Home Buying in 50158>Question Details

Bmc, Home Buyer in 50158

Procuring Cause

Asked by Bmc, 50158 Wed Jul 8, 2009

We were first introduced and shown a house by the home owners. A week later it was listed with a realtor and we looked at it again (2 times) only we went throught he listing agent. The house need not sell and the contract has since ended and the owners have not listed it again. Can we approach the home owners and offer to buy it though a private sell with out paying the realtor a commison fee?

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Some listing contracts have a "protection period" built in stating if someone who has seen the home with a realtor tries to buy the home w/out the realtors' help within the specified time frame the seller is bound to pay the commission. Only the seller and realtor knows the terms of his listing agreement, the sellers may have "reserved" you as a buyer. Since the seller has the contract and the seller would have to pay the commission, they should be the one contacting an attorney-if you did not sign a buyers' agency agreement.
Question to consider though is- that if you had provided service to a prospective customer, wouldn't you want to be paid? Have you had contact with the agent and is he continuing to work for you in your home search?
0 votes Thank Flag Link Thu Jul 9, 2009
This is an extremely tricky question. Best answer - call your attorney to be sure.

A few questions that stem from this one - did the realtor you looked at it with after the initial contact provide you an additional information? Did he or she provide insight on the market? Tips on financing? You obviously found the home yourself, but did this realtor help you at all in any other way, other than devoting the time to take you back through a couple of times?

Second, did the agent have a clause in the listing agreement that states that anyone who came through during the course of the listing who eventually becomes a buyer would result in the listing agent being due a commission? Only the seller would know, and even then, the seller should probably rely on an attorney to interpret that clause.

My best advice - use a realtor to buy the home. If you were not comfortable for some reason with the agent who showed it to you twice, choose another agent to represent you and to approach the seller. Not just defending one of my own, but the process is often more complicated than just writing up a purchase agreement. There are inspections and closing processes that you might wish you had some advice on, not to mention the offer and negotiation process. If you end up in a lawsuit because something was not handled properly - that percentage you saved up front might not look so good anymore.
0 votes Thank Flag Link Wed Jul 8, 2009
The Buyers don't pay the commission the Sellers do. Since you have a Realtor ask him/her to contact the Sellers on your behalf. Put the shoe on the other foot as if you were the Realtor, how would you feel? This is the Realtor's job and they live on their commissions. Realtors know the laws and are there to protect your interests so in my opinion it would unwise to proceed without a Realtor and their Broker.
0 votes Thank Flag Link Wed Jul 8, 2009
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