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Is it still possible to bring a Buyer's Agent into the picture AFTER I've already seen the house (twice) with just the Seller's Agent?
I realize that I made a mistake by not getting a Buyer's Agent first, before looking at anything... let alone twice.. But too late, now I'm interested in the house, and realize that I really want some representation on my side.- I'm a first time home-buyer coming from an apartment.
For all the agents out there- Buyer and Seller.
Is it too late for me to get a Buyer's Agent representation for this house?
From what I've heard there is an ethics problem here since I've already made the seller agent work for me in seeing the home, that she should get all the commission, and she won't be happy since suddenly there is a buyer's agent trying to cut into her commision.
If it's not possible to wedge in a Buyer's Agent- I was contemplating paying a Buyer's Agent out of pocket for consultation in navigating the process.
If you have not signed a contract, I would say no, it is not to late. I personally would never use just one agent. That agent has signed a contract with the seller that states the agent will work for the seller and protect their interests. How can she/he then also protect your interests?
Maybe a buyers agent would be accepting of receiving 30% or 40% of the commission on this instance? That would make the sellers agent more accepting of the situation of bringing in another Realtor at this point too. Sounds to me like that would make everyone happy.
Good luck and keep us informed of how it goes.
MBMouse thanks for the quick reply.
No contract signed.
Oh yeah, did I mention that house is an exclusive listing of the Selling Agent, that I don't think is on MLS? (does that matter?)
I just called a random Buyer's Agent (I'm in the suburbs of NYC) and he apologized and said that he couldn't become involved in this case because it's against the code of ethics, since I already dealt with the other realtor.
I knew that his firm also offered hourly engagement consulting services, so I asked him if they could take this on in that way, and his boss said that should could provide $175 hourly consulting.
MBMouse, you don't seem to have a similar problem with the situation?
I wonder if this is a NY State Ethics thing- as he did mention that the state would frown on it?
Hmm.. any other thoughts there, or should I just call a bunch of other buyer's agents to poll them if they'd want to try to represent me?
Thanks again.
Last edited by piecesofeight; 07-11-2007 at 11:55 AM..
I am not a Real Estate agent, but a Mortgage Broker and a home buyer.
Yes, call more agents. Personally I think the unethical side is a Realtor that would represent both the buyer and the seller, but that is strictly from a consumers point of view.
If you were to bring in a buyer's agent after seeing the house twice with the seller's agent in massachusetts the seller's agent could cause a stink about splitting the commission since the seller's agent is in essence procuring cause and in most cases would win so you would be required to pay the buyer's agent out of your own pocket (per the massachusetts' buyer's agent contract). the office I work for has in the past when this occured offered to pay the buyer's agent a small percentage (like 1%) of the commission with the buyer's agent accepting this arrangement.
Get a buyers agent if you want one. You did not "sign" anything with the sellers agent. You are free to do what you want. Just call a bunch of agents.
Maybe yes maybe no. The MLS contract exists between the listing and selling agent...unless it is a real exclusive then that does not exist. In which case you can use anybody you want...but note that the listing agent does not have to agree to compensate the buyers agent. That is how it is on an exclusive. So you could end up paying your own agent. Get an agent and let him/her figure it all out...that is what they get paid for.
I Agree with Roma,
The sellers pay Realtor commissions, you pay closing costs on your mortgage.
That does bring up a question, have you been pre qualified for a mortgage? If you call buying agents, tell them you already found a house and that you know you can get financing, you just need help and someone on your side of the transaction, any agent should be happy to help you for a lesser fee and the selling agent should be ok with getting a larger cut than if another agent brought a buyer to the property.
It's not a NY code of ethics thing. It is a National Assc. of Realtors thing related to procurring cause. As you said, the seller's agent has done the work, presumably kept in touch with you, and is willing to write an offer.
One suggestion was "just call a bunch of agents." If the agent is a Realtor and willing to do this, I wouldn't want him/her on my side because he/she would pretty clearly be ignoring our code of ethics.
A couple of months ago I had someone call me that wanted to write an offer on a listing that day! The list agent and I are in the same office. In questioning them I discovered that another agent showed them the house twice. They wanted to use someone else because the listing agent couldn't meet them immediately. I said no and called their agent!
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One Buyer's Agent Already Passed- stating ethics
