Spinoff to realtor question

Dh and I were casually househunting, and hitting up many open houses on our own. At one open house, we met an awesome realtor and started working with her. She showed us a few properties (3), but none that we loved.

We recently were presented with a private deal (someone MIL knows), on a great house that we love. Owners of house said they would give us first look, and if we didnt like it, then they would put it on the market. We loved the house, made them an offer and they accepted. (verbally)

What do I do about our realtor? I feel really bad, bc we like her very much. I feel like a jerk, but this all just sort of happened. I was planning on telling her soon, until I read the last thread on realtors. We were workling with her, but she did not show us this property. It is not even on the market. Are we contractually obligated to her bc we were using her? help!

Re: Spinoff to realtor question

You are not contractually obligated to the realtor who showed you properties, or any realtor, UNLESS you have signed a buyer brokerage contract with the realtor saying you will buy through that realtor for a specified period of time.

I am sure you haven't signed such an agreement, because you would know if you did (and you'd have a copy of the agreement) and buyer brokerage still has not really caught on that much on Long Island. So most buyers have a traditional relationship with a realtor -- meaning a realtor may service them as a customer and assist them in finding a home, but the realtor's fiduciary duties are still owed to the seller, and the buyer can stop working with the realtor (to work with someone else, buy on their own, etc.) at any time.

So legally - you owe the realtor nothing.

However, if you liked the realtor and thought she was servicing you well, then I would at least inform of what is going on. You can let her know that you stumbled across this house through private channels, but that you very much appreciate her help and you would use her in the future and plan to refer her to friends. Realtors live for referrals - it's the best source of business! That way, she won't feel like her time was wasted.

She only showed you 3 properties, so it's not a huge deal, but believe me -- there are times when a realtor will spend months showing hundreds of properties to a buyer who will ultimately buy without the realtor. Realtors know this is a risk (BECAUSE there is no contractual obligation). But as a professional realtor, it is nice to feel like your time is being valued and respected. It's one of the few jobs where you basically work for free, with no guarantee of being paid ever! As an attorney -- my former firm charged A LOT for each hour of my time, and now I work strictly on commission, so I definitely appreciate communication and courtesy from my customers, even if they don't ultimately buy from me!

Good luck with your purchase!

Re: Spinoff to realtor question

Thank you so much for your reply!
I definitely plan on sending lots of referrals her way, and Im going to email her now