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Replies (8)
- YourLocalHomeTeam
- Contributions:115
It all depends on how your buyer agency agreement is set up. It looks like you may owe them a commission. I would talk with your agent he may work out a deal with you.
- Jeremy Rynders, "jeremyrynders"
- Contributions:195
First of all the fact that you previously had an A/O with another house is irrelevant. Secondly, technically you could be liable for a 2.4% (or whatever % was listed in the buyer agency agreement) fee. Basically you have to read the buyer agency agreement you signed and see what the stipulations are. Maybe he/she only had it good through May 1st and you will be released naturally from it soon anyways? You can also most likely terminate the agreement with the broker (not just the individual agent) in writing - again read the agreement and it spells out exactly how to terminate it. I hope that helps!
- emu456
- Contributions:2
Sorry for asking, but a 2.4% fee or commission of what exactly? price of the home?
- SoCal_Engr
- Contributions:5661
Nice, and a reason not to sign a buyer's agency agreement.
You should...
(a) Review your agreement to see how it is worded. Most likely, it does more to protect the agent's interests than yours.
(b) Talk to a RE atty to determine how to proceed with this specific transaction. You'll likely want to use one anyway to keep the contracts clean, but he should be less than the buyer's commission.
or...
(c) If you and the agent have a good working relationship, approach the agent with the situation and see what can be worked out.
You should...
(a) Review your agreement to see how it is worded. Most likely, it does more to protect the agent's interests than yours.
(b) Talk to a RE atty to determine how to proceed with this specific transaction. You'll likely want to use one anyway to keep the contracts clean, but he should be less than the buyer's commission.
or...
(c) If you and the agent have a good working relationship, approach the agent with the situation and see what can be worked out.
- Dennis Herman, "Ez1Realty"
- Contributions:137
As a Wisconsin licensed Real Estate agent I can only recommend that you contact an attorney to review the agreement you have with the agents broker.
You may also want to consider working with your agent on the deal with your neighbor. Experience has shown me, a large number of for sale by owner properties are not listed with an agent because they are priced far above market value. Now with that in mind, why wouldn't you want a licensed, experienced professional representing you? An agent will be able to supply you with market information which will help you make an informed decision. After working with a experienced agent you should find, we work hard to earn a commission. Much harder than most people realize.
You may also want to consider working with your agent on the deal with your neighbor. Experience has shown me, a large number of for sale by owner properties are not listed with an agent because they are priced far above market value. Now with that in mind, why wouldn't you want a licensed, experienced professional representing you? An agent will be able to supply you with market information which will help you make an informed decision. After working with a experienced agent you should find, we work hard to earn a commission. Much harder than most people realize.
- LINDA PITTS, "LINDA PITTS"
- Contributions:23
READ YOUR AGREEMENT THAT YOU SIGNED IN OUR OFFICE OUR POLICY IS THAT IF ANY ONE IS NOT HAPPY WITH OUR PREFORMANCE YOU MAY TERMINATE WITH OUT ANY REPERCUSSION AT ANY TIME
- Jeremy Rynders, "jeremyrynders"
- Contributions:195
To answer your 2nd question - Yes, 2.4% x Purchase Price = Commission
- lynrosect
- Contributions:129
2.4% ??? It all depends upon the agreement you signed.
When does the agreement end? Are there any commission fees listed in the agreement? What is the termination clause? What are the viable breach of contract options listed, i.e. what are the damages that may be awarded for breach? What is considered a breach? Is the agency representation for only certain towns or a certain area of the city? Read through your Agreement. I have no idea where the 2.4% is coming from unless it states a 2.4% cancellation fee in your Agreement or its regulated in your state agency laws..which is doubtful.
Read through your Agreement and highlight anything you particularly do not understand. Do your own research online regarding the highlighted material or look into a RE attorney. You'll probably need one for the closing so you might as well find one you like now.
When does the agreement end? Are there any commission fees listed in the agreement? What is the termination clause? What are the viable breach of contract options listed, i.e. what are the damages that may be awarded for breach? What is considered a breach? Is the agency representation for only certain towns or a certain area of the city? Read through your Agreement. I have no idea where the 2.4% is coming from unless it states a 2.4% cancellation fee in your Agreement or its regulated in your state agency laws..which is doubtful.
Read through your Agreement and highlight anything you particularly do not understand. Do your own research online regarding the highlighted material or look into a RE attorney. You'll probably need one for the closing so you might as well find one you like now.
Can I do this without my agent?
On a side note-I did get an accepted offer a few weeks ago on a house, but has since fell through due to inspections.
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