Buying A Home
Dear Community,
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Realtor dilemma - ethical question
We've been talking with a realtor about listing our house for sale. So far, she's printed up comps for us, walked through the house, and probably spent 2 hours talking with us. She is also someone we've known for a few years. We've not signed a contract with her. Just have an informal understanding that when we're ready in a couple more weeks, she'll get the listing.
So here's the dilemma. Our friends mentioned that they might like to buy our house! They'd like to avoid using a realtor, just use real estate attorneys to work on the deal. What would you say to the realtor/friend and what would you DO?
Re: Realtor dilemma - ethical question
At this point, the realtor hasn't done any more for you than any realtor would do to try to get the listing. We've met with numerous realtors before we listed - they all did the same thing. They understand that it is part of the job.
That said, if you can sell the house to your friends without paying fees, etc....DO IT! Remember, average realtor fee (in my area anyway) is 5% of selling. Calculate that cost and decide if you want to throw that money away.
I would thank the realtor for her assistance and then let her know that you have an interested friend and will be doing a FSBO transaction instead. Assuming you'll be purchasing a new home, let this realtor work on finding your new home and earning her commission that way.
Good luck on the sale!
I agree with jsugrin. Offer the realtor 1% as a facilitator fee. They have probably helped you determin price and counciled you on selling. They have done some work. They will also do more if they facilitate, there are inspections and appraisals to go through. I'm a broker, I agreed to help a buyer for a steep discount because they had already found the house. It was one of the toughest closings I've had to deal with due to the fact it turned out the seller had also signed a contract to purchase with another buyer. My client ended up with the house, My point is, things can go wrong and when or if they do, it is nice to have someone by your side who has been through it. The Realtor may just help you keep your friendship through closing.
Edited by moderator. Against TOS.
Sign the contract and list the house as if you would normally. Have her write in a clause that if this friend buys the house the commission will be reduced by whatever %. As a Realtor, I hear this from time to time that they have a friend that's interested. There are so many hurdles including financing, etc. these days that make this a slim chance of your friend actually buying your house. I wish you luck in a quick sale.