Home Buying in Boonton>Question Details

Sue, Home Buyer in 07005

Which realtor??

Asked by Sue, 07005 Tue Mar 10, 2009

I'm currently working with realtor. With the first offer that I made they gave me the paper called the exclusive Buyer Agreement and said that this is nothing. It just the paper said that I have to work with them 90 days, but he/she said that he/she not going to bother if I decide to work with other realtor. Is this true? I had the other guy show me the property before I met this realtor. Now I want to make offer to this property which the guy show me the house not the current realtor I work with now. Who do I suppose to choose to work with? I would like to use the guy who was the first show me the house. Would it be any problem later?

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11
Hi Sue, I agree with Bill. No Arguement here.

What I do say is that you should move forward with the transaction and buy the house that you wan to buy.

I do suggest that when you speak to your attorney during attorney review, have the attorney review the buyers agency agreement that you signed, to protect YOU. Make sure that YOU are not liable for the Realtors commission. If it is a matter of one Realtor going after the other.. that will happen either way and there are so many variables involved that it is anyone's guess as to who will be paid the full commission or a percentage in arbitration.
3 votes Thank Flag Link Wed Mar 11, 2009
Hi Sue,

When you sign an exclusive buyers agency agreement the Realtor you signed with is a due a commission on the house that they showed you. If you buy the house the Realtor with the agreement will be due a commission, regardless. This is a document that you signed to make sure your Realtor ( at the time) will be paid for showing you this property. The Buyer agency agreement will win at realtor arbitration for the commission. As far as you making an offer and so on.. sure you can use someone else.. but, please inform that person that you signed this document with another Realtor as the "new" agent will probably not get paid a commission for the work they have done to close the transaction.
3 votes Thank Flag Link Wed Mar 11, 2009
Sue: I hate to argue with John Sacktig and your other answerers but I must. First, you have a CONTACT that you signed. It CAN be enforced. It probably says that you WILL pay the agent with the contract a commission. That's right, YOU will pay a commission. Now USUALLY the buyer’s commission is paid by the seller through a contract between that seller and their own agent. So, in most cases the exclusive buyer agency contract costs the buyer nothing, zippo!

Now comes the dirty part. The buyer's agent can end up not being paid and, unless they have cancelled the contract IN WRITING, they can take it to court and squeeze payment out of the buyer. (At least in theory.)

Now, the industry has rules about who DESERVES to be paid as an agent. These rules do NOT have to do with who has a contract to be paid. Because each situation is regarded as unique, an arbitration is called for to determine the facts of each case. If the arbitration panel decides that an agent deserves the commission and the looser has a contract that says you will pay him, I guess that the looser agent can come after you. (Unfortunately, I know of no court cases where it actually has happened.)

Nevertheless, I would insist that you get, IN WRITING, from the agent who said that they would not enforce the agreement, a statement to that effect before you take further action. You might even be willing to yield to them the prospect that, should this deal not come to fruition, you WILL work exclusively with them for the balance of the 90 days.

Please, please, please, do NOT sign anything that you do not understand. Please, please please, do not sign ANYTHING that the person proffering the document tells you verbally that they don't really mean it. Remember that "take backs" only apply to kids games, not business contracts

Best of luck.
2 votes Thank Flag Link Wed Mar 11, 2009
Thanks everyone of you. These informations are really helpful, especially the one that don't sign anything that you don't understand and don't listen to them bragging about this contract is nothing. If it's nothing why did he tried to make me sign it then.(Tricky) I learn my lesson.
Thanks you all....
1 vote Thank Flag Link Wed Mar 11, 2009
You can get all the listings for free. No need for anyone. Just ignore them for awhile then if you really want o buy (you will be surprised about how you come to you senses after not hearing the "Pro" chatter in your ear) then just make an offer on you own with the form contract. You and the Seller will save 6% which is money in your pocket. Good luck.
1 vote Thank Flag Link Tue Mar 10, 2009
Sue,

Speak to a "broker" that has 10 to 20+ years experience , not one that just rec'd his broker license, and has 5 years or less in the Real Estate business to consult with. (If you'd like a referral, email me an I'll give u the name of multiple Brokers who have been in the business 20+ years).

The bottom line here is that PLEASE NOT NOT LET this situation interfere with your desire to purchase this property; this would be a sever injustice to the seller and YOU, the buyer.

Sincerely,
Francesca
Francesca@PatrizioRE.com
Web Reference: http://www.Patrizio.RE.com
1 vote Thank Flag Link Tue Mar 10, 2009
Sue,

In my experience, it is usually the Realtor who shows the property that would prevail should this matter be taken to "authorities" over the Realtor with the Buyer Agency Agreement that did not show you the property.

I commend you for being cognizant of this situation and being concerned for both Realtors involved; much appreciated.

In addition to Jacequline's suggestion, I might also recommend that you contact the broker of the Realtor with which you have the Buyer Agency Agreement, express no discontent with his agent and explain the situation of the other agent having showed the property and your preference to continue with that relationship.

Finally, it is usually the practice of brokerages to not involve buyers and sellers in commission issues, therefore, it should not affect your transaction.

Sincerely,
Francesca
Web Reference: http://www.PatrizioRE.com
1 vote Thank Flag Link Tue Mar 10, 2009
Usually, you can get out of the buyer agreement with 3 days written notice. Check the language of the agreement. I would highly recommend that you void the agreement prior to proceeding
1 vote Thank Flag Link Tue Mar 10, 2009
Reema -

Queston was asked ..Tue Mar 10 2009. 3 Years ago!

I am thinking they made the offer already.
0 votes Thank Flag Link Wed Mar 7, 2012
no. make an offer if the house is different from the previous house
0 votes Thank Flag Link Wed Mar 7, 2012
Thank you Jacquiline. So I need to send them a letter written notice. What about the first guy that show me the house, I didn't sign anything with him? I didn't go with him because he's not full time and I can't go with his time schedule.
0 votes Thank Flag Link Tue Mar 10, 2009
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