller's real estate broker is that of a competent real estate professional. By reason of his/her license, a broker is considered to have skill and expertise in real estate matters superior to that of the average person. This would be the "must" in presenting all properties.
Or maybe it's,
Disclosure: An agent must disclose to the principal all known relevant and material information that pertains to the scope of the agency. The duty includes any facts affecting the value or desirability of the property, as well as any other relevant information pertaining to the transaction, such as the other party's bargaining position, the identity of all potential purchasers, information concerning the ability or willingness of the buyer to offer a higher price, any intent to subdivide or resell the property for a profit.
Or maybe it's,
Loyalty: One of the most fundamental fiduciary duties an agent owes to the principal. The duty obligates a real estate broker to act at all times, solely in the best interests of the principal, excluding all other interests, including that of the broker.
Now, maybe you are too much of a know it all, and if so, please share with the class, but please let me know of any agents that would do something like this so idiotic so that I might go and set them up for a good payday. Please?
I couldn't really give a f*ck, even if I had any to give, about what you think. Especially since I'm not trying to make a case out of anything. Believe what you will. I'm giving examples of why an agent must present all properties. If you can't see that ... But if you want, under "fiduciary relationship", (Fiduciary Responsibilities);
Reasonable Care and Diligence: An agent is obligated to use reasonable care and diligence when pursuing the principal's affairs. The standard of care expected of a buyer's or seller's real estate broker is that of a competent real estate professional. By reason of his/her license, a broker is considered to have skill and expertise in real estate matters superior to that of the average person. This would be the "must" in presenting all properties.
Or maybe it's,
Disclosure: An agent must disclose to the principal all known relevant and material information that pertains to the scope of the agency. The duty includes any facts affecting the value or desirability of the property, as well as any other relevant information pertaining to the transaction, such as the other party's bargaining position, the identity of all potential purchasers, information concerning the ability or willingness of the buyer to offer a higher price, any intent to subdivide or resell the property for a profit.
Or maybe it's,
Loyalty: One of the most fundamental fiduciary duties an agent owes to the principal. The duty obligates a real estate broker to act at all times, solely in the best interests of the principal, excluding all other interests, including that of the broker.
Now, maybe you are too much of a know it all, and if so, please share with the class, but please let me know of any agents that would do something like this so idiotic so that I might go and set them up for a good payday. Please?
Clem72
Well-Known Member
I know a nice lady who was in no rush to sell her house, and was trying to do it FSBO for a year. The house was a steal (as in listed $10-20k less than comps but had new everything and was always kept clean), but for whatever reason she only got a half dozen people to even look at the place. I assume their must just be a stigma against FSBO (she was listed on the main websites, including the military by owner one).
You may not.
You obviously do care otherwise you wouldn't get your blood pressure up about this.
You use 'steering' under the fair housing act' as a crutch to justify your mistaken beliefs.
The buyers agent has to act in his clients best interest. That's pretty much it, all your acronyms nonwithstanding.
DannyMotorcycle
Active Member
Recently in my search for a property... i saw an ad by a FSBO.. on craigslist. showed it to my agent.. my agent said "they probably wont' even talk to me.. you should contact them".
She is an experienced realtor with a long established company. I doubt she has violated a law or ethics code.. and i do think she would have if i had insisted, or say, asked again.
The story about the paint is interesting.. however who's to say the seller still wouldnt' have done that without asking his agent and still have been held liable.
I think if i were selling a home, i might try the FSBO route and note that buyers agents were welcome with commission.. and price that commission into my price. But also note I have sales experience so i'm comfortable. I also am amazed at how bad some of these listed properties are.... either the pictures are just horrible, out dated, or deliberately hide problems. I see them and think these people should not be realtors. Even in their descriptions failing to use complete sentences, typo's, and listing wrong information.
now if i needed a fast sale, i'd probably hire a sellers agent.
She is an experienced realtor with a long established company. I doubt she has violated a law or ethics code.. and i do think she would have if i had insisted, or say, asked again.
The story about the paint is interesting.. however who's to say the seller still wouldnt' have done that without asking his agent and still have been held liable.
I think if i were selling a home, i might try the FSBO route and note that buyers agents were welcome with commission.. and price that commission into my price. But also note I have sales experience so i'm comfortable. I also am amazed at how bad some of these listed properties are.... either the pictures are just horrible, out dated, or deliberately hide problems. I see them and think these people should not be realtors. Even in their descriptions failing to use complete sentences, typo's, and listing wrong information.
now if i needed a fast sale, i'd probably hire a sellers agent.
LightRoasted
If I may ...
If I may ...
So what's the point of enlisting the services of a real estate agent if you have to do her work? She violated the first rule (article) of the NAR Code of Ethics and Standards of Practice, "Duties to Clients and Customers" Article 1: When representing a buyer, seller, landlord, tenant, or other client as an agent, Realtors® pledge themselves to protect and promote the interests of their client. This obligation to the client is primary, but it does not relieve Realtors® of their obligation to treat all parties honestly. Her response should have been, "Sure, I be happy to contact the owner."
And she violated the obedience clause under Realtors Fiduciary Duties; Obedience: An agent is obligated to obey promptly and efficiently all lawful instructions of his principal.
As an "experienced realtor" she should know better. A talk with her broker or office manager would fix that right away. Either way, do not let her behavior off the hook by trying to reason it away. It is absolutely wrong. If she is like this, what other questionable actions or shortcuts is she taking? If she won't properly represent you in this very simple request, maybe she'll whitewash the seriousness of something else just to close the sale? She is an agent not to be trusted.
So what's the point of enlisting the services of a real estate agent if you have to do her work? She violated the first rule (article) of the NAR Code of Ethics and Standards of Practice, "Duties to Clients and Customers" Article 1: When representing a buyer, seller, landlord, tenant, or other client as an agent, Realtors® pledge themselves to protect and promote the interests of their client. This obligation to the client is primary, but it does not relieve Realtors® of their obligation to treat all parties honestly. Her response should have been, "Sure, I be happy to contact the owner."
And she violated the obedience clause under Realtors Fiduciary Duties; Obedience: An agent is obligated to obey promptly and efficiently all lawful instructions of his principal.
As an "experienced realtor" she should know better. A talk with her broker or office manager would fix that right away. Either way, do not let her behavior off the hook by trying to reason it away. It is absolutely wrong. If she is like this, what other questionable actions or shortcuts is she taking? If she won't properly represent you in this very simple request, maybe she'll whitewash the seriousness of something else just to close the sale? She is an agent not to be trusted.
That was my point all along. Discount brokers and FSBOs are not exposed to the full market. From watching the local market they often sit.
Not sure why the underroasted bean gets herself worked up about this.
DannyMotorcycle
Active Member
If she had tried to steer me away from that property and said something like "I wouldn't deal with FSBO's if i were you because...." say "they always mess something up and you could rack up big lawyers feel getting it settled" or some such.. maybe.. But she has given me warnings and insights on properties that she could have "tried to seal the deal" on and didn't. I'm confident she is a long time realtor for good reasons.
RetiredCPO
New Member
Just wondering, I've researched realtors in the area and all charge 6% minimum. Were did you find one at 3%? Thanks!