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Who Pays Realtor Fees For Sale By Owner | How Does FSBO Work For The Buyer | Houston Texas - YouTube
Channel: Jennifer Yoingco, Houston Suburb Real Estate
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Hi Jennifer Yoingco of Texas Home Group
I've been getting a lot of questions
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lately from buyers who are interested in
purchasing properties directly from
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owners in real estate terms this is
called for sale by owner FSBO or
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pronounced as fizbo. It is a type of
sale wherein the property owner is not
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engaged to representation of an agent
nor a broker to save on Commission and
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increase your profit. Sounds good right?
But what if you have been working with a
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Realtor for quite some time and you're a
buyer and then you found a home that you
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extremely like only to find out that it
has a sign that says for sale by owner
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what will you do
who will pay for the realtor fees? How
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does FSBO work for home buyers we will
address these questions today, so stick
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around
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if you are new to my channel welcome I
talk about all things Real Estate
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neighborhood tours and tips that are
useful for first-time homebuyers
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experienced homebuyers home sellers
landlords and renters who are looking to
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relocate to the greater Houston area.
Watch until the end of this video so you
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can get free access to my 7 Tips for
a fast sale
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I created this just for you let's now
dive into our questions for today
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question number one, let's say you have
been working with a realtor for quite
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some time then one day while driving
around in a certain neighborhood you
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found a home that you fell in love with
right on the spot the problem is the
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sign says for sale by owner what will
you do I suggest that you check your
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buyer's broker agreement or contract
that you signed with your realtor in
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most cases it will cover all purchases
by the buyer during a specific period
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usually can go from 30 days up to a year
in that case contact your realtor and
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let them handle the transaction on your
behalf what if the contract states
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otherwise or what if you did not sign
anything I'll still suggest that you
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engage the services of a real estate
agent not because I am a realtor myself
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but because it will save you a lot of
time and headache and effort in doing so
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in the long run it is better to get
representation purchasing a home is one
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of your biggest assets
you will need a competent real estate
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agent working on your side and who will
assist you during the process. Question #2
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who will pay the realtor fees
first check if the seller will agree to
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cover the cost although they might want
to increase their profit most of them
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will cooperate with a buyer's agent to
facilitate a smooth transaction and
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ensure the buyers eligibility to acquire
the property your real estate agent will
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provide the FSBO seller with a
document to sign by the way a disclaimer
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that I'm not a licensed attorney seek
legal advice if needed this is for
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informational purposes only. The document
is called registration agreement between
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broker and owner. This document will show
as to who is responsible for paying the
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brokerage Commission seller or buyer if
the buyer decides to choose the FSBO
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not represented by an agent the FSBO
owner needs to sign the document. In
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addition the buyer needs to sign a
buyer's representation agreement to
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further clarify that if the FSBO seller
refuses to pay the commission the buyer
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may be responsible for payment based on
the sign representation agreement if you
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had signed an agreement with your agent
this may mean you are bound to pay your
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broker regardless of who found the
property or whether or not the property
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owners are represented by an agent. In
this case work with your agent discuss
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how you could go about the situation in
most cases the commission is often added
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to the sales price or incorporated into
the offer in this way it will be paid
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from the proceeds at closing and it will
not increase your costs. Question #3
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so how does this will work for
home buyers
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for us to understand how this will work
let us first discuss the entire home
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buying process. The first thing to do
after you decide to acquire a property
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and if you do not have enough cash to
buy one is to get pre-qualified and our
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pre-approved for a mortgage credit then
you could go ahead and search for your
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dream home at that point it is best to
acquire the services of a real estate
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agent or broker why a competent agent
can provide you with helpful information
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and homes that are not readily
accessible to the public especially you
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like coming soon listings that are not
available in the public but are
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available online for agents alone, now
when you finally find a home that you
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really like you can make use of their
negotiating skills in making a fair
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offer based on comparable homes in the
same neighborhood once the seller
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accepts your offer your realtor can then
assist you in doing your due diligence
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and that is to recommend you home
inspectors if you have your trusted home
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inspector feel free to use them. The goal
here is to check the total condition off
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the house if any structural defects are
found or if repairs will be needed your
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realtor can really go she ate to offer
for you after final negotiations are
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made and both parties are moving forward
then you can work with your lender and
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provide all the needed items to get into
underwriting approval if it is alone
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appraisal needs to be ordered by the
lender this will also be the best time
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to shop for home insurance, home warranty
and more your realtor can also assist
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you in this process by pointing you to
the right people they can also help you
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understand the final terms of the loan
before the sale is closed
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Now can you imagine doing all that by
yourself before you think of doing away
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with your broker's commission think of
the value that they can bring to you.
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Think of all the help and guidance you
can get in every step of the buying
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process you do not only have someone as
an informational resource but they could
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also be or serve as your trusted advisor
they'll not only save you time but also
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can save you money in the long run
remove the realtor in the picture, then
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there you have it that's how FSBO works
for home buyers you will be dealing with
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a FSBO directly and if you are not
aware on what needs to be done you will
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likely be frustrated. I'm not saying that
there is no successful transaction when
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working with a FSBO directly without
using a realtor for sure there is but
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you can also see some nightmares out of
that right I only want to point out that
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it is recommended that you seek the
services of an agent. I hope you have
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learned a lot in this video. If you are
looking to relocate here in the Greater
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Houston area and have questions feel
free to complete my online home buyers
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questionnaire down below. If you are a
home seller and have questions about the
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home selling process, complete my online
home seller questionnaire. I have a no
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pressure approach think of me as your
consultant and trusted advisor. If you
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have any topics that you would like for
me to include or to cover in my next
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video indicate it in the comments line
below don't forget to subscribe to my
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channel to be part of my insider lil
estate tips and secret. Hit the like, and
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notification bell to receive
up-to-the-minute videos every Tuesday
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again this is Jennifer Yoingco, you
are my priority for anything real estate
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serving Houston, Tomball, Spring and the
surrounding cities. I'll see you next
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Tuesday bye.
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