Home Buying in Hartford>Question Details

Wondering In…, Home Buyer in Hartford, CT

I have a month left on my "exclusive" buyer agreement and would like to be released in order to purchase a home from a relative.

Asked by Wondering In Hartford, Hartford, CT Sat Mar 26, 2011

Ou relative does not want any agents involved. We have been very happy with our agent (our home already sold by her), but still donot want to pay the commission (everything is already costing too much, kids in college, etc.) or waste her time. This is a large and well-know company. Do you think they would release us given only a month left?

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maybe, you will have to ask. But in fairness to your agent. how much work has she put into finding you a new home? Unless she sells you something, she does not get paid. Your reasons for not wanting to include her have nothing to do with her real estate services. Personally, I would be wary of not having an agent to at least handle the paperwork and make sure the proper disclosures and inspections are done. Or would you pay an attorney for that?
3 votes Thank Flag Link Sat Mar 26, 2011
In my area when someone buys a FSBO there is little chance of collecting that commission. However, read the agreement thoroughly as you may be able to cancel the agreement. Have had this happent to me and although it does not make me happy, I do not fight it. If this is all true and it is a relative you are buying the house from you could wait a month as well. Also, a small token of your appreciation if released would be advisable if even only a recommendation letter, etc
2 votes Thank Flag Link Sat Mar 26, 2011
You have to remember your agent has spent alot of time with you already and has not made a penny. If someone asked you to work hard for nothing you would probably say no. You might not even take a pay cut if asked.
Real Estate Agents only get paid when they sell something.
Remember you do not pay the commission, the seller does. I would think it fair on your part if you had a talk with the agent, I'm sure he or she would do the work for both seller and buyer while dropping the commission to something you could live with. Please be fair.

Good luck
1 vote Thank Flag Link Sun Mar 27, 2011
It is never a good idea to lend money to family. So why would buying a home from family be any different? It is a huge financial transaction! How do you agree on the price? How do you as the buyer know that the price is correct and fair to you? How does the seller arrive at the price? How do you determine the condition of the house? Do you really think house has nothing wrong with it just because it is owned by family? Do you think that the family who sells you the house will leap to the rescue when you find unknown problems exist in your new house? Who is going to pay the lawyer who draws up the paperwork? (You are not planning on doing that yourself, are you?) Who is going to pay the title company for their work - and the escrow company or attorney, as the case may be in your area? Are you paying cash? If not, have you gotten approved for a loan? Are you going to have inspections of the house? If you are going to have inspections, what will you do with the information that they reveal? If repairs need to be made or the selling family agrees to make repairs but the repairs are not made, what will you do? If you find out the house has problems that the seller does not want to fix what will you do? What if the seller offers to fix the problems themselves?

Are you and the members of the selling family ready to not speak to each other ever again?
1 vote Thank Flag Link Sat Mar 26, 2011
Either waiting or asking to be released will work; and I'm sure your relative will be very happy that agents are out of the picture.
Web Reference: http://www.321property.com
1 vote Thank Flag Link Sat Mar 26, 2011
Your best bet is to simply ask her.
Good luck with the transaction with your relative! These transactions can often be more difficult to handle than purchasing from a stranger. Even if she released you from the agreement, I recommend you keep her phone number handy.
1 vote Thank Flag Link Sat Mar 26, 2011
Actually, you could factor your Agent's commission into the purchase price of that house so that it would be your relative paying your Realtor out of the sale proceeds.
1 vote Thank Flag Link Sat Mar 26, 2011
Read your buyer agency contract carefully.

If you trust your agent and would rather they just represent you, then consider that the commission will be well worth it and it can be possibly worked into the offer. 3% is a typical buyer agent commission so just work it into the offer or try to get your relative to help you out with 1/2 (1.5%).

If its really so cut and dry that you know an agent isn't needed, then try to do it privately, but I would not recommend this as it is never cut and dry these days and especially with relatives if things get ugly. You may wish you had a in-between for this. There are many different ways a buyers agent can get paid. It not necessarily going to be cash right out of your pccket at closing. Research before you make your decision.
0 votes Thank Flag Link Mon Apr 4, 2011
While I can certainly understand not waiting to pay a commission on a family related transaction, I would caution you in not have an agents expertise to help ensure a smooth transaction. Perhaps there is a way to make this a win-win. Talk with your agent--perhaps she would be willing to cut you a deal to simply handle the paperwork.
0 votes Thank Flag Link Sat Mar 26, 2011
They may, Wondering.

Then, again, they may figure - "you contracted with us to represent you in the purchase of a home; now, you've found the home you want to purchase, and you want to break our contract before you purchase it."
0 votes Thank Flag Link Sat Mar 26, 2011
Seeing to how it is a relative you are buying from, You might as well wait it out. So many things happen on a daily basis. And like you said yourself your Realtor has satisfied your selling needs. Haste makes waste.
0 votes Thank Flag Link Sat Mar 26, 2011
Unless the home you want is listed for sale with an agent in the MLS system then there has been no agreed commission being promised so there is nothing for your agent to go after. Unless your agreement stated that you would pay some amount, they normally are written saying they will obtain their fee from the shared commission. If you are buying a FSBO then there is no commission for the agent. At least your agent got the sale of your house.
0 votes Thank Flag Link Sat Mar 26, 2011
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