Home Buying in Reno>Question Details

mqf2, Home Buyer in Lock Haven, PA

My realtor sent me info on a property (land). The seller wants to deal directly--just him and I, no agents. Am I obligated to include my realtor?

Asked by mqf2, Lock Haven, PA Tue Sep 11, 2012

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The seller sounds like a wild card and if he is already operating in this manner, I would watch out for this guy. An old saying is; there are two kinds of FSBO's; ones that are in a lawsuit and ones that are going to be in a lawsuit.

He probably wants to deal direct with you because land values are in the toilet and he doesn't want a Realtor to tell you what you need to hear and not what he wants you to hear.
1 vote Thank Flag Link Tue Sep 11, 2012
Thank you, Ron.
Flag Tue Sep 11, 2012
I agree with the other agents, since you are asking you probably haven't signed a buyer's broker agreement. So legal you are most likely not obligated. However It is probably in your best interest to have a full time professional agent represent you.
0 votes Thank Flag Link Tue Sep 11, 2012
Thank you, Michael.
Flag Tue Sep 11, 2012
Without a buyers agent agreement, you have no obligation.
How did your agent discover property? Was it listed? FSBO?
If FSBO, he should have got something from the seller, or you - his mistake.
Seller may be trying to end run his own agent.
If seller has agent, he could be liable to both his agent and your agent, the procuring agent.
This is tricky stuff. This is why buyers/sellers get and retain an agent.
But you be the expert, right?
If you didn't know the answer to this, do you think you won't have more issues.
And maybe a shady seller too.
Good luck.
0 votes Thank Flag Link Tue Sep 11, 2012
Thank you, Larry.
Flag Tue Sep 11, 2012
Obligated? I guess it depends what you're asking.

As Patricia and Roger point out, without a signed buyer's agent agreement you're not legally obligated to use him.

but ethically, morally...? You wouldn't have even known about the property (land) except that your agent sent it to you.... and now you're wondering if it's okay to do an "end-run" around him?
0 votes Thank Flag Link Tue Sep 11, 2012
Thanks Alan.
Flag Tue Sep 11, 2012
Alan May, Real Estate Pro in Evanston, IL
MVP'08
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Unless you have a Buyer's-Broker contract with your agent, you are probably not obligated to include your agent, legally. However, your agent did forward you the property information which brought it to your attention. That fact alone tells me the agent had your needs in mind when he/she saw this purchase opportunity. Some sort of monetary compensation, therefore, is warranted from you in my opinion. What that should be is between the agent and you. You would not expect an attorney or a doctor to provide you information at no cost. So, why would you presume to do so with a realtor or agent?

Most agents do not have their buyers sign a contract for services which often is not in the best interest of the agent or the buyer. The buyer is trusted at his word to work with the agent. So, if you decide to pursue this purchase, which is known as a FSBO (For Sale by Owner), you are entering this transaction without any representation. Land contracts are tricky at best. What do you know about soil samples, wells, utilities, CCRs, setback allowances, permits, etc? Basically, you would take the seller at his word unless you knew what to verify and how. The term "buyer's remorse" is rampant in real estate transactions across this Country for a reason.

There is also a saying that goes"...anyone who represents themselves in a legal setting has a fool for a lawyer....." . I am not a fan of FSBO transactions as neither side provides themselves with representation that could be financially and legally beneficial to each party.

Patricia Jewett
Trans-Action Realty 500
775-857-1225

6121 Lakeside Drive
Reno NV 89511

http://www.teamjewett.com
shortsaleinformationcenter.info
homesforsale.listingbook.com
0 votes Thank Flag Link Tue Sep 11, 2012
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