Home Buying in Tennessee>Question Details

David, Both Buyer and Seller in Tennessee

House swap Agent RE lawyer? Agent showed us home we want to buy , planned on listing our home with same

Asked by David, Tennessee Sat May 3, 2008

agent. (nothing signed) I spoke to friend who is RE lawyer, she suggested we ask our agent about a house swap. All parties benefit. We could move in so much quicker, seller has 150K less on his books, and agent gets 2 guaranteed sales. I spoke with our agent and he has never heard of this but is willing to research and make offer for us. Further, we need to negotiate with the seller/builder some additional features and acreage. Can I request my agent draw up papers and have the lawyer look them over first for hourly rate? Should I offer the agent a % of sale and get the lawyer who has experience with this to present offer? We have only asked agent to show us this one house one time. I don’t mean he doesn’t deserve commission, just that we have not been wagging him all over the country wasting gas. I really don’t want to step on any of their toes; I just want to do what is best for my family

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One of the benefits of doing a house swap is that you can use these websites out there like craigslist or http://www.CareToTrade.com and avoid having to pay the commission. If he helped you, just get him a gift.
0 votes Thank Flag Link Wed Jun 4, 2008
By any chance are they referring to house swap as a 1031 exchange? 1) Let the Realtor do their research, (we usually work for brokers who have much more experience and will guide the Realtor for you if needed) and present you with the paperwork as well as conduct the negotiations with the builder. In any transaction that is above the scope of a Realtor's duties it is recommended you seek the advice of a qualified professional as well 2) If you are certain your Realtor is not qualified once the research is complete - you can offer the Realtor a "referral fee" and let the attorney do all the work 3) You can rely on the Realtor (which differs from an agent) and if there are still questions you can request a co-meeting with the broker. Brokers are required to carry Errors and Ommissions Insurance as well as Liability Ins. policies etc. They also have a whole network of professional advisors on staff which usually include attorneys. If it gets too challenging your Realtor will/should have available professional resources to help the transaction. All of these are viable options as well as the one you suggest. But since you enlisted the help of your Realtor whose profession it is to conduct real estate business and an attorney whose business is the law sounds like you are in good hands twice!! Good Luck. Cindy Vedder
0 votes Thank Flag Link Sun May 4, 2008
I have not signed any papers at all.
0 votes Thank Flag Link Sat May 3, 2008
David, have you signed a buyer's rep agreement with your agent? If so, you will need to abide by those guidelines set forward. Let us know, and then we can respond a little more insightfully.
0 votes Thank Flag Link Sat May 3, 2008
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