OfflineDo you guys fill out the offer contract yourself, and then present it to the listing agent yourself, and do the whole deal without a buyer's agent, or do you have a buyer's agent, and simply let them draw up the paperwork, or some combination of the two approaches?
On our first deal, we used an agent, and she did all the paperwork.
Thanks!
Tracey R.
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Dear Tracey,
If the seller has an agent, you would present the offer via purchase contract to them. They would fill it out for you which is why they are getting their commission from seller.
If you are dealing with a FSBO and there aren't any Agents/Brokers, then you and the seller would write up the Purchase Contract, sign it and then it would go to closing with your title agency or re attorney (laws can differ from location). In Southern NJ you don't need a RE Attorney to close.
Good Luck!
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Tracey, Like mati said, if the property is listed with an agent, use an agent to present the offer. You can either use the listing agent or your own. If you use the listing agent, you will receive limited representation because that agent is first responsible to the seller. But the listing agent would have additional incentive to get your offer accepted because they are getting both sides of the commission. If you use your own agent, they will have responsibility only to you. Either way it costs you nothing, because the seller is paying both the sellers and the buyers commission. If the property is not listed with an agent, you can make the offer yourself. You can also use your agent to make offers and pay them to do so. Sometimes you can get the seller to share the fee, because it takes much of the responsibility off them to process the paperwork properly and to make sure all state and local laws and regulations are followed.
Al
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Whenever you can...use the tools and people around you, as well as their money to make things happen for YOU. Why do everything yourself. I have my agent write up every offer I make on LISTED properties. FSBO's would be the only ones I'd do. Just make sure and add your addendum to each offer with the specific "subject to's" that you might require.
Sam
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I like this topic. and I agree with northwest.
I wanted to add for you to always communicate with your agent. Just let them know you are doing so. If you need anything like comps on the FSBO home, your agent might be more willing to help.
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