I found a mobile home I like that is for sale by owner, when my agent contacted the seller, they said they are not willing to work with my agent because the price of the mobile home is so low, they do not want to pay a commission. My agent told me, that I would have to pay the commission. Should I cancel my buyer agreement with my agent and work directly with the seller. Thank you
2007-08-12 13:10:32 · 8 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
What state are you in currently? Here we only pay a commission to a buyers agent if the house is paying a commission. I would suggest that you check with the state board of Realtors.
2007-08-12 13:23:08 · answer #1 · answered by thirsty mind 6 · 0⤊ 3⤋
Ok you've gotten a lot of opinions but the reality and the legal perspective is that you signed the buyers agreement and now you don't want to abide by it. If you purchase this MH you will certainly be liable for the commission. There is usually a time period on those contracts and regardless of what house you buy and the conditions ie fsbo (for sale by owner), open house, used another agent etc. it is still your responsibility to pay that agent the commission and it will likely stand up in court.
If your agent has not been loyal to you as you had anticipated then you need to deal with that but it should have been before you got into this situation not because of it.
As a realtor, I would encourage you to tell the owner of that MH that you really like his home and would love to purchase it but unless he is willing to pay the commission you will look for other homes. Is this hard to do? YES! Because you have already gotten emotionally involved. You have allowed your emotions to supersede your word and now you are stuck with the consequences.
Another choice is that you can add the commission to the price of the house and make it the sales price thus financing the commission. That happens with regular mls transactions all the time, but the commissions are already wrapped up in the price not added on later.
I know that I am being tough on you but I would rather you know the truth up front when you can still do something about it than end up in court!
Remember, what goes around, comes around.
2007-08-12 14:17:13 · answer #2 · answered by Free Thinker 6 · 1⤊ 0⤋
If you signed an agreement that indicates you are to pay a buyer's agent even if he/she does not locate the house for you then in a probability you are liable to pay the commission to your buyer's agent.
If you told your agent to contact the seller then you might have a little leave way.
You should figure out if you will owe a commission if you cancel your contract with your agent.
The sellers are attempting to get maximum amount of money out of the transaction as they can, that is the reason they are selling the trailer themselves,so they will not work with your agent under any circumstances.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2007-08-12 13:54:33 · answer #3 · answered by loanmasterone 7 · 0⤊ 0⤋
the way the buyer agreements are written, if you buy any property the agent introduces you to within the time frame, usually plus 90 days, you owe the commission agreed to.
so if you want this mobile, you'll have to pay the commission.
what is your choice? to pass on it and maybe end up paying more for something else so your agent gets an even bigger commission?
btw, on mobile homes -- you NEED to investigage the conditions of the land rental under the unit. Your agent is equipped to do this -- if you lack experience in this area, you may not be.
many mobile homes, in essence, can not be moved because there is no where to move them to. that means you are 'captured' by the landlord. suppose there is a clause in the existing rental agreement that ends it on sale of the unit and the landlord wants 750 a month for a new agreement??
GL
2007-08-12 13:22:26 · answer #4 · answered by Spock (rhp) 7 · 1⤊ 0⤋
The seller doesn't have to accept the offer if he doesn't want to pay commission to the agent. As far as canceling the agreement with your agent, better read your contract closely, you may still have to pay a fee because no body works for free. Agents live on commission only, that's how they provide for their families.
Hope this helps
2007-08-12 14:05:20 · answer #5 · answered by Etta P 4 · 1⤊ 0⤋
you found the mobile home not your agent..
the mobile home owner.......wants the price advertised..
you have proof that you found the ad..and contacted the owner then the agent you signed the contract with..
now as..such...........negotiate a "buyers agent" fee on this..
you did the work.and willing to pay for the writing of the contract.....
all these fees your "buyers agent " will be doing..over the posted rate..(writing contract, confirming ownership, etc)
most "buyers agent" contract have an approximate fee "the buyers agent expects" when signing the agreement.
so for writing the contract, and confirming all paperwork is in order on the "mobile".....and that your "pad lease contract" is in order....(you could be buying a mobile that the park does not want in the park)..etc..
so negotiate a fee with your buyers agent.............and write an offer............and firmly sign on this fee..and that the offer (includes a "buyer's agent commission")
that being said..you can also fire the agent..
get a "cancellation" signed....
2007-08-12 13:47:23 · answer #6 · answered by m2 5 · 0⤊ 1⤋
You \can do what ever you like but you will still owe the commission
2007-08-12 13:13:18 · answer #7 · answered by Anonymous · 1⤊ 1⤋
WHO FOUND THE HOME---YOU OR THE AGENT?
2007-08-12 13:17:19 · answer #8 · answered by Anonymous · 0⤊ 1⤋