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What's in it? Is it a standard form or vary between different realtors? Had one shown to me today, the day the builder presented me with a sales contract. The realtor wanted a $150 paperwork fee but also in the case of my defaulting on the home purchase agreement I would agree to pay the realtor her commisions due (as well as losing any non refundable deposit I paid and being subject to additional damages by the builder). I always thought the sellers paid the commision. In this particular instance I found the development & home on my own, I did the contract with the builder (the realtor wasn't available) but have yet to sign. She didn't even see the lot or builder's salespeople until I've been working with them for 3 weeks. Now I've been with this realtor for some time and this is the first I've seen the agency agreement. When I said I didn't see why I would want to agree to this, she accussed me of reneging on the agreement (yes, the one I never saw much less agreed to) and said if I refused to sign she threatened that she would automatically become an agent for the seller (builder) and would have to disclose any and all of the priviledged and confidential discussions we have had regarding the purchase I feel betrayed by someone put in a position of trust.
Just to clarify, I did give the builder my agents name when I first visited on my own. I wanted to make sure she got her commission from the builder. in the event we close a deal.
You need an attorney to give you refundable deposits if the home fails inspection by YOUR inspector or you can't get financed at terms satisfactory to you.
You are a sheep waiting to be slaughtered if you sign this junk without legal advice.
The broker's actions here are crazy. Just what "secrets" could she disclose. You just might be better served bailing out from all contact with the broker & builder while you can.
The buyer agency contract is rather long for an agreement between two parties, but it basically explains the duties and obligations expected from one another. There are blanks on there where you can put compensation in the event the seller doesn't pay, but these blanks can be filled out "n/a"....meaning, you don't have to agree to pay a fee...negotiable. As far as the Realtor not being available and other posts on the board about having or not having a buyer's agent....I always say YOU HAVE TO LIKE YOUR AGENT!! Sit down and talk and if you don't understand what they are saying...tell them until you feel comfortable. You don't HAVE to sign an agreement until an offer is written, but many agents want an agreement before showing houses. There are many websites that explain the Agency relationships including the NC Real Estate Commission site....they are there to protect YOU "the public". Hope this helps...
What's in it? Is it a standard form or vary between different realtors? Had one shown to me today, the day the builder presented me with a sales contract. The realtor wanted a $150 paperwork fee but also in the case of my defaulting on the home purchase agreement I would agree to pay the realtor her commisions due (as well as losing any non refundable deposit I paid and being subject to additional damages by the builder). I always thought the sellers paid the commision. In this particular instance I found the development & home on my own, I did the contract with the builder (the realtor wasn't available) but have yet to sign. She didn't even see the lot or builder's salespeople until I've been working with them for 3 weeks. Now I've been with this realtor for some time and this is the first I've seen the agency agreement. When I said I didn't see why I would want to agree to this, she accussed me of reneging on the agreement (yes, the one I never saw much less agreed to) and said if I refused to sign she threatened that she would automatically become an agent for the seller (builder) and would have to disclose any and all of the priviledged and confidential discussions we have had regarding the purchase I feel betrayed by someone put in a position of trust.
This is terrible.
If you found the house and negotiated the price on your own, why do you need an agent for?
The builder pays the buyer agent fees, if you don't bring an agent with you, you should be able to negotiate with your builder for a lower price.
Get yourself another agent if you need one, or hire an attorney to oversee the paperwork.
I would suggest that you write a complaint about your agent to the license board of realtors.
I would never hire this agent after what she said, not even if she pays me money. This agent has no integrity or loyalty for saying such things.
I'd never sign an agreement before getting serious enough to make an offer.
Agents always took the risk of having time wasted when clients didn't buy anything after being shown several properties.
No one owes you a ride around town.
A smart, busy agent might ask you, "Why do you want me to haul you around to look at homes if you are not already serious enough to make an offer? Do you have your checkbook with you?"
Folks who engage an agent formally will most likely, and rightfully, get a busy agent's focus over looky-lou's who may only want a tour, and don't want to fuss with legalities.
No one owes me a test drive at a car dealer too, but they offer one unless I come in looking like I want to steal the car.
When we relocated here in 1989, an agent took us around and showed us what we wanted to see.
Is service now dead in the real estate industry? A good agent can get a feel whether the customer is a buyer or a looker.
The buyer gets a tour, the looker gets a map. Both, however, are treated with courtesy.
Remember, Sam Walton used to inspect his Walmarts using his beater pickup with his dog in the back.
My friend Sal sold cars. Many unlikely looking guys pulled out a wad of Benjamins when it was time to consummate the deal.
In fact, I went to a Pulte townhome community after Pulte offered a free Amazon gift card for seeing a property. The townhomes were, in my opinion, low level excrement. When I told the agent what was deficient in the work, he insinuated that perhaps I just couldn't afford the homes.
I showed him my checkbook and told him I could immediately write a check for the full purchase price and my credit union would pay it without hesitation. Then I took my Amazon card and left. In fact, I could have paid cash leaving quite a bit more in my account.
No one owes you a ride around town.
A smart, busy agent might ask you, "Why do you want me to haul you around to look at homes if you are not already serious enough to make an offer? Do you have your checkbook with you?"
Folks who engage an agent formally will most likely, and rightfully, get a busy agent's focus over looky-lou's who may only want a tour, and don't want to fuss with legalities.
Mike. to me there is an implied contract, you show me the house I want to buy,I close on it, you earn a commission, If you don't we both move on. In any case I expect the seller to pay the commission not me the buyer. I'm relocating from out of town and I probably spent more time driving myself around then she had time to take me out. Right now I am in town for 3 days and she's only available for 1 of them yet will not even hand me over to a "sub". Just gave me a stack of listings to drive around and look at. I find the place and she throws this agreement at me. Again I've got no problem with her earning a commission, she did spend time with me, gave me local info, and should oversee the contract and closing process. But why consider giving myself this added liability of whatever the agent is due on a $500k plus home? And again my original question, do all agents have a clause that in the case that I am not able to close and default on buying the home, I have to pay $150 plus their "would be" commission. Thanks to eveyone for their valuable input. I am just about ready to walk from the whole deal.
Good idea. If agents are this worthless, a buyer should avoid them.
You are correct about the service agents ought to render and the "no deal, no pay" fee structure.
Perhaps someone can point you to a good agent.
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but also in the case of my defaulting on the home purchase agreement I would agree to pay the realtor her commisions due (as well as losing any non refundable deposit I paid and being subject to additional damages by the builder). I always thought the sellers paid the commision. In this particular instance I found the development & home on my own, I did the contract with the builder (the realtor wasn't available) but have yet to sign. She didn't even see the lot or builder's salespeople until I've been working with them for 3 weeks. Now I've been with this realtor for some time and this is the first I've seen the agency agreement. When I said I didn't see why I would want to agree to this, she accussed me of reneging on the agreement (yes, the one I never saw much less agreed to) and said if I refused to sign she threatened that she would automatically become an agent for the seller (builder) and would have to disclose any and all of the priviledged and confidential discussions we have had regarding the purchase
I feel betrayed by someone put in a position of trust.
contract
And again my original question, do all agents have a clause that in the case that I am not able to close and default on buying the home, I have to pay $150 plus their "would be" commission. Thanks to eveyone for their valuable input. I am just about ready to walk from the whole deal.
