In my contact I have agreed to pay 2.5% to my realtor on for sale by owner properties. However, I found this property myself and the realtor has not been part of my negotiations. i don’t want to pay her fee as she has done nothing. is there a way out?
2007-07-26 14:38:31 · 10 answers · asked by AmandaY 1 in Business & Finance ➔ Renting & Real Estate
We signed a rental agreement that on for sale by owners we pay our agent if the sellers will not. however, we are doing our own negotions, etc so we feel our relator hasnt earned her commission.
2007-07-28 05:41:36 · update #1
It sounds as though you have signed a buyers agent contract. Normally all comissions are paid by the seller, not the buyer. I suggest that you first reread your contract to be sure what your obligations are.pp
2007-07-26 15:05:47 · answer #1 · answered by ttpawpaw 7 · 0⤊ 0⤋
Re-read your contract, but what you signed is a legal and binding contract I believe. The only way I see out of this is to tell your realtor you changed your mind. Then hold off a bit on buying so he/she can't come back and claim you got out of the contract the way you did to knowingly buy a place on your own. But you also need to make sure you are covering all bases and know the laws regarding buying a place. That's what the fee you'd be paying your realtor will do for you.
2007-07-26 14:43:57 · answer #2 · answered by Michelle 4 · 0⤊ 0⤋
Firstly I would write to the Realtor asking to cancel the contract but make sure they place something in writing that it has been canceled from the date requested by you.
Secondly did they introduce you to this home? If not I cant see them being able to claim commission. If you decide to cancel with them tell them the reason is due to family issues or something so they don't think that you are cheating them.
Wait if you can until after the cancellation of contract to purchase this will place you in the safety net. Personally most real estates that I have dealt with are sharks and only care about their commission, good luck!
2007-07-26 15:10:17 · answer #3 · answered by Anonymous · 0⤊ 0⤋
That is very unusual for a buyer to have to pay real estate commission. It is typical and standard in the industry that the seller be responsible for the payment of real estate commission. You should check with the board of realtors in your area for more information.
Hope this helps!
2007-07-26 15:20:49 · answer #4 · answered by Etta P 4 · 0⤊ 0⤋
Sounds like you got hustled by a realtor. You could tell your realtor you found a house but you want to negotiate the price down that will include his fee.
I would also just see if you could get out of your contract and next time find a realtor who isn't going to charge for looking at houses.
2007-07-26 14:46:59 · answer #5 · answered by C C 3 · 0⤊ 1⤋
That is strange. I have never heard of a buyer paying their realtor! It is the SELLER that pays both buyer and seller fees. But, to answer your question, I am not 100%, but I think since your realtor was not there on your 1st visit, you dont have to use her. goodluck
2007-07-26 14:43:47 · answer #6 · answered by Seven 2 · 0⤊ 0⤋
Re-read the contract...it says the SELLER pays.
If you are a first-time home buyer, I personally think you are making a huge mistake by not getting legal representation.
Do you know how to read an inspection report? An appraisal? Do you know what mortagage points are or what you SHOULD be paying as an earnest money deposit? Do you know how to read a pest inspection report? Do you know what you should be offering on the property? Do you know what the taxes are?
I could write a book.
There is someone else that posted on here how they did a FSBO deal....it went bad, and now they have to sue the homeowner to get their earnest money deposit back because he refused to return it....and the buyers had every right to cancel the contract.
Thing very, very carefully, about what you are doing.
2007-07-26 14:57:24 · answer #7 · answered by Expert8675309 7 · 0⤊ 2⤋
There is a lot of paperwork to buying a house and I was sure glad my Realtor was there for me when I bought mine. I don't know if you can get out or not but their job JUST BEGINS when you find the house you want.
Unless you know what they do and how a Realtor works, I would say that it would be better for you to let your Realtor do his job.
GOOD luck
2007-07-26 14:45:17 · answer #8 · answered by Dan Bueno 4 · 0⤊ 1⤋
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2016-09-30 21:33:29 · answer #9 · answered by Anonymous · 0⤊ 0⤋
are you saying you agreed to pay YOUR agent's commission on a place you are BUYING?
wow, that's a pretty good hustle.
look, the SELLER 99.99% of the time pays the SELLING agent AND the BUYING agent commission.
2007-07-27 20:05:29 · answer #10 · answered by stevemincer 3 · 0⤊ 0⤋