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06-23-2011, 03:55 PM #1
Renter
- Join Date
- Jun 2011
- Posts
- 1
Entitlement to commission without a home buyer agreement
Hi, I am a first time home buyer and have a question.
Few months ago I had emailed an agent about a listing I had found on MLS and we kept in touch afterwards even though the original listing was a no-go. Through the months, the agent always send listings our way to let us see what's on the market.
Last wk, he sent us a listing that we really liked and I noticed within the listing, there was a public open house as this house was actually being sold privately by the owner.
We opted to go to the open house and told the agent that if he wanted to meet us in person for the first time, he can come see us at the open house. When we were at the open house, he took the liberty to show us the house and stuff, and in the end we went home to decide and he was sending us comparables for the area.
We did not sign any home buyers agreement with this agent or anyone and my question is, we are interested in offering an offer to the owner privately BUT the owner has reservations that the agent is going to go after him for commission. In this circumstance, with there being a for sell by owner sign at the street, and us not having ever signing a home buyer agreement, is the agent that sent us the listing entitled going after the seller for the commission?
PLEASE HELP NEWBIE!!
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06-24-2011, 05:59 AM #2
Moderator
- Join Date
- Sep 2007
- Location
- Outer Banks
- Posts
- 1,281
The seller is trying to save some commission money at your expense. Without an agent, you, the self proclaimed newbie, will be at the mercy of the seller.
You have no idea what you don't know which is a recipe for disaster.
Have you ever negotiated the price of a house?
Have you given any thoughts to the loan contingency, home inspection contingency, what happens if the seller refuses to fix problems, who is going to hold the earnest money, under what circumstances do you get your earnest money back, and on an on and on?
Maybe after you have bought and sold a few homes you could go at this alone and be able to handle yourself but right now your best bet is to have an agent looking out for your best interests.
For now let the seller pay the agent a commission and protect your first big investment.Your Outer Banks real estate agent. Learn how to buy Outer Banks foreclosures.
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