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I've had a realtor show me about 20 houses over the last year. I made an offer on one that fell through, and at that time also signed a buyer agency contract making him my exclusive agent. But I just found one for sale by owner, called the owner, saw the house, and want to buy it, not realizing until talking with the owner a second time that they won't pay a realtor commission. My realtor was not involved in it at all. I'm going to hire a real estate attorney for the buying process, and ask about that contract, and whether I should pay my realtor a commission........But my question is, IF I don't pay my realtor a commission, what should I do to compensate him for his time? He doesn't know about this FSBO yet and I dread telling him his time was wasted.
$1200 plus $100 an hour? Really, Mike? I'd consider that for a professional, i.e. a doctor or a lawyer. I'm thinking more along the lines of what size fruit basket.
$1200 plus $100 an hour? Really, Mike? I'd consider that for a professional, i.e. a doctor or a lawyer. I'm thinking more along the lines of what size fruit basket.
I understand you didn't highly value your exclusive agent as a person or as a professional, whose professional expenses and expertise will not be covered by any size fruit basket, let alone the personal time sacrificed to serve you which may have been spent with family.
Were there any weekends or evenings?
Your attorney may even tell you that the agency agreement is not binding, and that you don't even need to do a fruit basket. It actually may be seen as a sign of weakness should the agent care to pursue agreed compensation.
However, another point in your favor is that most smart agents well know they cannot build a business if they get a local reputation for suing clients to enforce their agency contract.
I understand you didn't highly value your exclusive agent as a person or as a professional, whose professional expenses and expertise will not be covered by any size fruit basket, let alone the personal time sacrificed to serve you which may have been spent with family...
Well said Mike. And Ann, I'd think you were a real s****y person for your fruit basket. You should have notified your agent of the FSBO but I suppose some of that falls back on the agent for not preparing you for such a scenario as well. Maybe a little blame both ways, I don't know.
What makes you think a Realtor is not a professional person? All they did was go through training, spend money obtaining said education and licensing, spend more money on costs of running a business, spend gas driving you around, spend time on you when they could have been working with a more honest client...but I guess you don't think that's professional. Go ahead with your s****y fruit basket if it makes you feel good but you'd better promise the agent to refer your friends/family when they are buying with it.
If I was your agent, I'm not sure which way I'd go with that btw. I may would force he commission in your situation since you tried to cut me out. Had you told me up front that you wanted to see a FSBO I would have treated you differently and released you if they wouldn't pay a commission. Honesty and openness is a great thing. Try it next time.
Ann, first I would say that the fact that you are dreading telling your agent about this is, in fact, a self awareness that you know what you did was wrong. Trust your gut. If you are a good person, it probably will never lead you astray.
Having said that, let's look at this another way. Suppose you had used your agent for a FSBO and your agent did a lousy job because, perhaps, the commission was less than normal or your agent just didn't like FSBOs. Let's say this lack of professionalism --- notice the word choice --- resulted in thousands of dollars in additional cost to you. How would you react if your agent responded with "Sorry, I didn't think about that but here's a fruit basket and have a nice day."
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
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Quote:
Originally Posted by Ann Alison
$1200 plus $100 an hour? Really, Mike? I'd consider that for a professional, i.e. a doctor or a lawyer. I'm thinking more along the lines of what size fruit basket.
$1200 plus $100 an hour? Really, Mike? I'd consider that for a professional, i.e. a doctor or a lawyer. I'm thinking more along the lines of what size fruit basket.
ROFLMAO!!
You're going to hire an attorney which is very good since a real estate agent can not provide any legal advice unless they are an attorney. Ask your attorney to review the contract you have with the agent. If there is no clause holding you responsible for paying them a dime then the size of the fruit basket is is purely a factor of your budget!
If you do wind up being able to give them only a fruit basket make sure you add plenty of nuts in it as well. Any agent that can't write a proper contract is nuts to be in any business of their own!
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