This is the fourth article in a blog series on buying a condo for sale by owner. So far we’ve covered Part 1, Part 2, and Part 3.
Buying a Condo for Sale by Owner – What Happens When a Buyer Agent Represents You?
If a FSBO seller offers a buyer agent commission, the offer, contract, contingency, and settlement procedures will be similar to any other real estate contract, with the exception of the buyer agent negotiating directly with the seller instead of a listing agent. The main difference is that FSBO transactions can be more hectic than regular transactions, mainly because many FSBO sellers don’t know how contract and contingency processes work, so they often don’t do a good job of staying on top of their responsibilities during the sale of the property.
If you’re interested in buying a FSBO property and the seller isn’t offering a buyer agent commission, you have a couple options:
1) If you’d still like me to represent you in the transaction, you could pay my brokerage a buyer agency commission (Any commission is always split between the agent and their broker – as a real estate agent, I don’t earn a salary, but rather work solely on commission). The buyer agency commission would by no means have to be the full commission that is common for buyer brokerage representation - we could discuss a reduced rate for the buyer agency commission.
Read Part 5 of my blog series on buying a condo for sale by owner.
Are you thinking of buying a condo in Northern Virginia, but you’re not sure where to start? It’s important to work with an agent who has a lot of experience with condo sales, as these types of sales are very different from single family and townhome sales. Call me at 703-462-0700 or email me at DarrenRobertsonHomes@gmail.com so I can go to work for you!