Need help with process for first cash transaction
HI BP,
I have always used the traditional way of buying and selling with mortgages, so I have not completed a cash transaction. I have a property in CO on the market with a Realtor, but I have someone I found on my own who is interested in paying cash for my rental.
How does this work from the buyer's perspective? I understand I could use a transaction broker with a neutral party, but that is not ideal since I already signed with my Realtor and I want representation. I pretty much found the buyer and we agreed upon a price, but they want to see the property. If I to pay a Buyer's agent and my Realtor, then I am up to 6% commission, which I was trying to avoid with a cash offer.
Does the buyer need an agent? Are there other options for the buyer without using a buyer's agent where they are still represented in some way for inspection and closing? Or should I use my Realtor as a transactional broker? I just want it to be fair for all. I also want this knowledge for when I am making a cash offer from the buyer's perspective.
Appreciate any advice!
Most Popular Reply
@Julie Sisnroy you can have your agent represent you and treat the cash buyer as a customer (as defined by the Colorado Real Estate Commission Docs). You do not need ot pay 6% unless your sellers agent agreement states that, and even if it does, everything is negotiable. I often make offers on MLS listed properties directly to the listing agent and ask they treat me as a customer, in order to provide a higher net price to the seller, making my offer more attractive.