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contract for buyers real estate agent?

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marriedinportjeff
LIF Adult

Member since 7/07

1174 total posts

Name:
sher

contract for buyers real estate agent?

hi

we're about to make an offer, but I realized that we never signed/ discussed any agreement with our agent. I'm presuming there's some details we should have in writing before discussing making an offer....

what agreement did you make with your buyers agent? was it written, or merely verbal? Or does that discussion only begin when you dicuss making an offer?

can't believe I didn't think of this sooner Chat Icon

thanks for your help!

Posted 8/13/07 1:15 AM
 
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greenfreak
.

Member since 9/06

11483 total posts

Name:
greenfreak

Re: contract for buyers real estate agent?

We didn't use a realtor and signed a Sales Agreement, a disclosure form, and something else that I forget. The Sales Agreement had the offer price, the downpayment, and some legalese about lead paint and such below. My lawyer viewed the documents and said they were all standard stuff.

This was only after we had an accepted offer and were scheduling the inspection though. I don't know if that's normal, but the seller's agent should be handling that if you don't have your own realtor.

I always thought all offers were put in writing, but I just go with the flow. Be sure that if you're going to put down money before closing, that that is listed correctly on that Sales Agreement/Offer. And if you're not putting down money before closing, that that is clear before you sign anything.

eta:

I just re-read and saw you have your own realtor. Ask them what paperwork is necessary, because they should be handling this for you.

Message edited 8/13/2007 8:08:22 AM.

Posted 8/13/07 8:06 AM
 

counselor74
LIF Adolescent

Member since 5/07

806 total posts

Name:

Re: contract for buyers real estate agent?

There aren't too many true buyer's agents on LI. We had an agent that we liked and trusted and he ended up acting like a buyer's agent for us but in reality he wasn't. A true buyer's agent is payed by the buyer. You need to clarify this with the agent you are working with.

Posted 8/13/07 10:11 AM
 

marriedinportjeff
LIF Adult

Member since 7/07

1174 total posts

Name:
sher

Re: contract for buyers real estate agent?



thanks for your input....

your right, she's not a true buyers agent, she's merely acting as one with this multiple listing property that we asked to see.....

yeah, this totally has to be clarified. I don't want to pay thousands extra if I don't have to.... The realtor fee the seller pays on a multiple listing property is usually split some way so the buyers agent gets a cut, right?

Posted 8/13/07 11:26 AM
 

nov04libride
big brother <3

Member since 5/05

14672 total posts

Name:
Me

Re: contract for buyers real estate agent?

Posted by marriedinportjeff



thanks for your input....

your right, she's not a true buyers agent, she's merely acting as one with this multiple listing property that we asked to see.....

yeah, this totally has to be clarified. I don't want to pay thousands extra if I don't have to.... The realtor fee the seller pays on a multiple listing property is usually split some way so the buyers agent gets a cut, right?




I thought they got a cut too--does the buyer also pay more out of pocket for the buyer agent?

Posted 8/13/07 11:30 AM
 

counselor74
LIF Adolescent

Member since 5/07

806 total posts

Name:

Re: contract for buyers real estate agent?

Posted by marriedinportjeff



thanks for your input....

your right, she's not a true buyers agent, she's merely acting as one with this multiple listing property that we asked to see.....

yeah, this totally has to be clarified. I don't want to pay thousands extra if I don't have to.... The realtor fee the seller pays on a multiple listing property is usually split some way so the buyers agent gets a cut, right?



My guess is that your agent is just acting like a buyer's agent. If this is the case, the listing agent on the property will just split their commission with your agent. Usually each gets 2% on a multiple listing. They get paid at the closing. Nothing additional comes out of your pocket.

Posted 8/13/07 12:29 PM
 

marriedinportjeff
LIF Adult

Member since 7/07

1174 total posts

Name:
sher

Re: contract for buyers real estate agent?

Posted by counselor74


My guess is that your agent is just acting like a buyer's agent. If this is the case, the listing agent on the property will just split their commission with your agent. Usually each gets 2% on a multiple listing. They get paid at the closing. Nothing additional comes out of your pocket.



that would be great, and it's what I suspect, but I want in writing Chat Icon

Got a lawyer this morning, faxed the last docs needed for pre-approval of a mortgage, and made another appt to see the place, talk to the agent, and make an offer.... hopefully, this will be a smooth process.....

Chat Icon

Message edited 8/13/2007 1:07:38 PM.

Posted 8/13/07 1:07 PM
 
 

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