buyers agent question...?

Question

If a person signs a buyers agency contract then, finds a home without ANY help from that agent ie: searched the newspaper herself, went to open house alone,
the agent knew nothing of this property...
Is that agent still compensated? Or can the buyer get out of the contract?
All in the state of N.C.

I am the seller. I am using Help-U-Sell as my brokerage. If I sell to someone who uses Help-U-Sell, I pay $4,450 in commissions.
If I sell to someone through another brokerage I pay an add'l 3%.
This buyer says she has a buyers agent, but doesn't know the details..and the agent had nothing to do with her finding this home.

Answer 1

buyers agents are paid by the buyer.
Play hardball, if they didn't give you the agents name when they went thru, its your buyer.
ignore the realtors extortion threats

Answer 2

Typically buyers agency contracts expire after a certain amount of time (6 months is fairly common). So you can wait until the contract expires.

OR

The contract may refer only to properties shown to you through the agency. In that case, if you find the property on your own, you wouldn't have to buy through the agency.


However, when you are making a purchase for tens or hundreds of thousands of dollars, it's worth having an agent, whether or not you found the house through them. The seller pays the comission, usually the same amount whether there is one agent or two. If I were you I would want an agent that represented me and only me, no matter who found the property. Let's say you like a house, but your agent (who is on your side) knows you can get it for $10-$25k LESS than asking price. The seller's agent wouldn't tell you that! Their job is to get the highest possible price!

Answer 3

Don,

A couple of things to consider. If this is your first home you might want to have some representation on your behalf. If the sellers agent finds that you have an agent that might get awkward. Nevertheless, you are doing a lot of work to find your home, and if the result of your work is that you found a house on your own, I might suggest that you sit with your Realtor, and ask that they represent you in the transaction, but for-fit to you a portion of there commission. The selling owner will be paying the commission and if you did the work of your Realtor to find your home, you should be compensated. The bottom line is your Realtor didn't assist in finding your home, so they wont be paid for it, but will assist in your closing of the home, so you will pay them for that. Splitting 50-50 shouldn't be bad, or 1%-2% is not out of the question either. Whatever you are comfortable with, but make it be know that you are doing their job and as such you want to be compensated for it. Otherwise terminate them, find an attorney to look over your closing documents and have the seller pay for it. It will be much cheaper for them to pay the attorney fee, than paying a full 6% commission for selling the property.

Good Luck

Answer 4

If you have never bought a house before, I recommend that you use the buyer's agent because there's a lot of paperwork involved even though you find the house without the agent's help.
But if you are familiar with the processing of buying a house, you don't really need an agent.

Answer 5

It depends on what the contract says. Around here, which is not NC, the Buyer Agent Contracts specifically mention the properties and the date, but I have no idea what you signed. Read it.

Answer 6

The buyer might not want out of the contract. If they do, it's their problem to deal with. Considering they don't know what they signed or what the terms are, you are at the buyer's mercy. Obviously they signed a buyer's contract for a reason, but they may not be honest with you regarding the terms.

Answer 7

In my state, the agents have a clause in the contract that says they are owed commission if you purchase any house within a certain location (my agent made it broad for the city and other surrounding areas). So, my lawyer and I changed the contract to say that commision is only payable for homes he introduced me to (meaning he did something to earn it) and under no circumstances am I to pay him anything ever out of pocke (it comes from split with seller's agent). He agreed and I agreed. Did you alter your agreement to say what you expected?

Answer 8

go back to the contract and read it very very carefully.. when i bought my home it didnt matter if i found it or the realtor they still get compensated.. it also may vary for the state you live in.. heres a web site with a bunch of home buying tips it may have the answer to your question
http://www.danagardner.com/PageManager/Default.aspx/PageID=1998846

good luck

Answer 9

whilst i offered my domicile, my actual sources agent grow to be additionally my loan loan officer, she worked very tricky to guard my pastime around the board, it worked positive for the two one those with out signed contractual contract between us. in line with risk if he desires to represent you, he would be agreeable to enhancing the language and words of the settlement to examine you. additionally, in my state if a qualified agent exhibits you a sources it is listed with a qualified broking provider and you purchase that sources they have earned their fee, through fact they introduced the shopper to the table. i think of it particularly is the way it works, so a shopper's contract won't be needed. additionally, examine with your community association of Realtors or licensing bureau could no longer injury.

Answer 10

challenging thing. try searching in google and yahoo. that can help!