Skip to main content

Am I stuck in my Buyer's Agreement?

I am working with a realtor who has showed me a number of homes, and I recently inquired to her about a new construction home. The new construction home is obviously represented by an agent, whom I'd like to work directly with. Th Buyer's agreement I signed is 'Exclusive'. I am obviously wanting to avoid paying additional commissions and doing so likely would want to 'part-ways' with my current realtor.

My agreement states the following: " If Buyer shall, within six (6) months after the termination of this agreement, purchase a property within the area that, during the term of the agreement was (1) brought to the attention of Buyer by the efforts or actions of Firm, or through information secured either indirectly or directly from or through Firm; or (2) a property inquired about to Firm, then Buyer shall pay to Firm the compensation provided for by herein.

This home that we are interested in has not broken ground and likely won't be completed before the month of January. We sent the home to our realtor to drive by the property yesterday to see if they had started building it yet, and they hadn't.

Frankly the realtor we are using hasn't sent us any homes, because we don't need her to (we are looking everyday) and we feel she is too pushy and doesn't provide us much value. If we buy a new construction home, we feel we would be properly represented by the New Construction agent.

My question(s):

  1. Am I obligated to pay my current realtor commission, if I part ways with her to work directly with the New Construction agent?
  2. If I am obligated to pay her commission and continue to work with her in this transaction, is it fair for me to ask for a reduction in commissions, given that she has not really done much for us up to this point?
  3. If she is going to get 3% commission (says that on the MLS for this listing) but is going to give us .5% of her commission toward our closing costs, what is a fair reduction in commission to ask for?
submitted by /u/markizzo7
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/i0d949/am_i_stuck_in_my_buyers_agreement/
Labels:

Comments

Post a Comment

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...
1 comment
Read more

Pool fill without engineer oversight

We are in the process of purchasing our first ever home in CA and we just discovered in the disclosures that the new build property we are purchasing previously had a swimming pool which was filled without an engineer onsite to approve the work (details from disclosure below). Is this something we should be concerned with or not? Is it something we should have additional inspections conducted on? We are originally from the UK and not really sure what to do with this information and if it is concerning or not. A POOL DID EXIST PREVIOUSLY. COPING, TILE, GUNNITE AND REBAR WERE ALL REMOVED AND DIRT AND CLEAN DRAIN ROCK WERE USED TO FILL IT IN. COMPACTED FILL WAS NOT USED AND NO ENGINEER APPROVED THE DIRT AND DRAIN ROCK FILL IN submitted by /u/tommot82 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/dpyzw8/pool_fill_without_engineer_oversight/
Post a Comment
Read more

Making offers on houses not listed for sale.

I want to buy a home for retirement. I am looking at lots of options, mostly focusing on the locations that appeal to me. I see lots of Zillow estimates of homes that look like great deals to me. Are these estimates accurate, even though similar houses in the same area that are for sale are usually priced much higher? If so, is it realistic for me to try to make offers to owners that do not have their homes listed? Would a realtor even consider helping me do this? Or, do these values indicate that the houses listed for sale are overpriced, and I should just lowball until someone accepts? Are houses today tending to sell far below list prices, or ??? submitted by /u/chewybrian [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1o4mcon/making_offers_on_houses_not_listed_for_sale/
Post a Comment
Read more