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Old 10-10-2007, 05:25 PM
 
Location: Planet Earth
59 posts, read 220,271 times
Reputation: 19

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Are there any good buyers agents or do you stay away from signing that, someone just told me I made a big oops!

I am new to buying and signed a buyers agreement making a real estate agent our "buyer's agent". We saw two properties so far, the first one was completely gutted so bad the tenant sold the copper pipes for money, she claimed she was unaware of that. The second had a lot of problems, including water leaking constantly into the basement. she encourages us to buy anyway and said the seller was waiving the inspection? Though we liked it we concluded there were too many repairs out of our budget. I am not sure we can trust her, and someone just told me if we buy property listed with other realties (the second house was), she will not split the commission with the other realtor but charge 3% in addition - I have no problem with working with someone exclusively - BUT - she made the impression to us she would split the commission, and the contract does seem to say she gets 3%.

The agreement does not seem to have an end date - it is whenever we buy, we work with her exclusively only on property located within the Capitol Region (does that mean Albany? - the realtor sells in greene albany and scholarie) and says
she gets paid the commission up until one month after the termination of the agreement. How do I terminate it?

Thanks for any help, we will need it!!
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Old 10-10-2007, 05:33 PM
 
Location: Somerset, NJ
505 posts, read 2,268,548 times
Reputation: 135
Quote:
Originally Posted by skyblupink View Post
Are there any good buyers agents or do you stay away from signing that, someone just told me I made a big oops!

I am new to buying and signed a buyers agreement making a real estate agent our "buyer's agent". We saw two properties so far, the first one was completely gutted so bad the tenant sold the copper pipes for money, she claimed she was unaware of that. The second had a lot of problems, including water leaking constantly into the basement. she encourages us to buy anyway and said the seller was waiving the inspection? Though we liked it we concluded there were too many repairs out of our budget. I am not sure we can trust her, and someone just told me if we buy property listed with other realties (the second house was), she will not split the commission with the other realtor but charge 3% in addition - I have no problem with working with someone exclusively - BUT - she made the impression to us she would split the commission, and the contract does seem to say she gets 3%.

The agreement does not seem to have an end date - it is whenever we buy, we work with her exclusively only on property located within the Capitol Region (does that mean Albany? - the realtor sells in greene albany and scholarie) and says
she gets paid the commission up until one month after the termination of the agreement. How do I terminate it?

Thanks for any help, we will need it!!
In order to terminate said agreement all you have to do is send a letter, via mail, to the broker terminating your Exclusive Buyers Agency Agreement (or exclusive right to represent agreement). In your letter, just state that the agreement was not completely explained to you (as required by law) and you wish to terminate said agreement effective immediateley. If you were to purchase one of the homes that you saw with the agent you may be required to pay a commission to the agent but that doesn't seem like it would be a problem as you are not interested in either of those homes.

My advice is to find an agent that you are in fact comfortable with because it is important for you to be comfortable with the professional you are going to be relying on. A true buyers agent is your best bet as they are supposed to represent your best interest, but most "good" Realtors don't force their clients to sign those agreements because they don't need to, their clients realize how good they are and loyalty is not a problem.

Best of luck to you in your home search and don't hesitate to ask if you have any more questions!

~Joey
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Old 10-10-2007, 05:56 PM
 
Location: Planet Earth
59 posts, read 220,271 times
Reputation: 19
Thanks!
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Old 10-10-2007, 05:58 PM
 
Location: Somerset, NJ
505 posts, read 2,268,548 times
Reputation: 135
No problem, best of luck to you in your new home (once you find it)!!!

~Joey
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Old 10-10-2007, 09:01 PM
 
Location: Eastern NY
136 posts, read 754,971 times
Reputation: 57
Quote:
Originally Posted by skyblupink View Post
Are there any good buyers agents or do you stay away from signing that, someone just told me I made a big oops!
I used a buyers agent to buy a place up in the Catskills (Delaware county). The EBA I signed was for 5 weeks ending Aug 15, but of course it's still in effect for the one place he showed me that I'm supposed to close on this Friday. As for commission, one of the first things he did before showing each house (especially ones not listed in the MLS) was to get the listing agent to sign some sort of "co-brokerage" agreement, to split the commission.

This agent was very knowledgeable, sometimes giving tips to other (listing) agents (like how to find Delaware County parcel maps online -- they are in a different place than some of the other counties, apparently.) He was a big fan of bringing me down into basements and crawlspaces, etc. to look around for problems. We rejected a couple of places that way. Aparently he likes to attend every home inspection he can to learn more about looking for problems.

One slight problem area: the Otsego/Delaware county MLS (the one this buyer's agent belongs to) has only a small percentage of the homes for sale in eastern Delaware County. Some are in the Ulster County MLS (a few homes are in both MLSes), but most places for sale are in neither MLS. These can be found by looking at the websites of all the brokerages in the area of interest. What I did was comb through these websites and feed the links to the buyer's agent, so he could contact the listing agent, etc., etc.

Everything worked out well with this buyer's agent (so far), so I'm more than satisfied with the whole concept of buyer's agency. Of course, YMMV.
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