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Fsbo?

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Monkeyfan

Freshman Member
Joined
Oct 1, 2007
Professional Status
General Public
State
Washington
I am working on purchase. The tenant is purchasing the condo from the landlord. The landlord offered the condo to the tenant before listing it on the MLS. He decided to purchase it. The condo was never listed on the MLS. The sales contract has the selling broker information filled and the list agent information is blank. The contract states, "the selling agent is overseeing the transaction and representing the buyer and seller." The seller agrees to a flat fee at closing. I contacted the agent for additional information about the property and he stated he will try to get it from the owner. The agent stated he will try, but that this is "basically a FSBO with limited service from me."

I don't see how this can be FSBO when it says in the contract that the agent is representing both parties. Thanks for any feed back.
 

CindyR

Senior Member
Joined
Oct 26, 2003
Professional Status
Certified Residential Appraiser
State
Arizona
Yes it can be fsbo. the seller did not sign a contract for the agent to list the property. the seller did not sign a listing agreement with the broker. the agent is simply managing paperwork and transaction details. like when an appraiser is providing other services but is not performing an appraisal. just explain that the current tenant is the buyer in the transaction.
 
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Meandering

Elite Member
Joined
Feb 26, 2006
Professional Status
Real Estate Agent or Broker
State
Pennsylvania
It's a dual agency.

Are you an appraiser?
 

JTip

Elite Member
Joined
Oct 12, 2004
Professional Status
Certified Residential Appraiser
State
Pennsylvania
but that this is "basically a FSBO with limited service from me."

Transaction broker: He or she (broker) does not represent the buyer or seller, but instead acts as a neutral go-between to help both parties complete a home sale.
 
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AMF13

Elite Member
Joined
Jan 24, 2002
Professional Status
Certified Residential Appraiser
State
California
Transaction broker: He or she (broker) does not represent the buyer or seller, but instead acts as a neutral go-between to help both parties complete a home sale.

Sounds more like this than dual agency to me. :shrug:
 

Dublin ohio

Senior Member
Joined
Mar 20, 2008
Professional Status
Licensed Appraiser
State
Ohio
The landlord offered the condo to the tenant before listing it on the MLS

By the above statement. How could it be anything but a fsbo. Sounds like agent is more of a consultant. Just managing the process. Maybe landlord lives out of town or just does not have the time. Still a fsbo.
 

Meandering

Elite Member
Joined
Feb 26, 2006
Professional Status
Real Estate Agent or Broker
State
Pennsylvania
Could be a transactional licensee if the agent is "overseeing" the transaction.

Depends on any agency agreements signed by both parties.

But even so,

Why is the GP asking these questions?

.
 
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Eli

Elite Member
Joined
May 12, 2007
Professional Status
Certified General Appraiser
State
Tennessee
I wouldn't sweat too much over who is representing who as a real estate agent. Get all you can from any of them that impacts value including the tenant and owner. They will work out who owes whom on any commissions. Trust me.

I would want a copy of the sales contract.
 
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Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
Just state offered to tenant by seller, not publicly listed, initial offering date unknown, initial asking price unknown. That will get you past the UAD review master and pretty much summarizes the situation.
 

Meandering

Elite Member
Joined
Feb 26, 2006
Professional Status
Real Estate Agent or Broker
State
Pennsylvania
Why is the general public looking to get past the UAD review?
 
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