Buying a FSBO when you have a realtor

[Donna Salmiery]

I found a FSBO that I am interested in but I do have an agreement with a realtor. The property listing says 3% broker participation welcomed. Can anyone tell me what that means? I realize I may have to pay my realtor's commission, but am hoping my closing costs wouldn't be double what I have paid on my other properties that were on MLS. Also, in the past I have negotiated closing costs with the sellers. I am assuming that is not an option here? I am waiting to hear back from my realtor to proceed, but wanted to have a little more info so I can make educated decisions. Thanks!

[Jay Hinrichs]

@Deanna McCormick  the reason you would is because  its the right thing to do..

look at it from the realtors point of view they spend hours and hours working with a client their only reward is the close of escrow.. there is a thing called loyalty.. I suspect if you were in the position of the realtor you would sing a different tune.

And of course there is the contractual aspect.... and its a risk realtors run  for sure.

Attorneys are NOT nearly as good as a very competent  agent.. you think an attorney knows there way around a home inspection... or is really really up to speed on all the financing angles..

closing attorney's cannot charge enough they get paid like escrow companies a few hundred to 600 bucks a file.. you know how many hours an agent has to work to close these deals.. the lawyer would be working for 20 bucks an hour if that... NO lawyer is not the way to go here unless your a very sophisticated buyer.. and then why have a lawyer at all simply go to a good title and escrow company.