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Originally Posted by DETRoadster
We've wondered the same thing. Crazy market here in Seattle and we'd love to eek out as much as we can from the sale to fund the new house. Our situation is a little unique in that we have good friends who want to buy our house, and, my Mother in Law is a recently retired agent who will help us with the paperwork. Please keep us posted so if you do go through with it we can learn from your adventure.
From my perspective there's a couple reasons to go with a realtor and avoid FISBO:
1) Better exposure, marketing, etc. through the MLS.
2) General distrust of FISBO by buyers who dont want to deal with any possible hassles. IOW, what's in it for ME as a buyer?
3) Anonymity in the transaction. With FISBO you've gotta deal with the buyers 1v1.
4) The paperwork and legal hassle. Yes, it's all boiler-plate stuff but do you know every document that's required by your state, where and when it must be filed? I think this is the part that freaks out most potential FISBO folks.
5) In my state, the seller pays the buyer's agent fees. I wonder if buyer's agents will dig in and refuse to be part of a FISBO transaction or perhaps their contracts state that they arent allowed to do it.
6) Possible the buyer's bank might take issue with FISBO and the loan? Total guess there on my part but it did pop into my head.
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All this, and the agent knows the sales/buying process in the area, and has a standard/template sales contract and knows the ins and outs of how buyers may get out of the contract. Also, will know the questions to ask the buyers agent (if they are not the listing and selling agent), to ensure the buyer is qualified and will not tie up your listing, then are unable to get a loan.
As will all types of transactions currently, the Realtors in this area charge 6% and an additional fee for "paperwork/office work", something like $300.
The buying Realtor typically will have the buyers sign an exclusive contract, with an additional fee for "paperwork/office work", something like $300, paid when the house is purchased.