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I found a 2 million home online I fell in love with (seen many homes over the years at open houses and 3 years ago with a realtor) so I knew I had a good chance of buying it.
I found a rebate realtor online (from my state but about 40 min away as no rebate realtor close by). They showed me the home then showed me a second time and at that point emailed me a signed "an agreement for payment of rebate to buyer."
This stated I'd get 2% of the broker's commission, 2% rebate if buy (the home he showed me) or 1% for any other home (Technically shouldn't it say 2% of purchase price?) The broker signed the form but I never gave it to him signed back since broker emailed me that his company changed their policy (he has his own company and they no longer offer 2% rebate but changed to 1% for everything)
I also never signed or received buyer agent form.
I didn't care for his attitude and lack of communication and lack of proffessionalism with me and when showing the home so want to move on with another realtor.
I found a local realtor who is very good who showed me 6 homes but I wasn't interested in any of them, I signed a broker realationship with him.
Option A:
I want to put an offer on home found myself but saw with rebate realtor, I don't think he has procuring clause as I never signed buyer agent form and I found property on realtor.com. I could go with him just to get rebate but with his attitude he wouldn't represent us well but buyers may just be interested in offer as they haven't had one in over the 30 days listed and I've done the research and know what to offer. I assume since I have his signed realtor agreement I could force the 2% as it doesn't have expiration date and written a few days ago.
Option B:
Go with local agent we just used to show us 6 homes and signed buyer's agent form but he'd have to show us home we want to buy first.
Option C:
Buy direct- homeowner is the listing agent so could do dual agency. May accept slightly lower price since they don't have to pay out as much commision.
Option D:
Use a different rebate agent (found a few more online who could show us the home then represent us) if we aren't bound to realtor A or B as a rebate of $40,000 is hard to pass up.
Option B - why do you think he has to show it to you to get paid? Why wouldn't you want him to show it to you and then use his advice? Maybe you could get more than $40,000 less for the house?
If I used B I would want to show him it first so he could negotiate better for us, since home is priced very competitively already I don't think his negotiations would get more then 2% off over what I could negotiatite with rebate agent.
It's not just about the rebate...You're spending 2 Million on a home. Get the best representation possible. If it's the one that rebates that's a bonus, if it's the other one the rebate is peanuts in the grand scheme of things.
It's not just about the rebate...You're spending 2 Million on a home. Get the best representation possible. If it's the one that rebates that's a bonus, if it's the other one the rebate is peanuts in the grand scheme of things.
I agree with this post. Get the best representation possible.
On the issue of the first Agent, I do not understand why, if you are unhappy with his service, why you would consider working with him. Tell him you no longer wish to have a business relationship with him, in writing, and move on. If you do not fire him, it just complicates things for the next agent that you work with who will be getting a phone call from the 1st agent asking for part of the commission.
I did fire agent A via email (even though I didn't have a contract) and he emailed back OK. I'm not sure if I should also send a certified letter. The reason I was thinking of going with another rebate laywer is that I'm confident that this home is priced competively so there is not much negotiation room and I've visted all the comp homes that have sold so I know what it is worth. The rebate is around 37,000 so it may be worth the less knowledgeable agent as I've done my homework.
Why do you think it's bogus? Anyway, I went with option B and ended up negotiating more then I thought and home is actually less then would have gotten with rebate realtor
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