I found I potential buyer of my house. Should I still use a realtor?

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We have not yet signed a contract with our realtor yet. The realtor recommended someone at a local bank to help us get a preapproval for a mortgage loan. We are going to sell our house and buy another one. I talked with the person at the bank for a while. She told me she didn’t want to do this behind the realtor’s back but she has friends who are looking for house in my town at the price range that my house is going to for sale at. She asked if she could give them my phone number. I said yes. She also said they are already preapproved for a mortgage. Now my question is if I should still use my realtor for this transaction or just pay her some sort of finders fee, or don’t worry about her at all. I still have not signed anything yet with the realtor. What is the right thing to do? This is only if these people decide to buy our house.

  1. Reply
    January 27, 2011 at 9:25 pm

    Find a realtor fast. If you don’t know how to do the paperwork then they will be able to handle everything. Better safe than sorry

  2. Reply
    January 27, 2011 at 10:19 pm

    Just be honest with her. Tell her you have a buyer already and ask her if she would be interested in writing the offer and handling the details for say 1% and then help you find your next house. That seems fair.

  3. Reply
    January 27, 2011 at 10:56 pm

    Legally you don’t need to give the Realtor anything. Kinda grey on the right or wrong thing though. Has she put any work into this deal yet? Any money out of her pocket? This point might be mute anyways, have the people even came to look at your home? Just hold off until they do.

  4. Reply
    rod p
    January 27, 2011 at 11:53 pm

    All the realtor does is fill out the blanks in the contract. The real paperwork gets handled by the title company. If the buyer and seller have already connected why pay realtors to fill in the blanks on a couple sheets of paper? Why let them scoop 6% off the table for not doing their job? Go to any title company and ask them for the FSBO paperwork. It has the contract and disclosure statement. I high school dropout can complete this paperwork! Save yourself the money, since the agents have not earned it.

  5. Reply
    Sharon T
    January 28, 2011 at 12:29 am

    It sounds like you have chosen a Realtor but not yet listed the house with that person. You can list it but exclude the interested party (writing in their name). If you sell to them, you will owe no commission. A better idea might be to negotiate a lower commission if that party buys.

    If you don’t use a real estate agent, you should have a good real estate lawyer write the contract and close the transaction for you.

  6. Reply
    January 28, 2011 at 1:05 am

    You don’t need to use a Realtor at all, if you feel comfortable with the paperwork and closing procedure.
    If you have not signed a listing agreement then you are not in any legal obligation with the Realtor.
    Every state is different and you might use a real estate attorney or a title company to handle the closing.

    If you feel confident that the offer they make is a fair price, why not?
    Often buyers will make a lower offer when they know it is for sale by owner because you are not paying a commission to a Realtor.

    Just educate yourself and be careful!

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