Newsgroups: misc.invest.real-estate alt.invest.real-estate.methods alt.org.natl-assn-mortgage-brokers
Subject: Re: Do I have to pay buyer's commission?
From: "NOYB" 
Date: Sun, 10 Jul 2005 03:42:42 GMT


On  9-Jul-2005, "Richard"  wrote:

> My buyer has an agent who has prepared the contract but did not show
> them the home.  I am FSBO.  I have not signed the contract yet.  I
> listed it as 2% in MLS via a real estate broker.  Can I change it to 0%
> or 1% prior to the contract?  Do I have to pay the commission or ask
> the seller's to pay it?  I ask because the buyer agent did no work to
> find the home for the buyers.

Just use common sense. You said the buyer's agent "prepared the contract
right?" How can you say they did no work? Then you say you are a FSBO but
you say it was listed by a "real estate broker." If the buyer's agent sent
the buyer to you they are legally the "procuring cause." The fact that they
prepared a contract seals the matter. You don't have a contract with the
listing agent? Nothing gets entered into the MLS without a contract. What
does the contract say? If by some slim chance you have nothing in writing
with anyone you can prepare your own contract and probably screw everyone
and get away with it.

As it is, you're a fool for putting it on the MLS for 2% rather than 3%. If
you did it right you would have gotten 10-20% more for you home. I suggest
you cancell eveything, hire a full service realtor and add 20% to the asking
price of your home.

The bottom line is, if you were the agent, how would you feel? What would
you do about it? If you did that to me I'd turn your public records and
credit to trash. Lucky for you most don't know how to, or have the
motivation to do so.

All the best,

NOYB