BlackStone, a full service real estate brokerage, now offers a very unique service to sellers and buyers who have settled, more or less, on the price and terms of a single family home or condominium outside of the Multiple Listing Service.
No agency relationship. No listing. No marketing.
BlackStone will not represent either the seller or the buyer, but will coordinate the entire transaction for the for benefit of both parties. In general all information is shared with both parties simultaneously. Information as to customary or local practices and fees will be presented as such.
This service is not available for the sale/purchase of TIC interests, multiple family units, commercial buildings, or unimproved land.
DEFINING FSBO
The industry uses the term "For-Sale-By-Owner" [FSBO] as if it applied to a given scenario. In truth there are three scenarios where that term applies.
Type One: sellers who elect to market and sell their homes on their own, without an agent. Principals only. There are Internet sites where sellers can list their homes independent of the MLS system. There is no Association to wrap the seller's knuckles if the seller fails to remove the listing once an offer has been accepted. So, expect stale listings. Some sites aggregate all San Francisco Bay Area listings into a single database, because there are so few listings. Examples of sites that carry a few listings for San Francisco and Marin: SanFranFSBO and For sale by owner center
And of course there's Craig's List. Type "for sale by owner" in the "search for" field.
Type Two: Sellers who elect to market and sell their homes on their own, but will cooperate with the buyers' broker - meaning that they will agree to pay his/her commission. Such homes are not on MLS.
Type Three: sellers who elect to market their homes on their own, but who do list them with discount brokers who charge a flat fee to place the home on the Multiple Listing System, and very little more.
Owners.com does have some Type One listings, but most are Type Three Help-U-Sell listings. Some of the discount brokers operate state-wide, through the internet. Since the listing is entered into the MLS system these sellers do expect to pay the commission of the buyer's broker.
HOW FSBO CONSULTANT WORKS
This consulting service is available to sellers and buyers described above as the first type of FSBO scenario. It consists of three phases:
Phase 1
Phase One includes providing a current tax record and whatever MLS data the parties request, such as comparative market analyses; coordinating with the mortgage lender or mortgage broker, including referrals as requested; preparation of purchase contract and such counter offers and addenda as requested; referral to a Title Insurance company for escrow services and title insurance coverage. Phase 1 terminates with the opening of an escrow, together with delivery of buyer's initial deposit to the Title Company
The fee for Phase 1 services is payable at the time that escrow is opened with the Title Company, and is not contingent upon consummation of the sale/purchase.
Phase 2
Phase Two commences with the opening of escrow and includes further coordination with the mortgage lender or broker; review of the Preliminary Title Report; referrals to all home inspectors and coordination of their inspection dates and times; ordering of local permit history or City Inspection; removal of inspection contingency; coordination of all Disclosure documents from sellers to buyers; ordering of Natural Hazards Disclosure Statement.
The fee for Phase 2 services is payable at the time that the inspections contingency is removed in writing, or the parties execute mutual canellation instructions, and is not contingent upon consummation of the sale/purchase.
Phase 3
Phase Three commences with the removal of the inspections contingency and includes coordination with the mortgage lender or broker, through removal of the financing contingency; determining manner of taking title; ordering of payoff demands, and coordination with Title Company for signing of documents by sellers and by buyers.
The fee for Phase 3 services is payable through escrow, at close of escrow.
DISCLOSURES
Leopold A Rodriguez is licensed both as a real estate broker [since 1986] and as an attorney [since 1968]. In this transaction he will be acting as a real estate broker in the capacity of real estate coordinator.
He will not view or inspect the subject property, or offer his own opinion on value, and will not act in a fiduciary capacity as to either party. But he will recommend appraisers in those situations where there is to be no institutional lender involved.
Either party may retain on its own behalf and at its own expense, such other professionals, including but not limited to attorneys, appraisers, certified public accountants, as it wishes.
FREE CONSULTATION
Free initial consultations are available, generally in the evening. By appointment only.
FEES & EXPENSES
Our fee depemds upon whether the property is a single family home or condominium, and whether assistance is required for Phase 1, Phase 2 and/or Phase 3:
| Fee Schedule |
Single Family |
Condominium |
| PHASE 1 |
$ 1600 |
$ 1700 |
| PHASE 2 |
$ 1600 |
$ 1700 |
| PHASE 3 |
$ 1600 |
$ 1700 |
A surcharge will apply if visits to the home are required. Sellers and buyers to apportion said fee as they wish.
No part of this fee is contingent upon the consummation of the sale/purchase. However, if the parties terminate the transaction before reaching Phase 3, there will be no charge for Phase 3.
Sellers customarily incur transaction expenses such as the 3R Permit History and RECO inspection, in San Francisco; and city inspections in Marin. Buyers customarily incur transaction expenses such as appraisal and home inspections. These third party pre-sale inspections are payable as incurred.
Closing costs, both recurring and non-recurring, will be reviewed with the parties before they enter into the transaction to sell/purchase.
CITIES COVERED
Our sale-by-owner services are available in the following cities: FSBO San Francisco, FSBO Mill Valley, FSBO Sausalito, FSBO Tiburon, FSBO Belvedere, FSBO Corte Madera, FSBO Larkspur, FSBO San Anselmo, FSBO Ross, FSBO Fairfax,FSBO Greenbrae, FSBO San Rafael, FSBO Novato.
It is also available in San Mateo County on a case-by-case basis.
400 Montgomery 505 San Francisco 94104 ~ 415.781.3000
3030 Bridgeway 112 Sausalito 94965 ~ 415.381.1000
Facsimile 415.462.9861
LeoRodriguez@BlackStone-SanFrancisco.com
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