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I went to an open house and then submitted an offer to the list agent. The list agent asked me to sign a disclosure form that he was the seller's agent and represented the seller. My offer was declined because the seller accepted a higher offer.
After a few days, the house was back to the market. I called the list agent and knew the buyer backed out after the inspection.
Now I want to get a buyer agent for me to submit an offer the same house. Can I do that now or have to wait for three months since I had submitted an offer to the list agent a couple weeks ago?
The new offer does not have to be higher at all - it can be completely different, with contingencies, etc. It could be lower, even. Regarding the buyers agent, you can, but the agent probably won't be compensated unless the selling agent would agree to it. Especially since there had been multiple offers on the property the first time. You may be able to pay out of pocket for an agents service. That's a question for one of your local realtor's to help you with. It is important to use a buyers agent - If you end up not getting this house, spend a little time finding a buyers agent first before going out - they will help you throughout the entire process of hunting, offers, negotiating, inspections, and closing! Best of luck!
... Regarding the buyers agent, you can, but the agent probably won't be compensated unless the selling agent would agree to it. ...
If there's a co-broke fee in the MLS (likely), then the buyer agent should be compensated by the listing agent. Your buyer agent can easily check the MLS listing to verify if a buyer agent fee is available.
As said, since your 1st offer was rejected, you can re-offer any price and terms. You are also not obligated to work directly with the listing agent since the agent specifically declared he only represents the seller (no dual agency). I also recommend you get your own agent.
If I had ever submitted the offer through the list agent, can I hire a buyer agent to submit a new offer without paying her by myself, assuming the MLS list clearly states 2.5% buyer agent commission? Or do I have to get a release from the list agent on compensating my buyer agent despite that I didn't sign any contract with the list agent in the first offer?
Thanks a lot.
Quote:
Originally Posted by rjrcm
If there's a co-broke fee in the MLS (likely), then the buyer agent should be compensated by the listing agent. Your buyer agent can easily check the MLS listing to verify if a buyer agent fee is available.
As said, since your 1st offer was rejected, you can re-offer any price and terms. You are also not obligated to work directly with the listing agent since the agent specifically declared he only represents the seller (no dual agency). I also recommend you get your own agent.
If I had ever submitted the offer through the list agent, can I hire a buyer agent to submit a new offer without paying her by myself, assuming the MLS list clearly states 2.5% buyer agent commission? Or do I have to get a release from the list agent on compensating my buyer agent despite that I didn't sign any contract with the list agent in the first offer?
Thanks a lot.
From what you've written, you do not need a release from the listing agent.
Regarding your buyer agent compensation, your agent will be paid the 2.5% commission stated in the MLS. However, it will depend on your agent's compensation requirements if this is sufficient. They may set a minimum fee that is higher and require you to pay the difference. You should interview multiple agents and negotiate how their fee will be handled.
I'm wondering why the listing agent didn't contact you right after the first offer fell apart, that's poor follow up on his/her part.
As the others have said, speak with a good agent and don't withhold anything. For the listing agent to prove "procurring cause" there needs to be an unbroken chain from the first viewing to the closing. That said, the buyer agent might offer a referral fee to the listing agent, however that is between the two of them. Make certain who is paying the co-broke fee in any transaction before going forward.
Yes, you can submit a new offer and yes, you can use anyone you wish. Be honest with your buyers agent and let him/her handle your commission concerns with the listing agent. Your buyers agent may have to pay the listing agent a referral fee, but that is between them. Get an experienced buyers agent who knows what he/she is doing. Also, if the first escrow was cancelled because of a home inspection, I would ask for a copy of that.
In CA, seller's must provide all inspection reports to subsequent buyers, so it is not in their best interest to keep having people cancel escrow because of defects. Don't know about MA.
It's all about procuring cause and the unbroken chain as mentioned above. To an extent, the chain was broken when your offer wasn't accepted... but the listing agent might not see it that way. I'm not giving legal advice or representation, but whenever someone comes to me and wants to pursue a house they saw as an open house or with another agent, I immediately make an appointment to view the house with the buyer, so I am the start of the next chain of events.
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