Help with real estate rules (mortgage broker, brokers, how much) - Portland - Oregon (OR) - City-Data Forum

ecco ti · 04-11-2009, 05:43 PM

I recently used an agent in an attempt to purchase a house in PDX (which I found without the help of the agent) that resulted in a rejected offer from the seller who is selling it herself (FSBO). I subsequently stopped using my agent and have re-entered into a tenative agreement with the seller of the rejected offer. Am I, or the seller, obligated in anyway to the agent I used in the failed first attempt to purchase the home? Are there any rules that preclude the seller or myself from striking our own deal? I never signed a contract with the agent and I was the one who found the house. Any answers would be greatly appreciated.

subsound · 04-11-2009, 08:00 PM

I can't think of any reason they can do anything to you for that, with no contract or even implied contract.

ecco ti · 04-11-2009, 08:43 PM

Thanks. What about for the seller(FSBO)? Can you think of any regulations that would prevent her from selling the home to me post realtor involvement?

subsound · 04-11-2009, 10:53 PM

Depends what their contract is, if they don't have one then it's not against anything I know. If they do it's usually time limited, so after that time it doesn't break any rules to sell it.

BLAZER PROPHET · 04-12-2009, 03:55 AM

Something is amiss here.

ecco ti · 04-12-2009, 10:00 AM

What are you suggesting, Blazer prophet? Do you have anything to offer to the conversation, or are you simply playing up your "prophet" tag? The question seems simple. I don't want to step on anyone's toes and I don't want to violate any ethical standards...a bit of a chuckle when thinking about realtors in general.

kimhamblin · 04-13-2009, 11:14 AM

From the realtor's perspective:

I would be honest with your realtor and let them know that you are persuing this on your own. Most people are understanding. If you haven't signed anything with them, that doesn't mean the seller hasn't. Most realtors would have the seller sign something too.

You might not get in trouble, but that doesn't mean it is the right thing to do. Has your realtor spent time with you showing you multiple homes? How many? Realtors work hard, granted, some harder than others. I think the fair thing to do if your agent has driven you around showing you houses or has spent more than 2 hours working for you, is to give them a gift certificate, a gift or a commission check, depending on how much time they've spent with you. Nobody likes to work for free.

Why did the original offer fail and what have you changed besides lowering the price to get rid of realtor fees? Was your agent competent? Or was the seller against working with agents?

Of course, using a realtor does offer some benefits like protecting you by using a contract to purchase. Also realtors work quite a bit behind the scene with mortgage brokers, inspectors, appraisors and title companies.

Whatever your tentative agreement with this seller is, you should get it on an official contract. Who's to say the seller is playing straight? Your agent might be willing to write it up for you for a smaller commission if you open up this dialoque. It depends on your relationship and the circumstances. Some money is better than no money.

BTW, not all realtors are unethical and some really believe in the service they offer their clients!!

ecco ti · 04-13-2009, 01:46 PM

Thank you, Kim. You're right. It is unfair to lump all realtors into an unethical category. I think I was trying to make a joke. In my case, I did the bulk of the work. I found the place, I contacted the seller first, etc. In fact, the problem I was having is that I felt like I was doing all the work. In a "buyers" market I would have expected a bit more work out of the realtor. I appreciate your point of view and will take some of your suggestions to heart.