For Sale By Owner When Buying Crested Butte Home
You might come across the acronym FSBO or phrase For Sale By Owner when buying Crested Butte Home. The phrase is fairly self explanatory, this is a home that been put up for sale by the owner and not through a real estate agent. You may be driving around one day and see a for sale by owner sign in the yard and inquire about this home. For Sale By Owner homes may not be found online and will not be in the MLS system. This is because only homes listed by a licensed real estate agent who is a member of the local real estate board will enter listings into the MLS. But what implications does it have for you as a buyer that there is no real estate agent involved on their end? Here are certain things to watch out for and be aware of.
Concerns with For Sale By Owner When Buying Crested Butte Home
Some may think that it is better and easier to buy directly from an owner. But there are some things that may cause concern when dealing with a FSBO home. The seller has decided to go it alone without a real estate agent representing them. Typically this seller will be less educated about the market, and the asking price of their home may not be consistent with the market.
Another side of it is that they will still need to be dealing with your real estate agent. The reality is that there is double the amount of work for your real estate agent because they are typically dealing with an unsophisticated seller. Because the seller is unrepresented there is no listing agent. This is the person who would normally be doing all the work for the seller which your real estate agent now has to do. This is part of the reason that discussing the commissions for the real estate agent is essential.
Commissions and For Sale By Owner Sellers
Your real estate agent can represent you on the purchase of such a home, but like any transaction, they will want to be compensated at closing for their effort. It is customary for the seller to pay commissions out of the proceeds of the sale. Your real estate agent should contact the FSBO seller and ask them up front if they will pay the buying agent’s commission on the transaction.
The seller may say no, or say they will only pay a small amount. Then you as the buyer will likely be subject to pay all or a part of your real estate agent’s commission. You should have a Buyer Agency Agreement signed with your real estate agent, which should have this spelled out. It is in the best interests of the buyer and customary to write the offer contract and specifically state as a part of the offer that the commission percentage shall be paid “by the seller.”
For Sale By Owner When Buying Crested Butte Home Thoughts
I hope you see the level of detail and time and effort I put into this candid article For Sale By Owner When Buying Crested Butte Home. I have become a Top Real Estate Agent in Crested Butte by helping my clients to make informed decisions. Some decisions are not always easy.
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Global Luxury Property Specialist
Coldwell Banker Bighorn Realty
(970) 209-5405, or email@example.com