Home Buying in Hopkinton>Question Details

As662c, Home Buyer in Las Vegas, NV

What is a normal time that a Realtor can retain you for services for buying a house?

Asked by As662c, Las Vegas, NV Tue Apr 14, 2009

Thank you for all the advice. Getting into more detail, I signed an “Exclusive right to represent Buyer and Agency Agreement” form. The date is one year from the time of signing. Is this a normal length of service retention?

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Answers

12
Alan has given you the best answer, read thru the Q&A to seel how many times agents explain to consumers that they must still follow THE CONTRACT they signed and pay the agent they haven't used when they buy months later, but that useless agent still has a CONTRACT with you. Sign nothing until YOU are ready and make sure every little detail you discussed with the agent about services/termination of contract are included in the CONTRACT.

You are the Boss, they are a hired service. You should inform yourself about the process and Be the Boss. There are a lot of fish in the Please hire me pool, only a few keepers...Avoid the sucker fish...

Dunes
1 vote Thank Flag Link Tue Apr 14, 2009
Hi As662c

As mentioned, there is no normal time, the most important thing is that you should be able to terminate the working relationship at anytime if you are not happy with the servie. That said, make sure that you sign a cancellation agreement becuase if not it could cause problems for your next agent if you continue to search and find a property.

I hope this helps


Tim
0 votes Thank Flag Link Fri Mar 5, 2010
Awesome question!

There are no "normal" times for a buyer/client contract.

You would want to be assured that you have enough time to maintain the close and trusted relationship with your buyer agent in order to meet your goal in purchasing a home in a given market place and you specific circumstances.

I offer a clause in my buyer/client contract that say - in essence- that if my buyer is not pleased with an aspect of my work with them - that they place that in writing to me and give me 7 business days to correct it. If I cannot correct it, I null and void out contract. There are some reasonable exceptions in that cluase based upon homes we have already seen togetherer, however, this clause give peace of mind to all parties.

I am pleased to say I have never had a buyer/client put an issue of my performance in wiriting which could have lead to voided our contract.

If you would like to discuss how I may be a good match for you as your buyer agent please give me a call: 508-479-9833 - It's my pleasure to talk with you.

Warmly,

Mary Condon MBA
0 votes Thank Flag Link Thu Sep 3, 2009
I truly try to build my clients to trust me for life. No I don't sign a lifetime agreement but, by the time we have closed on a home, I want them to think of me first when they are ready to move again. As others have said, you can ask to terminate the contract if you are unhappy with the services received. Talk to your agent and attempt to resolve your differences.

Best Wishes in your home search,

Joel Friday
0 votes Thank Flag Link Wed Apr 15, 2009
lots of good advice has been posted. The main thing is you need to speak with the agent and the managing broker of that office. there is usually a solution, if every one is reasonable.
Good Luck!
0 votes Thank Flag Link Tue Apr 14, 2009
I like to do 6months and then take it from there. Always can be discussed.



Sean Dawes
Long and Foster Real Estate Inc.
Web Reference: http://www.SeanDawes.com
0 votes Thank Flag Link Tue Apr 14, 2009
My preference for my buyer's agency agreement (which is indeed a contract) is 6 months. All of the terms are negotiable, and if a client wishes to terminate the contract they may do so at any time. I hope this helps! Good luck.
--John
0 votes Thank Flag Link Tue Apr 14, 2009
As662c (what a cute name)... it usually works the other way.

YOU retain the Realtor for services. If you've signed an Exclusive Buyer's Agreement, it spells out how long the agreement is valid, and what "escape" methods are in place.

Typically, the EBA is good for 3-6 months, and it often allows cancellation merely by written notice from you.

Personally, if it doesn't allow for easy cancellation, I (as the buyer) wouldn't agree to sign it.

and regarding Susan's comment... hmmm... an agreement, signed by both parties, spelling out expectations of services between the two parties and compensation... sure sounds like a contract to me.
0 votes Thank Flag Link Tue Apr 14, 2009
Alan May, Real Estate Pro in Evanston, IL
MVP'08
Contact
If you signed a Buyers Agency Disclosure - this is not a contract. This is only to isdentify the relationship between the buyer and the agent. You can walk away at any time if you are not happy with the services that the Buyer's Agent is providing for you.

Sometimes the relationship doesn't work and you can always move on to another agent.
0 votes Thank Flag Link Tue Apr 14, 2009
I typically only sign my first buyers agency agreement with a client for 1 week to start, to see if we're a match and if we click and can work together. Seems to be well recieved. Sometimes it's even as short as 1 weekend. As the contract is to expire we sit down and review our progress and negotiate for a longer term if we both agree.

In my opinion a buyer agency agreement is like starting a realationship, sometimes we may not be a great match, in those cases I'm glad to assist them in finding an agent that might be a closer match. This is why it's important to always interview several agents, research them and see which will be the best match for you.

Everything is negotiable, office policies for individual agents may differ but unless you ask you'll never know what's possible.

Good luck with your current situation, consult with the broker of record to see if there's a way to mutually resolve any issues you have with what's being provided or not provided.
0 votes Thank Flag Link Tue Apr 14, 2009
I always do my contracts for one year. I find for many people just starting the buying process 6 months is not enough time.

My guess is you are asking the question because you are unhappy with your buyer's agent. I personally have a guarantee, that if I am not performing in the manner the buyer wants me to, all they have to do is send a letter explaining what the problem is and I will cancel the contract with-in 48 hours. In all the years I have been doing this, I have only had to do that once. I do not want to be in a hostile situation with a client. It is not fun for either one of us. I also feel that as a buyer, you are the boss and you have a right to let me go for non performance.

With that said, understand a good buyers agent can put many, many hours into a buyer client, sometimes in upwards of 40-60 hours. They need to get paid and they need the loyalty of the buyer. An agent also does not get paid unless you buy. I am not saying a contract should allow for bad service from an agent, but it is also your job to communicate effectively what your expectations are for the buyer's agent.

I may be presumptuous in assuming your not happy with your buyers agent, but that is usually why buyer's ask that question. In know way am I suggesting a contract should allow for bad service from an agent, but it is also your job to communicate effectively what your expectations are for the buyer's agent. If you have a problem I would have a sit down with the agent and explain where the relationship may have gone wrong and get some agreement that if the situation can't be rectified that the contract is cancelled.

Good luck, and if you asked the question for a different reason, let me know.
0 votes Thank Flag Link Tue Apr 14, 2009
Hello,

It is really up to you and your agent. I personally do 6 months and always allow my clients to get out of the agreement with written notice or extend the agreement if we have not found them a house. Are you uncomfortable signing for a year? If so, discuss that with your agent. Also, find out how you can get out of the agreement if things change. As agents, we spend our time and energy showing buyers houses, the agreement just makes sure we are going to get paid if you decide to purchase a home.

I hope this helps.

Sheri Hipsley
Advance Realty Direct, Inc.
Cell: 443-756-5041
Office: 410-288-6700
E-Mail: sherihipsley@mris.com
Web: http://www.SheriHipsley.com
Web Reference: http://www.SheriHipsley.com
0 votes Thank Flag Link Tue Apr 14, 2009
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