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My situation is I found a house that wasn't yet on the market. The seller doesn't wish to put it on the market at all and does not want to pay the commision for the agent. if I purchase this home will I be liable to cover the commision. Mind you she's not doing any paper work or anything and the our contract doesn't state that i would have to cover it if seller doesn't. Is there someway that I could be liable? She telling me that I would no matter what. Somebody please help.
You signed a contract with her as your "Buyers Agent" prior to her showing you homes for sale? I have never seen or signed such a contract, and you would have to see what it states. Regardless, I wouldn't think you would owe her if you found the house on your own. But if she spent a lot of time showing you homes and educating you about the area then I would certainly pay her something for her time out of courtesy.
You sound more than capable of making the purchase on your own, and with realtor.com now and craigslist, it probably didn't make much sense to have an agent to begin with. You won't find a seller on planet earth who wants to voluntarily pay 30,000 in commissions. And those days are rapidly disappearing.
cneal84 - are you being represented by an agent? If so, did you sign a Buyer's Broker Agreement when you started to look at homes? The Buyer's Broker Agreement will spell out exactly how much money is due your agent if the seller is not willing to pay your agent's commission.
Just a very curious situation - how did you find out about this house? You say the seller doesn't want to sell, but you have a contract to purchase the house? Is the price a "fair" price for the house?
Keep us posted - I'm very interested in learning more about this unique situation.
If you signed a buyer agency agreement then you need to read what it says. Mine are pretty clear that they only owe me a commission for certain criteria. Read the fine print.
If you didn't sign a buyer agency agreement, then you don't owe her anything.
You signed a contract with her as your "Buyers Agent" prior to her showing you homes for sale? I have never seen or signed such a contract, and you would have to see what it states. Regardless, I wouldn't think you would owe her if you found the house on your own. But if she spent a lot of time showing you homes and educating you about the area then I would certainly pay her something for her time out of courtesy.
You sound more than capable of making the purchase on your own, and with realtor.com now and craigslist, it probably didn't make much sense to have an agent to begin with. You won't find a seller on planet earth who wants to voluntarily pay 30,000 in commissions. And those days are rapidly disappearing.
Almost everyone has given you good advice. Read your contract.
Beena, what in that short post led you to believe the OP is "more than capable"? That may very well be the case, but there is insufficient information for us to provide an accurate answer. I am curious how the OP is buying a house that the seller doesn't want to sell. Need more info.
Brandon,
That may very well have been an unfair assumption on my part. Neal just mentioned that they found the house themselves and the realtor wasn't going to be doing any of the paperwork, so it sounded like they had it all worked out on their own. But yes I could be wrong about that.
I was saying that the seller doesn't want to list the house or put it on the market to save on the commision. Now I do have a contract, but it states that the seller will pay 2.5%. Nowhere in the contract says that if the seller does not pay that the buyer is liable for the commision. And as far as her showing me houses. I or my wife found them. She was going to get paid from our efforts. And from what I learned you are somehow paying the buyers agent commision anyway. How? Lets say you found a house $120,000. And you wanted to make a offer. Lets say the seller only wants about $112,000. (But you don't know that). you offer $120,000 with 6% sellers assist which will net him about $112,800, . Know without this buyers agent he would take that. Know what your so called agent would do is first, contact seller make an agreement he will not have to pay out his pocket if he ask for more money and then she would get paid and would get what he wanted. She would call me back the buyer and say that he is trying to net $115,000. Know what the buyer is going to do is make an offer for $123,000 with 6%. That would be about $115620. Now her 2.5% commision is a little over $3000. We went from $120,000 to $123,000. Who is paying the commision in this case? Hmmm! I say me.
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The seller doesn't want to list the house.
