Home Buying in Worcester>Question Details

noneya, Both Buyer and Seller in Juneau, AK

Breaking up with my buyer's agent?

Asked by noneya, Juneau, AK Fri Dec 7, 2012

I'm looking for a condo, and this would be my first home purchase. A buyer's agent has shown me some properties, and even made an offer on a condo. I'm starting to get cold feet and second guessing buying at this point. Maybe I should hold off and buy a little later in my life (I'm still pretty young to buy). Do I owe my buyer's agent anything if I don't buy? Or does he just get nothing out of it.

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The housing market is the lowest that we have since and mortgage rates remain historically low, now is a great time to buy. But, if you are not ready to be a homewowner regarding of your age is better if you contact your real estate agent and let him/her know what your decision is, as soon as possible. Read the agreement that you signed and see if it would not be any charge in case that you do not buy the property.

All the best,

Maria Cipollone

Century 21 Tenace

http://www.Flahomespecialist.com
1 vote Thank Flag Link Sat Dec 8, 2012
If you're not ready, you're not ready., although I will say that "buyer's remose", or in this case "pre-buyer's remorse" is very common. I even wrote a blog on it, and there are numerous articles on it, as well.

Discuss your feelings with your agent....maybe you just need to take a step back for a bit, but it would be really nice if you referred him to anyone you know who may be ready to buy or sell....
and......... make sure when you are ready to buy that you give this agent the opportunity to sell you a home.(assuming you were happy with his services).

So, no, you don't owe him anything now.........but some loyalty in the future would be nice.

Best wishes!
1 vote Thank Flag Link Fri Dec 7, 2012
I've sold to plenty of quite young buyers and not one of them has regretted it. You should make sure you're looking in a community where, as a young person, you're going to feel comfortable--you don't want to be the only young single in the midst of a community of families and older people. This is a great time to buy--interest rates are lower than they've been in memory and prices are still somewhat depressed, although in some communities they have recovered.

In answer to your question, you don't owe your buyer's agent anything--except that if you do decide to halt your search for now, and he has done a good job for you, an opportunity to represent you when you decide to start looking again.

In any case, good luck to you.

Ellen G. Friedman, Keller Williams Realty, http://www.ellenfriedmanhomes.com
1 vote Thank Flag Link Fri Dec 7, 2012
Wen,

You should always have a buyers agent agreement the same way you have a sellers agents agreement. That way it is a clear understanding of what the agent will be doing to earn their fee, what their fee is and the expections of each party involved. That way both parties are protected.
0 votes Thank Flag Link Sat Dec 8, 2012
Que vivalosceltics,
you will need to read your buyer agency agreement, if you signed one, to see if there is any fee that you would be responsible for. Most of the time there isn't and many firms do not even ask you to sign a buyers agreement. Your Realtor will get nothing out of it financially, this is how it works, BUT hopefully, if you had a good relationship, he will get something that can be even better, in my opinion, your loyalty & future referrals. Also, you should have this conversation with him. You have received many answers here that are helpful but have a chat with your Realtor about this. Good luck
Web Reference: http://www.wenrealty.com
0 votes Thank Flag Link Sat Dec 8, 2012
99% of the time you buyer agent gets nothing unless he sells you a house.

That said, it is impossible to tell you without reading your buyer agency contract. Some agents put in there a retainer fee that will be applied to your purchase, but most likely if you have not already given him/her that retainer then you would not owe them anything.

Being young and buying a home is a good idea if you are buying for the right reasons. Housing is not one of them as you can rent. Investment is not one of them, unless you understand the risks involved, because values can go up and down. The reason to buy is that you want to live in a particular community and to raise your family in that community. That you will get the tax benefits of home ownership (unless we fall off the financial cliff) and it is a forced way of saving money, one that will hopefully appreciate, but if not and it is in a stable community it will not depreciate as quick and your buying power will remain the same.
0 votes Thank Flag Link Sat Dec 8, 2012
Buying your first property is both a big step and a major investment. It is responsible of you not to jump into it before you are ready.

As had been said below, you do not owe your buyer's agent anything financially until you successfully close a transaction. However, if you felt your agent otherwise met your needs, there is no reason not to continue a relationship. Just dial back your activity. Perhaps your agent can help you get to a point where you will feel more ready. Or maybe it would take another agent to help you feel ready. To some extent, it's like dating ... some times it's the timing and circumstance, but some some times it IS the person.

Best of luck!
0 votes Thank Flag Link Fri Dec 7, 2012
If this Realtor is trustworthy and has your best interest at heart for your own well being give him or her your loyalty. There are many who will think of you as a pay check, sell you a quick cheap flip, or not tell you what asbestos siding or vermiculite looks like, and then have you get you inspection through buddy boy Roy,,,

Even if its the wrong time... You might have the right Realtor.

When you find a good Realtor, stay with them through out your process, You really do owe that to yourself .
0 votes Thank Flag Link Fri Dec 7, 2012
That is the name of the game in our industry and what we know when we take on this job. For various reasons, not every client we work with will buy (or sell if we are a sellers agent for them). Definitely be up front with your agent, but don't feel bad. If you have been happy with his/her services, make sure you tell anyone who is looking to buy or sell about the agent. Also, when you are ready to buy, contact him/her again.

Best of luck whatever you decide. This is a great time to buy, but it has to be right for you and your life also.
0 votes Thank Flag Link Fri Dec 7, 2012
Wow that sounds painful but I think you owe it to the agent to have a face to fac heart to heart.
0 votes Thank Flag Link Fri Dec 7, 2012
If a Buyer does not purchase, we do not get paid. That's how the job works, you do not need to feel guilty...

If I may ask, why are you second guessing? This is a great time to buy. With interest rates this low, you have more buying power.

j
0 votes Thank Flag Link Fri Dec 7, 2012
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