ok to make direct offer to craigslist seller and using realtor
15 Replies
Karen Young
Investor from Greenville South Carolina and Lihue, HI
posted over 3 years ago
I'd like to make an offer on a property selling on craigslist saying this:
"I'd like to offer $$$, and if this amount is acceptable to you I'll have my realtor draw up a contract"
Similar to a letter of intent, and notifies the seller that I will be using an agent.
Totally not cool or acceptable?
Jason D.
Rental Property Investor from St. Petersburg, Fl
replied over 3 years ago
Robert Hudson
from Crossville, Tn
replied over 3 years ago
Be prepared to pay an extra 3%
Account Closed
replied over 3 years agoIf the seller post it on Craigslist, most likely, the seller want to save the realtor commission.
If you can write the purchase agreement yourself or have the seller write the purchase agreement for you, maybe you are able to save additional 2.5% discount by not using a realtor.
If you use a realtor, the seller need to pay 2.5% commission to your realtor, the seller will make the sale price be 2.5% higher, which means you are the one who is paying for the 2.5% commission to your realtor.
But if you are not familiar with the purchase contact at all, it is worth to pay 2.5% commission to hire a realtor help you through the process.
Richard Rolle
Investor from Bonney Lake, Washington
replied over 3 years ago
Something to think about. As a Realtor, I post all my listings on Craigslist. The reason is for international buyers. Investors in China, India etc have access to CL and the market they are looking for already sorted for them.
If seller is not using a Realtor or offering buyer agent commission, are you paying the realtor a flat fee for writing up the offer?
Richard Rolle
Investor from Bonney Lake, Washington
replied over 3 years ago
deleted repost
Corby Goade
Investor from Boise, ID
replied over 3 years ago
I don't think there is anything wrong with it. Do you have a contract with your Realtor? Has your Realtor been good to you? If so, I'd chat with them about it, you should get some honest advice. I'd be clear in my offer about your Realtor getting a commission in your offer.
James Wise
Real Estate Broker from Cleveland, OH
replied over 3 years ago
Seems fine, just need to know Realtor is going to want to be paid. Gotta figure out who pays and what amount.
Tim Lindstrom
Investor from Douglasville, Georgia
replied over 3 years ago
Perfectly acceptable. I use a realtor for purchases I find via my direct mail campaign. I pay a flat fee of $500 for the realtor to write up the contract, get it eSigned, and handle any issues that come up in closing. THis is after I negotiate the price with the seller. Well worth the $500 for me.
Ray Lai
Investor / Vendor from San Diego, CA
replied over 3 years ago
Why not just get your own license? It's pretty easy and cheap. It's cool you found a realtor willing to do it for a flat fee.
Tim Lindstrom
Investor from Douglasville, Georgia
replied over 3 years ago
I don't want to deal with that. I like having other people doing the paperwork, the demo, rehab, maintenance, etc...
I like finding the deals and negotiating, then I place tenants and collect the rent after everything in between is done.
Wayne Brooks
Real Estate Professional from West Palm Beach, Florida
replied over 3 years ago
@Karen Young Unless you are asking the seller to pay the agent's fee, no need to mention "my agent" as that may make them think they will be paying a fee, just tell them you'll write it up.
Gregory B.
from Brooklyn, New York
replied over 3 years ago
Realtors are allowed to write contracts in certain states? In NY that is a big No-No... practicing law without a license.
Brian Pulaski
Flipper/Rehabber from Montgomery, NY
replied over 3 years ago
@Gregory B. just having moved to NY things are different here than where I came from in CT.
In CT an offer to buy a house usually comes in on a contract. If agreed all parties sign and the house is under contract (could be done in hours or even minutes). In NY, the offer is a submitted on a certain form, and then the sellers attorney drafts a contract at a later date.
In CT my attorney reviewed the contract if I asked them to, however they were usually very straight forward and I never had a need. In NY, an attorney is 100% involved in the contract.
Gregory B.
from Brooklyn, New York
replied over 3 years ago
Originally posted by @Brian Pulaski :
@Gregory Byrnes just having moved to NY things are different here than where I came from in CT.
In CT an offer to buy a house usually comes in on a contract. If agreed all parties sign and the house is under contract (could be done in hours or even minutes). In NY, the offer is a submitted on a certain form, and then the sellers attorney drafts a contract at a later date.
In CT my attorney reviewed the contract if I asked them to, however they were usually very straight forward and I never had a need. In NY, an attorney is 100% involved in the contract.
Thanks Brian, are the forms used basically approved state or local realtor association forms or are they actually drafted by the broker?
Brian Pulaski
Flipper/Rehabber from Montgomery, NY
replied over 3 years ago
@Gregory B. in CT it is a purchase agreement and the ones I have seen have all been standard and more or less the same. Sometimes there are additional pages due to VA or FHA loans, etc... however the basic documents is the same. It is a standard one and the realtor fills in the sections needing info (dates, names, prices, contingencies, etc.). It shortened the timeframe of buying/selling houses in CT verse NY.