Home Buying in Greenwich>Question Details

DNSM0228, Home Buyer in Greenwich, CT

I am purchasing a home which was shown to me by the seller's realtor. The realtor has been completely incompetent and neither one of the parties

Asked by DNSM0228, Greenwich, CT Wed Apr 7, 2010

believe he deserves a dime for the transaction. That being said, he obviously still introduced us. I did not sign anything with this realtor, does he still get the 5% cut? Or can I represent myself, and he gets the 2.5%? If it makes a difference, I am purchasing this home in CT.

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Candace Lipira’s answer
BEST ANSWER
First of all, home buying can be an arduous task in general. When you say that both parties feel he does not deserve a dime, I am assuming you as the buyer and the other party as the seller. Since you do not have a contract with the Realtor, it is up to the party who does, the seller. The seller is the one who agreed in their contract to compensate the Listing Broker the 5%. I recommend the seller direct all complaints to the manager of the office the Realtor is a member of as well as discuss this with their attorney. You can also discuss this issue with the Realtor's Broker as well concerning your side of the situation. Was the offer presented in your name by this same Realtor? If so, the manager may suggest assigning a more competent Realtor to represent you in their office.
Don't forget, it would still be a dual Agency and all disclosures to that fact must be explained and documents signed. The other issue alluded to below, and I am pretty sure I am right about this, the agent was allowed to show you an in house listing without a buyer agency, but once an offer was put in, you should have signed a Buyer Agency agreement or a Non Representation agreement. One way or the other some form of documentation of representation should have been signed.
Just so you know, also, which doesn't seem to be the case here, in the Buyer Representation, there is a section that a Realtor will fill out with you, that in the event the seller doesn't pay the commission, the Agency could collect from you. There usually is an amount entered or %. Won't get into the language, just something to look for.
So "Caveat Emptor"....Let the Buyer Beware.

I hope all works out for all involved.

Candace Lipira
Keller Williams Platinum Properties
2 votes Thank Flag Link Wed Apr 7, 2010
What did you end up doing? I hope it all worked out well.
Web Reference: http://www.scottelwell.com
0 votes Thank Flag Link Tue Sep 14, 2010
Hope you got your home purchased by now! I have a list of 100 things REALTOR do for their cleints I'd be glad to share.
0 votes Thank Flag Link Fri Jun 18, 2010
You need a buyer's representation with someone you have interviewed and felt comfortable with to negotiate on your behalf.....you didn't explain what "incompetent" means as to the selling realtor....he/she did market the property to all realtors, advertise, open houses, etc.? But remember he/she represents the seller not you! Good luck!
0 votes Thank Flag Link Fri Jun 18, 2010
If you haven't signed a contract with the agent, you certainly can represent yourself, but it would be smarter to sign up with a competent agent because who knows what else is not what it seems with the house? In CT agents are NOT paid without a signed agreement to represent. Give me a call or email if you need any help.
Susan Detchon Anderson
Coldwell Banker-Greenwich, CT
203 536-7116
Web Reference: http://www.susanderson.com
0 votes Thank Flag Link Thu Jun 17, 2010
No, you can't cut him out of the deal, Dasha.

The Seller may believe that the agent didn't do anything, but somehow, the agent was able to get you into the house and have you want to buy it.

And that, after all is said and done, is what the agent is hired to do.
0 votes Thank Flag Link Thu Apr 8, 2010
The answer presented below by Candace is absolutely correct and very thorough. Upon your request,the Realtor must supply you with full copies of anything you have signed and all paperwork associated with the submitted offer, so I suggest you obtain these documents and review them carefully.
0 votes Thank Flag Link Wed Apr 7, 2010
Well firstly, the owner does owe the agency the full commission say 5 or 6% whatever was negotiated in the listing contract......he or she or they did get your interest and offer!!

However, we always recommend that you get representation for your interest only.......sometimes there is a dual agency situation and in that case if yu prefer and would feel more comfortable, someone else in that office could represent you as a buyer (but it is still the same brokerage).....

My experience as a buyer's rep is that I ALWAYS REPRESENT the buyer even if the seller is my closest associate in the office!!

You will not save money by "representing yourself" and since you are not a licensed real estate agent, you can not collect a commission. You as Minna says do better having a separate agent represent ing only you.

However, if you still want to use the seller's rep after all you gone through with him or her, you can always negotiate a reduction in his/her commission off the selling price....needs to be decided with manager of brokerage and the seller.

Good luck....I can be reached at elizabethschwendeman@yahoo.com and home office 1-203-622-9205....I am with Weichert Capitol Properties in downtown Greenwich.

Elizabeth
0 votes Thank Flag Link Wed Apr 7, 2010
First of all, I am sorry you are having such a negative experience in buying a home, it is supposed to be a wonderful experience.

Your question will be determined by the contract the agent signed with the seller and their negotiations that can or have taken place. Now have you signed a contract for purchase to date? If not, and you wish to remain unrepresented, state in the contract that the 2.5% that is to be paid to the buyers attorney be taken off of your purchase price, or (ask your attorney) if there are other options. By doing so you feel better by knowing that you are limiting the seller's realtor to only 2.5%.

I suggest that you contact an agent to represent your best interests for assistance. You could have issues with the home inspection you need to negotiate, extensions, etc. You could also ask your attorney to assist you with these items, it may cost you a little extra fee with the attorney but that is a discussion you should have with them.

If you have any further questions, please feel to contact me dawnnostin@yahoo.com. I am happy to answer any for you. I hope your home buying process looks up and works out to your satisfaction. Good luck.
0 votes Thank Flag Link Wed Apr 7, 2010
Unless you signed a dual agency agreement, you are already an unrepresented seller. This does not mean the listing broker will get less. The seller has a contract with the agent for X% say 5% - The listing agent will usually offer a portion of this to a buyers broker as compensation for bringing a buyer. If there is no buyers broker, the listing agent is most likely still entitled to the full 5%. The listing agent does not take a discount for your lack of buyers representation.
This is where most buyers fail to realize that they have no financial advantage by foregoing representation. Contacting the listing agent does not assure you a better deal...In fact you are likely to get a worse deal as the listing agent represents the sellers best interest - not yours.
Web Reference: http://www.homesbyminna.com
0 votes Thank Flag Link Wed Apr 7, 2010
Dasha,
I am sorry to learn of your frustration in representation. In Connecticut, all buyers have a choice to be represented or un-represented. And commission fees are negotiable subject to written agreement.
As an un-represented BUYER, you would be an agent's customer and I would only be allowed to show houses listed by that real estate company.
As a represented buyer client, you would be represented to see any listing on the multiple listing service.
For properties listed on multiple listing service, the real estate fee is usually paid for by the Seller of Seller’s agency. In your situation, the agent is representing the Seller. If the Seller agrees to DUAL AGENCY, then the Seller's agent may abide by DUAL AGENCY with written consent from you and the Seller prior to negotiation.

Should you desire a buyer broker, as my buyer client, you will be provided with my 20+ years of expertise & experience in negotiating, comparable sales & pricing analysis, links to area statistics & community resources: When you hire me, I must abide by the following duties

OBEDIENCE: I must follow your lawful instructions
LOYALTY: You have my undivided interest ahead of anyone else
DISCLOSURE: Must disclose all material facts & non-material facts
CONFIDENTIALITY: No information shared about you without permission
ACCOUNTABILITY: Disclosures, Deposits, & Offers processed for you
REASONABLE CARE By reason of my license, I have expertise in real estate maters.

Best in your anticipated purchase and decision for representation! Welcome to Greenwich! Drew Peterson
0 votes Thank Flag Link Wed Apr 7, 2010
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