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mishy626
LIF Infant
Member since 5/05 333 total posts
Name:
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Offer on house, what would you do?
Hi Beth,
I listed my moms house fsbo on zillow a few days ago and someone came today to see it. They came with a buyers agent who I believe was a bit shady and tried convincing my mom she had to pay him 2% even though I said she wouldn't work with a buyers agent. To make a long story short the people made a full asking price offer. My mom loved the family and really wants them to have the house. The agent emailed her a bunch of stuff, and wants her to put in writing she will not have a bidding war, and will only take back up offers in case the first family falls through. I told her not to put anything in writing and until a contract is signed not to do anything. I said what if someone offers $50,000 more, wouldn't she take that? She said no because she loves the family. I think she is silly. Any advice on putting anything in writing? Etc. thx so much!!!!!
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Posted 6/12/14 9:06 PM  |
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marianne13
LIF Adolescent
Member since 6/10 887 total posts
Name:
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Offer on house, what would you do?
I wouldn't put that in writing and I've never heard of such a thing. The seller is always free to take another offer until the contract is signed. That's why the buyer has to move quickly and get the inspection done, sign the contract. What if your mom signs this and they don't want to sign the contract for another 6 months?
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| Posted 6/12/14 9:47 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Offer on house, what would you do?
Have the buyers offer 2% more which will cover the agent commission. That can be your counter.
Let the agent handle the transaction and prepare a standard contract. Get an attorney and have the attorney review. Done.
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| Posted 6/12/14 10:30 PM |
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NYCGirl80
I love my kiddies!
Member since 5/11 10413 total posts
Name:
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Re: Offer on house, what would you do?
Posted by ave1024
Let the agent handle the transaction and prepare a standard contract. Get an attorney and have the attorney review. Done.
Absolutely not. The buyer's agent is working for the buyer and your mom has no obligation to sign anything. She can verbally accept the offer (if that's what she wants), and let the buyer's do their inspection. But then you hand the sale off to your attorney who should prepare the agreement. And your mom should absolutely not sign anything without her attorney reviewing it first.
I don't care how much she loves the family, she needs to protect herself.
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| Posted 6/13/14 10:15 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Offer on house, what would you do?
Posted by NYCGirl80
Posted by ave1024
Let the agent handle the transaction and prepare a standard contract. Get an attorney and have the attorney review. Done.
Absolutely not. The buyer's agent is working for the buyer and your mom has no obligation to sign anything. She can verbally accept the offer (if that's what she wants), and let the buyer's do their inspection. But then you hand the sale off to your attorney who should prepare the agreement. And your mom should absolutely not sign anything without her attorney reviewing it first.
I don't care how much she loves the family, she needs to protect herself.
Um.... That's why I said to have an attorney review the contract.  As long as the attorney OKs the contract it should be fine. Have the buyers add 2% to cover the cost of their agent and it should be fine.
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| Posted 6/13/14 10:30 AM |
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NYCGirl80
I love my kiddies!
Member since 5/11 10413 total posts
Name:
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Re: Offer on house, what would you do?
Posted by ave1024
Posted by NYCGirl80
Posted by ave1024
Let the agent handle the transaction and prepare a standard contract. Get an attorney and have the attorney review. Done.
Absolutely not. The buyer's agent is working for the buyer and your mom has no obligation to sign anything. She can verbally accept the offer (if that's what she wants), and let the buyer's do their inspection. But then you hand the sale off to your attorney who should prepare the agreement. And your mom should absolutely not sign anything without her attorney reviewing it first.
I don't care how much she loves the family, she needs to protect herself.
Um.... That's why I said to have an attorney review the contract. As long as the attorney OKs the contract it should be fine. Have the buyers add 2% to cover the cost of their agent and it should be fine.
RE agents do not write or facilitate contracts to purchase a house. Ever. They are not attorneys.
Further, it is customary for the seller's attorney to draw up a sales contract so that's why I suggested starting there.
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| Posted 6/13/14 10:55 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Offer on house, what would you do?
it is perfectly normal for an agent selling a FSBO to add the 2% into the purchase price
example- asking price- $300K
my buyer offers $306k with $6K coming back to me at the closing
it's the buyers money - not the sellers money- if the seller nets what they want it really doesn't matter
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| Posted 6/13/14 11:28 AM |
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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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Re: Offer on house, what would you do?
Posted by NYCGirl80
Posted by ave1024
Posted by NYCGirl80
Posted by ave1024
Let the agent handle the transaction and prepare a standard contract. Get an attorney and have the attorney review. Done.
Absolutely not. The buyer's agent is working for the buyer and your mom has no obligation to sign anything. She can verbally accept the offer (if that's what she wants), and let the buyer's do their inspection. But then you hand the sale off to your attorney who should prepare the agreement. And your mom should absolutely not sign anything without her attorney reviewing it first.
I don't care how much she loves the family, she needs to protect herself.
Um.... That's why I said to have an attorney review the contract. As long as the attorney OKs the contract it should be fine. Have the buyers add 2% to cover the cost of their agent and it should be fine.
RE agents do not write or facilitate contracts to purchase a house. Ever. They are not attorneys.
Further, it is customary for the seller's attorney to draw up a sales contract so that's why I suggested starting there.
Where did anyone say that the RE agent would write the contract?
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| Posted 6/16/14 7:28 AM |
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BabyBoy
is Skylar Elizabeth
Member since 5/05 4189 total posts
Name:
Tom
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Re: Offer on house, what would you do?
Posted by Mrs213
Posted by NYCGirl80
Posted by ave1024
Posted by NYCGirl80
Posted by ave1024
Let the agent handle the transaction and prepare a standard contract. Get an attorney and have the attorney review. Done.
Absolutely not. The buyer's agent is working for the buyer and your mom has no obligation to sign anything. She can verbally accept the offer (if that's what she wants), and let the buyer's do their inspection. But then you hand the sale off to your attorney who should prepare the agreement. And your mom should absolutely not sign anything without her attorney reviewing it first.
I don't care how much she loves the family, she needs to protect herself.
Um.... That's why I said to have an attorney review the contract. As long as the attorney OKs the contract it should be fine. Have the buyers add 2% to cover the cost of their agent and it should be fine.
RE agents do not write or facilitate contracts to purchase a house. Ever. They are not attorneys.
Further, it is customary for the seller's attorney to draw up a sales contract so that's why I suggested starting there.
Where did anyone say that the RE agent would write the contract?
Well, the buyers agent wants some type of commitment doc signed and i believe AVE's words were taken the wrong way as he next commit clarifies what he was saying.
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| Posted 6/16/14 7:52 AM |
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