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November 30, 2007
FSBO done by friend? (FSBF?)
I currently live out of state and rent my condo.
I've decided to sell it going the FSBO route. Since I'm currently not living in Brooklyn, my friend offered to handle the FSBO dealings ... phone calls, appointments, showings, etc.
Sine she isn't actually the owner, would it be considered illegal since she's not a licensed broker?
Comments
No, she is acting on your behalf.
Posted by: Ysabelle at November 30, 2007 6:59 PM
I need better friends.
Posted by: guest at November 30, 2007 11:06 PM
You must be licensed to collect money in a real estate transation. I know of no law against working for free. You should take care of your friend though
Posted by: guest at November 30, 2007 11:50 PM
Grey zone... if the "friend" appears to be acting as an agent by the BUYERS he/she is handling, then they might be construed as being an unlicensed agent. If they are PAID any money, they definately should be licensed.
Remember, if there are any problems down the road with the final buyer, like a lawsuit, they will accuse the friend of being an unlicensed agent, and your HUD closing statement can be scrutinized, as well as both your bank accounts to determine if a payment was made... CASH heats BEST!!!
Howard
Posted by: howrealnyc at December 2, 2007 9:02 PM
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