My husband and I want to buy a home and obviously need to start with looking at homes, figuring out what we can afford, etc. We don't know the area very well and want to use a real estate agent. What happens if we're not satisfied with the agent or for any reason (the chance he could get stationed elsewhere or a deployment comes up) decide not to buy a house, do we still pay them for their service or is it just if we actually purchase a home?
2007-11-29 12:49:56 · 9 answers · asked by ME 2 in Business & Finance ➔ Renting & Real Estate
More and more Buyer Agents require a buyer to sign what's called a Buyer's Representative Agreement. Within that agreement, the agent will often charge a fee. Sometimes it's paid up front and reimbursed at closing; non-refundable if you do not close. Other agents only charge it when you close. Then there are agents who don't use a buyer's rep agreement.
So the short answer is...it depends on who you choose to represent you and how they operate. It's your perrogative to sign such an agreement. Regardless, always make sure you get a copy of whatever you sign. Signing an IABS* form does not obligate you, however, a Buyer's Rep. Agreement does obligate you to that agent for whatever period is agreed to.
*IABS: Information About Brokerage Services (your signature merely acknowledges your receipt of this 1 page form)
2007-11-29 14:44:30 · answer #1 · answered by Brenda W 3 · 0⤊ 0⤋
You do not ever have to pay for the services of a real estate agent if you are looking at buying. The fees are paid once you purchase and close escrow by the person who listed their home for sale. Go ahead and try out an agent. It won't cost you anything and it really does help out.
2007-11-29 12:54:33 · answer #2 · answered by dhallkb 3 · 0⤊ 0⤋
You only pay for the services that were rendered to you. They will ask for a payment in advance to put down on the home, but they will have a fee for helping you. You really should get a rough idea of what you can afford. Go online and look at the demographics for the specific area you would like to live and go for it. It is an investment that will pay off in time. Good luck.
2007-11-29 12:56:05 · answer #3 · answered by vanallenbelt1 2 · 0⤊ 0⤋
the realtor will get paid once you buy a house..i would suggest picking a realtor that specializes in your area, that way they can teach more about it, neighborhood, schools etc. Unless you sign a contract you should be able to change realtors at anytime if you are unhappy with their services.. found some great real estate information.. may not be for your area but its good... good luck
http://www.goduckcreek.net/HelpCenter.html
http://www.goduckcreek.net/
2007-11-29 23:33:08 · answer #4 · answered by Pure Genius 3 · 0⤊ 0⤋
They work on strictly commission. If you don't buy or want to change agents, that's your choice. You can check around on your own to see what's available before getting an agent.
2007-11-29 12:53:46 · answer #5 · answered by beez 7 · 0⤊ 0⤋
The agent gets paid if, and only if, he precipitates the sale: he gets your signature on an offer, the seller's signature also, and the sale actually goes through.
2007-11-29 12:52:56 · answer #6 · answered by Anonymous · 0⤊ 0⤋
When you actually purchase the home, the agent would get his commission then
2007-11-29 12:53:28 · answer #7 · answered by ACE 5 · 0⤊ 0⤋
If you just don't buy a house, then there's nothing lost. Realtors get paid at closing.
2007-11-29 13:08:27 · answer #8 · answered by teran_realtor 7 · 0⤊ 0⤋
You only pay if you buy. I have a house for sale.
2007-11-29 12:52:25 · answer #9 · answered by DR W 7 · 0⤊ 0⤋