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Old 07-16-2009, 09:42 AM
 
9 posts, read 20,390 times
Reputation: 10

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I plan to buy a house in Cranberry. It is the first time I am buying a house. I have contacted several brokers, and one of them send me a contract (Broker-Buyer) that basically specify that I can only work with him for 90 days.

I was expecting to work with several brokers and have them show me different properties but may be this is not customary?

Should I enter into an exclusive agreement with a broker? What is your advise and experiences

Thanks!
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Old 07-16-2009, 09:52 AM
 
Location: Pittsburgh
29,627 posts, read 34,093,605 times
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By "broker" do you mean real estate agent or mortgage broker?

When I bought my house I worked with an buyer's agent who went through listings and showed me appropriate houses for my budget and style. So at closing, she got commission for being my agent, which was fine with me. The form you sign is to protect their commission and their time that they spend helping you. Most people just work with a single agent. If you see a house and just call the number for the listing agent, that person's more interested in getting the house sold than in finding you the best place for you.

Last edited by fleetiebelle; 07-16-2009 at 10:05 AM..
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Old 07-16-2009, 09:58 AM
 
Location: Mid-Atlantic
12,527 posts, read 17,437,653 times
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A buyer-broker is different from your standard agent, he/she works for you, not the seller. I don't know if I would enter into a contract like that, but that's your option. There are a ton of vacant homes in the Cranberry area, I would focus on those, someone is paying two mortgages!
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Old 07-16-2009, 10:05 AM
 
Location: O'Hara Twp.
4,359 posts, read 7,480,174 times
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What you should do is to interview several agents/brokers and go with the one that you are most comfortable with. They may want you to sign buyers agent agreement. They make it out like it is normal for you to sign one. Your call on whether you do it or not. What you want to protect is your right to ask for part of the commission paid by the seller credited to if you find a house all by yourself without the help of the agent. Again, I would pick one agent and have him or her show me all of the houses.
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Old 07-16-2009, 01:46 PM
 
Location: Hempfield Twp
780 posts, read 1,375,794 times
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I wouldn't sign an exclusive agreement but that is just me. They should still work for you/with you, even without an agreement. It is in the agent's best interest to find you a house but, other than a small fee at the closing (Howard Hanna was $300 for us), there is no cost to you, typically. They will split the typical 6% commission down the middle with the listing agent. Sometimes sellers negotiate a smaller comm. and sometimes, they get hoodwinked with a larger one. A buyer's agent represents you and will help you negotiate with the sellers. They will also help you during the closing.

Get pre-approved (not pre-qualified) for a loan before you get started. It lets both agents and any potential sellers know you are serious about buying and not just a "tire kicker."

When it comes time for an inspection, I would take the agents recommendation for an inspector with a grain of salt and do your due diligence and research a qualified individual on your own. "Some" agents have deals worked out with inspectors to overlook some things that might break a deal in exchange for the exclusive referrals. Again, I don't think this abuse is rampant but, if you research your own inspector (make sure he is licensed, insured, check the BBB, get referrals, etc.) you should practically eliminate this possibility.

Good luck in your search.
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Old 07-17-2009, 04:28 PM
 
9 posts, read 20,390 times
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Thanks a lot for you advise, I am pre-approved already for a loan. This was his response, what do you think?:
"I will not be able to work with you and show you houses that are not my listing unless you would be willing to sign a business relationship between broker and buyer. Let me explain the reason. To show you the houses that are not my listings, I would either have to be your agent (you signed the Relationship Agreement) or I would have to represent the seller as a subagent for the seller’s broker. If I acted as the subagent for the seller’s broker I would have to act in the best interest of the seller and not in yours.
While almost all brokers do permit subagency most do not offer commissions to subagents as a way of discouraging the practice. Also Seller subagency would prevent me in some cases in acting in your best interest. I would be happy to show you the house I have listed at XXXXXXXX. but that is the only one I would be willing to show you without acting as your agent. I understand your reservations but I would highly recommend that you enter into a business relationship with one of the brokers that will be helping you. Please let me know if you want to see XXXXXXXX and I will make arrangements to show it to you directly or contact the broker who you will be dealing with to see when they want to show it to you.
Good Luck with your house hunting.
"


What do you think?[SIZE=2]
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Old 07-17-2009, 06:21 PM
 
178 posts, read 397,964 times
Reputation: 197
Yes, you need a buyers agent, and no buyers agent is going to waste his/her time unless you enter into an agreement. It's a good thing, buyers agents have a fiduciary duty in your best interest. Contacting the seller agents to each of the homes you are interested in is kind of dumb. It is the seller agents job to screw the buyer as hard as possible. Seller agents have no fiduciary duty to the buyer.

Buyer agents are also essentially free, since each agent will split the commision.

So find someone you like and agent up. Don't let the agreement scare you, it's harmless. It basically protects the agent from doing all the work and then having you tell her/him to screw off after finding your house.
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