Home Buying in 54115>Question Details

Firsttimehom…, Home Buyer in 54115

Wondering about proper protocol when working with a buying agent. He has shown me probably 20-30 homes so far and we have made an offer on one that

Asked by Firsttimehomebuyer, 54115 Mon Apr 26, 2010

was not accepted. I have found a home I would like to look at, and it turns out, the seller is a friend of mine. Do I have to go through my buying agent to look at this home and if it works out, make an offer? Or should I just work with my friend and her agent? I want to make sure I am doing the right thing, but also need to look out for my best interests. Thank you!

Help the community by answering this question:

Answers

4
Christopher Lefebvre’s answer
If your friend currently has the home listed with an agent, your buyer's agent would most likely be getting a commission split of the listing agent's commission. So if you cut him/her out of the deal all you are doing is putting 100% of the commission into the listing agent's pocket rather than splitting the commission between the two agents. One other thing to consider is whether or not you have a signed contract with your buyer's agent. Buyer's agents work hard for their clients. How would you feel if you were in his/her shoes?
1 vote Thank Flag Link Mon Apr 26, 2010
What I would do if I were you is find myself a good real estate attorney. One just for you, not one that works for a real estate company. He or She knows the R.E. laws and you will be protected, so you don't lose a friend over any little technicality that could turn into a big one. And if something does go wrong you can blame the attorney.



One time home buyer
Four time home builder
0 votes Thank Flag Link Thu Jul 26, 2012
I'd include your agent in the transaction - he/she has already worked hard for you and earned your consideration. As Chris has pointed out, most certainly if the property is listed - the seller will already be paying out commission.

Good luck with your purchase.
Best,
Jeanne Feenick
Unwavering Commitment to Service
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Tue Apr 27, 2010
Thank you Chris, that's exactly the answer I was looking for. Thanks so much!
0 votes Thank Flag Link Mon Apr 26, 2010
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