FSBO Realtor fees and closing costs?

FSBO Realtor fees and closing costs?

Sandusky, OH · Member since 2017 · 13 posts · 2 votes

We have been looking for properties for a while now with our realtor, but just recently found one through a family friend who is selling it FSBO, and we are looking to purchase it to make it into a vacation rental. I'm just wondering if the process functions any different on our end with our realtor since we are communicating/negotiating directly with the sellers on price (how involved does our Realtor get when they are selling it FSBO?) Our realtor said she can put together the FSBO paperwork, but are there different fees (or cheaper?) involved that we would owe our realtor compared to a normal real estate transaction? Are closing costs any different? Thanks all!

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Investor · Columbus, GA · Member since 2014 · 2k+ posts · 1k+ votes
8y

You should have signed a buyer broker agreement. On that agreement, it should say something like if the seller does not agree to pay a commission, then you agree to pay them. It should also say that even if you find the property yourself, your agent is owed a commission because they are dedicating time and expertise to assist you in your purchase. If you do not have a buyer broker agreement, then the agent messed up.

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  • Investor · Columbus, GA · Member since 2014 · 2k+ posts · 1k+ votes
    8y

    You should have signed a buyer broker agreement. On that agreement, it should say something like if the seller does not agree to pay a commission, then you agree to pay them. It should also say that even if you find the property yourself, your agent is owed a commission because they are dedicating time and expertise to assist you in your purchase. If you do not have a buyer broker agreement, then the agent messed up.

  • Rental Property Investor · Brookfield, IL · Member since 2017 · 88 posts · 17 votes
    8y

    Zach, I'm interested to see how it's all working out for you. I'm looking into a possible FSBO deal right now. What steps have you been through?

  • Specialist · TX · Member since 2010 · 64 posts · 29 votes
    8y

    Anthony's advise is good but also you can also negotiate the Realtors commission or payment.  

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