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Hello everyone. If no contract is signed by a buyer and their agent, how long should an agent be expected to work with them? Is there any point of signing a contract and do most agents even suggest this? Is there any reason an agent should start being pushy with a buyer, like they saw a certain amount of homes or you've been working with them for such amount of time and the agent "assuming" it's now time for you to make an offer? Should an agent just be sending listings, showing you the homes but not saying much during the tour, or should they be speaking AND giving information about the area, schools, or is the a sign of a bad/ inexperienced agent? What should the agent be giving you before you make an offer, like comps in the area, etc, or is up to the buyer to ask for all this?
Hello everyone. If no contract is signed by a buyer and their agent, how long should an agent be expected to work with them? Is there any point of signing a contract and do most agents even suggest this? Is there any reason an agent should start being pushy with a buyer, like they saw a certain amount of homes or you've been working with them for such amount of time and the agent "assuming" it's now time for you to make an offer? Should an agent just be sending listings, showing you the homes but not saying much during the tour, or should they be speaking AND giving information about the area, schools, or is the a sign of a bad/ inexperienced agent? What should the agent be giving you before you make an offer, like comps in the area, etc, or is up to the buyer to ask for all this?
In my opinion, a good agent will teach first time home buyers about red flags for homes like types of siding that are good and bad for that area's weather. Pointing out termite tubes if they are visible, rot,etc. They will talk with you about the realities of your price point (my last first timer was going to be next to apartments, on a busy street, or have a fixer in their price point) and what you can realistically purchase. They should be talking about that neighborhood, resale value of the home, pros and cons for resale.
If they say nothing during the tour, I would get a new agent.
When you go to write an offer, before you write an offer, they should do a quick comparable home sale search for you so you know if that price is in the ballpark or not.
Good realtor will work with you to find a house you want, don't be pressured to sign anything. If one won't, find one that will. There is no shortage of Realtors looking to make commission!
So before you show them a single home, you have them sign a contract?
First, we have a Come Into The Office sit down consultation. We talk about their wants and expectations, any limitations - like a lease or a credit issue. Then, we talk about the status of the market. How other buyers have bought their property in this market.
If we agree to work together, then we sign a short-term agreement. If we like to work with each other we extend our contract. If we don't, then it's over.
First, we have a Come Into The Office sit down consultation. We talk about their wants and expectations, any limitations - like a lease or a credit issue. Then, we talk about the status of the market. How other buyers have bought their property in this market.
If we agree to work together, then we sign a short-term agreement. If we like to work with each other we extend our contract. If we don't, then it's over.
That is a great approach and excellent way to 'feel' each other out
Hello everyone. If no contract is signed by a buyer and their agent, how long should an agent be expected to work with them? Is there any point of signing a contract and do most agents even suggest this? Is there any reason an agent should start being pushy with a buyer, like they saw a certain amount of homes or you've been working with them for such amount of time and the agent "assuming" it's now time for you to make an offer? Should an agent just be sending listings, showing you the homes but not saying much during the tour, or should they be speaking AND giving information about the area, schools, or is the a sign of a bad/ inexperienced agent? What should the agent be giving you before you make an offer, like comps in the area, etc, or is up to the buyer to ask for all this?
If there is no money involved, or payment for services rendered, what's the point of a contract? Real estate agents work on commission. If they want to collect a commission, they have to sell a property. Ostensibly the better they are at their job, the more likely they are going to sell something, and the more likely they will collect more commissions. Generally 10% of agents do 90% of the business - there is a reason for their success - they are doing their job. Real estate agents perform two valuable functions: 1) educate or provide expertise; and 2) facilitate or negotiate sales.
Your other questions need to be asked of the agent or agents that you are working with. First time home buyers are fun to work with but they take a lot more time. If you don't like the answers find another agent and find an agent that will provide the guidance and information that you need. If they don't have time for you, you'll find out pretty quick. Good agents want you to make an informed decision - it makes their job easier. Some agents want to short-cut the process which isn't good for you and seldom works out for them.
I have addressed all your questions directly or implicitly. If it is still unclear or you have more questions, please let me know.
We did not sign a contract with our buyer's agent. Had a buyer's meeting where he laid out how he does business. Part of that included that if at any point we were unsatisfied with his services just to let him know and we would part ways amicably. Referral from USAA where we get a $1350 rebate(presumably out of his commission) for using him too.
So before you show them a single home, you have them sign a contract?
Not unreasonable. It removes confusion.
Of course, if it is not already in the contract, the buyer should always require an escape clause with the right to unilaterally terminate for any reason, or no reason.
Agency laws vary state by state, and vary widely.
If working in NC, the agent represents the seller unless there is an agreement between buyer and agent that the agent is representing the buyer.
But, often overlooked...
1. If the agreement is verbal, the buyer is free to work with multiple agents. Not that that is an issue, but it surely doesn't lend clarity to the relationship between agent and buyer, other than the agent has to push for a sale to beat out the other potential agents. I don't see that as favoring the buyer.
2. If the agreement is verbal, the buyer and agent must include all parameters of a written agreement. The written agreement is several pages. By the time it is reviewed and agreed, the buyer and agent might as well get it into writing to avoid the whole "He said, she said" opportunity.
So, sign it and be sure to have the escape clause.
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