Home Buying in 14051>Question Details

Patientmom, Home Buyer in 14051

I've been with my current agent for about three months. He basically set up his MLS listing account so that

Asked by Patientmom, 14051 Mon Jun 15, 2009

each listing that satisfies my criteria gets forwarded to me automatically. I go through the listing, and asks him to show me the ones that interest me.

Now, I found a house for sale by owner. What do I do? There was no contract in the beginning.

To make things more tricky, the seller is working with a MLS listing service that assists sell-by-owners, so her house came up in the database that my agent uses and was forwarded to me.

I think my agent is not aware of this listing or at least did not make any recommendations to me. I got to know this home through craigslist and street signs and fliers, all combined, first. My friend lives on the same street so I drive by the street often.

We met about 7 times, each time viewing 2-3 houses. What would be the best way to handle this situation?

Help the community by answering this question:

Answers

10
Mack McCoy’s answer
I think I speak for all of us - we're not going to give our blessings to you cutting your agent out of the deal.

If you can honestly say that you've gained no market knowledge from having this agent show you fifteen or twenty homes, well, that's one thing.

Personally, I think spending four or eight hours seeing fifteen houses with a good agent is like a "master class," like an actor getting seven one-hour one-on-ones with James Lipton.

But it gets better, because in this case, if you bring your agent on the deal, it's like having James Lipton coach you through your entire run on Broadway.

All the best,
1 vote Thank Flag Link Sun Sep 12, 2010
I agree with Joseph below. Basically I let the Golder Rule guide me in these kinds of cases. It may seem old fashioned but I lose few friends this way and I sleep better.

Best,
Ron
1 vote Thank Flag Link Sun Aug 22, 2010
2 part answer; If you did not sign a Buyer Agency contract, you may not have any obligation to that agent.

If it is listed in the multiple listing then the seller has factored their asking price taking in account the fact that there will be a commission so, why would you not want to have someone represent you and look out for your best interest? Furthermore, when you use an agent to represent you, that broker assumes some liability. If the seller is willing accept an offer that is approx. 10-12% less than asking, there may be some benefit but if the listing broker is going to get 2 commissions and you have no representation, you may be leaving yourself wide open and may even pay more.

Yes, I know all the do-it-your-selfers out there will tell you this is what kind of response you would expect from a real estate agent.
However, if someone is selling their greatest investment themselves, chances are there are many other things that they have done to the house by themselves during the time they owned it. Did they make improvements without getting the necessary permits? Electrical, Plumbing, Decks, etc.

You have to do what you feel in your heart is right. What ever you do, I recommend that you get a good real estate attorney. One that has closed at least 10-20 homes in the past year in the town and county that you want to buy in.
Good Luck!
1 vote Thank Flag Link Mon Jun 15, 2009
Call your agent, and let him or her set up an appointment for you. It is probable that the seller is offering a commission to buyer's agents, which is why it's listed in the MLS. Even if the seller isn't advertising that he or she is offering a commission, let your agent make contact anyway - you can work out the commission details if you like the house and want to make an offer. Besides, if you do like the house, and want to purchase it, having an agent working for you to coordinate everything from offer to closing will be extremely valuable to you.
0 votes Thank Flag Link Sun Sep 12, 2010
Since the owner is probably offering a commission, call your agent and ask them to set up an appointment to see the house. With no agents involved in the transaction, you and the seller would pretty much be on your own. You will both need the help of the agent to complete it.
0 votes Thank Flag Link Sun Aug 22, 2010
Treat people the way you would expect them to treat you. Be honest with your agent and listen how they respond, you'll find your answer there! A true buyers agent that has your interests first, not theirs, would of had this discussion with you at the start of looking for homes and explained how they get paid. How did u make out??
0 votes Thank Flag Link Sun Aug 22, 2010
Ask your agent to call the owner and set up a showing for you. You chose an agent to work with. Use your agent to view and negotiate the house if you decided you want that that house.
0 votes Thank Flag Link Sun Aug 8, 2010
buyer beware...we have seen it all...
0 votes Thank Flag Link Sun Aug 8, 2010
Joe & Gail are right. I would call your agent and discuss the situation with him. If it is listed in the MLS then they might be offering a commision anyway.

I have met people that have over pid for their homes because they bought through a for sale by owner, don't make the same mistake.

Ask your agent to do a CMA (Comparative Market Analysis) for any home that you are seriuos about, whether it be a FSBO or Listed.

Hope this helps
0 votes Thank Flag Link Tue Jun 16, 2009
Thankfully you have a conscience; otherwise, you would not be asking the question. You already know what you should do.

Are you going to do it? That's another question. Realtors work for nothing until they get a deal together. They use their time, their gas and their expertise.

What do you think you should do?
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Mon Jun 15, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer