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Old 11-17-2010, 06:33 AM
 
61 posts, read 121,235 times
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My husband and I are new to NC and are looking at homes in Raleigh. The realtor wants us to sign a six month contract to use him exclusively. I briefly scanned the contract and noticed aside from commission he also wants about $350 from us.

My selling realtor in TX only has us in a contract for three months.

I think six months is too long and doesn't he make enough off of the commission?
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Old 11-17-2010, 06:41 AM
 
Location: Cary, NC
43,043 posts, read 76,558,928 times
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Length of time isn't really important if the Buyers' Agency Agreement includes something like, "Either party may terminate this agreement at any time prior to location of a suitable property." All mine do.

I usually ask for 6 months, just so we don't have to do paperwork to extend. 3 months seems a little short, unless you are quite motivated, since closings are taking longer and have less certainty now..
Ether way, the "escape clause" just helps both parties feel more comfortable.


Cash up front is interesting. Right now some agents just can hardly afford to be in business day to day and schemes to get operating money are increasing a little.
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Old 11-17-2010, 06:46 AM
 
61 posts, read 121,235 times
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Thanks Mike. I'll make sure the contract says that either party can terminate...
As for the $350. I'm not going to initial next to it
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Old 11-17-2010, 10:11 AM
 
Location: Raleigh, NC
12,475 posts, read 32,142,585 times
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Quote:
Originally Posted by Gobi512 View Post
Thanks Mike. I'll make sure the contract says that either party can terminate...
As for the $350. I'm not going to initial next to it
Gas money?!!

I'm in total agreement with Mike except that I usually use 3 months for my contracts with buyers. Agents like to have an "out" sometimes too!!!

I wonder...WHO is the $350 going to? The Buyer's Agency Agreement is with the "Firm". Does the $350 go to the individual agent or to the company the agent works with?

Vicki
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Old 11-17-2010, 10:19 AM
 
Location: Clayton, NC
502 posts, read 1,650,183 times
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I know agents who have begun asking for $300, $500, etc. as a "retainer" fee to show seriousness and cover initial expenses (gas?). I think it's later refunded to the buyer at closing.

I personally don't agree with the practice. Gas expenses just come with the business. Besides, I determine seriousness by getting buyers pre-approved before we start viewing homes. That's free !
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