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Depends on the builder but talk to them about not working with this particular agent.
You can always change agents but the new one may not get paid unless you want to pay.
Are you wanting to change because you need more help and looking for a better agent ?
Do you have a signed Buyers Representation Agreement with the agent ?
To be honest, I know realtors giving cash back incentives to buyers. I got in touch with 3 realtors who are willing to give me 3.5% cash back and as a 1st time home buyer it is of great help if we can get that cast back.
Our existing agent refuses to accept that this happens, even after I emailed him links that shows who everyone else offers.
Hence I want to out of this agent as I can get cash back which I can use for upgrades to the new home.
Just because someone's willing to give you 'cash back' doesn't mean they are going to be your best representation in this transaction. Plus its a really crummy thing to do ...
To be honest, I know realtors giving cash back incentives to buyers. I got in touch with 3 realtors who are willing to give me 3.5% cash back and as a 1st time home buyer it is of great help if we can get that cast back.
Our existing agent refuses to accept that this happens, even after I emailed him links that shows who everyone else offers.
Hence I want to out of this agent as I can get cash back which I can use for upgrades to the new home.
So . . . you knew what the financial deal was going in, but now you want to renege on it because some other realtors are dangling carrots. (And who, by the way, are probably already acting unethically by trying to get your business while you are working with an agent.) Just how much "help" does s/he need to be giving you while the builder is building your house? Do you expect the agent to go out there and help lay bricks? Most builders have a fairly standard contract, and here are your options, and here's when we'll do this, and here's when we'll do that, and oh, by the way, the completion time isn't guaranteed, because who knows what might happen. Have you ASKED for help? Or are you just looking for an excuse to dump this agent?
Frankly, the builder probably will not participate in any scheme like you describe. Your current agent would probably sue for their commission, and would probably win. And if the builder will screw the agent (and, in doing so, screw the entire real estate community), you can better believe that he'll stick it to you, too, with shoddy building practices and cheap materials. Plus, once it gets out that he's willing to do something like this, do you think any other agent in town will EVER bring him a buyer? Not hardly. News travels fast.
Sorry -- you're committed. You can make up all sorts of reasons why you should change agents, but the simple fact of the matter is that the agent put you together with the builder, and now you want to screw him out of his commission. Nice. I guess honor and integrity CAN be bought -- for 3.5%.
To be honest, I know realtors giving cash back incentives to buyers. I got in touch with 3 realtors who are willing to give me 3.5% cash back and as a 1st time home buyer it is of great help if we can get that cast back.
Our existing agent refuses to accept that this happens, even after I emailed him links that shows who everyone else offers.
Hence I want to out of this agent as I can get cash back which I can use for upgrades to the new home.
So you were working with one agent, who did enough work to find you a builder who is building a house you want to buy, and who registered you with that builder. He did the work, so far, that you expected him to do.
Now you found out that some other guy(s) is (are) willing to give you back some of the money (th)he will get paid, if you will find a way to dump the guy who did the work & put their name on the paper in place off the first guy. Do I have that right?
I hope that you do have a signed contract with this agent, and that he & the builder both hold you to that contract. I have no issue with a consumer negotiating prices with real estate agents, and working to get the best deal for themselves. But once you have the agreement in place, and the guy does his job, it's unethical to try to cut his pay. For this reason, I like the way NJ has set up the rebate law. We can now give our buyer clients a rebate, but the agreement to do so must be signed at the start of the business relationship, not at the signing of the sales contract or later.
It is funny when someone sarcastic based on assumptions. First of all, I showed the realtor the community we want to be in, I went to the builder initially to find out about the property. I knew about the community more than he did....I thought it should be other way around.
I contacted the realtor to help me negotiate a better deal and help me in closing. He only showed me 1 house to compare and all he did was to email me average cost in that neighborhood.
Luckily I have not signed anything with anyone. Just so you know, I heard about the rebate offering for the 1st time on the radio when I was driving from the airport. If it's on the radio, I am assuming all the realtors know about it.. I guess you have a lot to catch up with regards to what's happening around. I guess it's the Texas law as I have not heard anything like this in NJ.
I do a lot in your area and it's not standard practice and something I will not do. I would question anyone saying 3.5% when the % is usually 3% which many of us have to split with our brokers or pay our bills.
I'd be leery of something that sounds so wonderful.
But once an Agent is registered with the Builder, that is the agent who gets paid. You can change agents all you want but they probably will not get anything from the builder.
I do a lot in your area and it's not standard practice and something I will not do. I would question anyone saying 3.5% when the % is usually 3% which many of us have to split with our brokers or pay our bills.
I'd be leery of something that sounds so wonderful.
I was also wondering where the agent was going to get 3.5% to give a buyer when that's not "typical" in the market. Maybe the buyer gets 3.5% of the commission. If he buys $200k, the agent gets 3%, so $6000, and then he's willing to give 3.5% of that $6000 which is a mere $210. That would be hilarious if that's what the agent is talking about!! This buyer is working so hard to save a penny and it's not even going to cover the counter upgrade he wants...
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