I have been searching the internet for property out of state. I contacted an agent by phone and he called me back. I have several questions petaining to the property, and he said that he would get back to me. He sent an email stating that he has not forgot but business has picked up.
I saw the same property on another site, if I contact the second agent would that cause a problem if I would purchase this house.
2006-09-26 04:55:10 · 12 answers · asked by D S 4 in Business & Finance ➔ Renting & Real Estate
No. There is no obligation on your part.
However, it makes no difference in your purchase price whether you work with the first or the second agent. Unless the first agent is incompetent, so out of courtesy you should try staying with the first agent.
The first agent has already spent some time and efforts in answering your questions. Unless there is some reasons, buyers should try respecting their time and efforts by continue working with them. Remember they don't get paid unless there is a closing.
If buyers continue not to respect agents efforts, agents wouldn't return in kind either. When no one is respecting each other and it has become a vicious cycle in this industry.
2006-09-26 05:17:02 · answer #1 · answered by JQT 6 · 0⤊ 1⤋
You are not obligated to that agent whatsoever. We just purchased a home in another state not too long ago, make sure the agent you do go with is willing to do leg work for you. Also if you are interested in making a bid be sure to get an inspection we saw the most beautiful home and the Realtor did not know much about it but had looked at it. When we got the inspection report we found out it would have turned into a money pit. Things can look really fabulous on the MLS, beware. The house we did end up with didn't look that great at first it ended up being better in person.
2006-09-26 07:43:42 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Right now, inventory in cities such as Miami is almost 4 times as high as last year. Sales has dropped over 30%. Currently only 3% of the MLS listings get sold and this guy is telling you business has picked up. He is most likely working a part time job already. I will drop him like a hot potato.
No, you are not obligated to work with him if the property is openly advertised in the market. Furthermore, MLS ethics rule offers no protection on buyers. The agents are there to provide a service and if the service is not good enough, you as buyer is free to go else where. That is your legal right. It is the agent's responsibility to earn your loyalty.
Having said that, there is a legal concept of "Cause of Procurement". It means if the agent is instrumental in bring the parties to a transaction, that person is entitled to reasonable compensation. But this usually applies to commercial properties that is not openly marketed and the parties would not have come together if not for the agents introduction. This is not true in your case.
2006-09-26 05:25:14 · answer #3 · answered by robert S 4 · 0⤊ 0⤋
No, under the circumstances you describe, you are under no obligation, legal or otherwise. Only if you have signed a buyers registration form with an agent are you committed to dealing with them on the purchase of a home, especially if it is one that you contacted them on.
Morally, and possibly legaly depending on where you live, the only time you would be committed to a particular agent is if he/she showed you a home of which you were not aware. This would be because the agent would be the procurring cause (the one who found the home).
Again, in most states, you are definetly not committed as long as you have not signed anything. Most states require that for any real estate contract to be valid, it must be in writing; some states do recognize verbal contracts.
Don't worry, if the agent you first contacted is too busy, shop around. Just a tid bit: if the home is on the MLS, usually a buyers agent commission is guarenteed. At that time you are better off to have your own agent and not deal directly with the listing agent....
2006-09-26 05:16:51 · answer #4 · answered by CMR2006 3 · 0⤊ 0⤋
No, you are not obligated to go with the first person, especially if he does not get involved rightaway. And don't forget, here in the United States, BUYERS do not pay for services. It is different in Europe.
Keep talking to agents until you find one whom you feel comfortable with.
But having been an agent myself, it is an awful feeling when you do a lot of work for somebody and then they go with somebody else. Not to speak of all the lost time.
Also go to zillow.com and put in the address of the property. It will give you an estimated (pretty) accurate value. Then you have a little more background when you negotiate the price. Don't forget about the 6% that needs to be added for the agent(s).
You can also approach an agent HERE and ask him to negotiate for you. Agents are allowed to represent a buyer HERE, in another state. Most are not even aware of that.
I used to do that all the time, but then for commercial properties.
Long story but I don't want you to be unpleasantly surprised.
Good luck.
2006-09-26 05:11:52 · answer #5 · answered by Anonymous · 0⤊ 1⤋
If you didn't sign an agreement with the first agent and he is not the exclusive agent for the property, you don't have to continue dealing with him if he is not providing you with the services/answers you need.
I would contact him one last time and let him know that if you can't get answers from him in the next 24 hours, you will go with someone else. If he continues to be unresponsive, I would go ahead and contact the other agent.
Good luck with your search.
2006-09-26 05:16:14 · answer #6 · answered by fsboTimes.com 1 · 0⤊ 0⤋
No, you are not 'obligated' to stay with the Realtor with whom you first spoke. However, staying with him does follow the basic Real Estate rules of protocol.
That said, if this Realtor isn't willing to work with you and take care of your needs in a professional and timely manner you are well within your rights to terminate your relationship with him and use someone else.
I would recommend that you contact this gentleman and inform him of your needs/time restraints, etc.. Then, if your needs are still not met, sever ties and go forth elsewhere.
Good luck!
2006-09-26 05:07:46 · answer #7 · answered by Cayman_tac 3 · 0⤊ 0⤋
No.... Once you sign your offer with an agent thats when your committed. When you meet an agent, ask them alot of questions, whatever is on your mind, and also make sure they know their stuff.
2006-09-26 05:04:04 · answer #8 · answered by The real questions 2 · 0⤊ 0⤋
Not at all. You can change agents at any time. And since the first one is too busy, I'd definitely find someone else.
2006-09-26 05:02:44 · answer #9 · answered by Anonymous · 1⤊ 1⤋
Only if you have signed a written contract with that agent.
2006-09-26 05:07:04 · answer #10 · answered by Patricia S 6 · 0⤊ 0⤋