Home Buying in Lake Mills>Question Details

Frustratedbu…, Home Buyer in Lake Mills, WI

For Sale By Owner Sales

Asked by Frustratedbuyer10, Lake Mills, WI Tue Apr 13, 2010

We just found a house by ourselves for sale by owner. We put in an offer by ourselves to the seller. The realtor that we have been working with toldme that he gets 2.4% regardless. Is this true even though he had NOTHING to do with this sale?

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Don Tepper’s answer
Could be. If you signed a buyer's agreement with your Realtor--and if it provides for a commission if you buy regardless of whether you or he locates the property--then you owe it.

I don't know how to politely say this, but: It's very important to READ and UNDERSTAND anything you sign. I see a lot of questions here on Trulia. In some cases, the people admit they didn't read the documents. Or they didn't understand them. Or--as in your case--there isn't a mention of whether there were documents.

Sorry, but if someone signs an agreement promising to do something, then they've got to do it.

Again, I don't know if that's your situation. Now, if you didn't sign anything with the Realtor, then no, you don't owe him anything.

So: Read anything you may have signed and proceed accordingly. And if you didn't sign anything, speak to the agent's broker.

Hope that helps.
0 votes Thank Flag Link Tue Apr 13, 2010
Don Tepper, Real Estate Pro in Burke, VA
All of the below apply. I'm guessing that the communication with the agent was minimal so the agent didn't come to mind as representing you at the time, but that may not matter. The responses below are giving it to you straight.
0 votes Thank Flag Link Tue Apr 13, 2010
Do you have a buyer agency agreement with the agent? If so, the terms of that agreement will dictate if you owe the agency anything. Refer to the agreement. You may also want to consult an attorney.
0 votes Thank Flag Link Tue Apr 13, 2010
He will if you signed a buyer's agreement with him.
0 votes Thank Flag Link Tue Apr 13, 2010
Do you have a written agreement with your agent, and if so what does it state--review the agreement and make a determination--if you don't have an agreement, and your agent had absolutely no involvement with this property then, no you don't owe anything--keep in mind that your agent will be your best source of information--he/she can run comps, handle all necessary paperwork, etc.--it may be in your best interest to use his/her services.
0 votes Thank Flag Link Tue Apr 13, 2010
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