Can I buy a condo from owner,skipping agent and realtor?
Can I buy a condo from owner,skipping agent and realtor?
I find this owner on caigslist, she already has an agent working for her, it’s a short sale condo. So can I just buy it directly from the owner and bank, skipping agent? In this way, I could pay less, right? Please give me some ideas.
Thanks!
There is no law requiring an agent in a real estate sale. If she already has an agent, the contract she signed probably obligates her to pay the agent’s commission regardless of how the sale is completed. The BANK has already ASSUMED the agents commission in the amount they will accept.
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June 16th, 2010 at 3:35 pm
The seller pays for the agent. Her agent will get paid the entire amount if you don’t have one of your own, or they will split the amount if you do. However, not having an agent is probably not the best way to go. The agent works for you; her agent works for her. If you share her agent, he won’t help you because he can’t do anything that damages her chances of a sale. If she has an agent, why is she listing in craigslist is my question.
Get an agent. Find out if the property for sale is for real. For Sale by Owner and someone listing and saying they have an agent are two different things; and one is questionable. If this is your first time buy property, get an agent, so they can guide you through the inspection, paperwork, title work, etc; and it won’t cost you a penny.
Good luck.
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June 16th, 2010 at 4:11 pm
No, she would be guilty of a fraud. If you planned this fraud, you would be guilty, also. Chances are the criminal part would never be brought up, But there is an excellent chance her broker will start a lawsuit against her for the commissions.
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June 16th, 2010 at 4:39 pm
There is no law requiring an agent in a real estate sale. If she already has an agent, the contract she signed probably obligates her to pay the agent’s commission regardless of how the sale is completed. The BANK has already ASSUMED the agents commission in the amount they will accept.
References :