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Old 04-20-2011, 09:11 PM
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Default We are buyers with a real estate agent helping...

...us, but found a house for sale by owner, how do we move forward? Our real estate agent is fantastic. She has shown us three or four houses over the last three or four months and is patiently working with us at our speed. We think it would be good to be connected with her during the closing, as this is a first time purchase for us and she knows our area really well and is well connected to others in the real estate community, like good home inspectors for the older homes in our community. We do not have any signed contract with her, just some emails back and forth talking about what we are looking for. Soooo, we are looking at a house for sale by owner and if we decide to move forward we are not sure what the protocol would be regarding the agent. Do we just tell the agent that we no longer need help? Or do we pay the agent to represent us at closing? We don't have much money beyond our down payment so this could present a complication for us financially. Do we get a real estate attorney to help us finish? If so, should we get a gift card for our agent and express our appreciation for taking us to see a few houses? Thanks!Thanks for the answers so far, we do not have a written contract, or even a strong verbal agreement with the agent, just an understanding that she knows what we are looking for and sends us daily emails if there is something new on the market. She has only shown us a few houses. We are fairly certain that the seller will not engage a realtor, and we know that others are looking at this property, we'd really like to have it and are trying to be careful to not lose it.
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Old 04-21-2011, 06:48 AM
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You probably signed some sort of contract when you procured the services of this realtor. You need to read this very carefully. Again.Sometimes these contracts will allow you to cancel at any time at any reason.Sometimes they may have an out clause for something like a FSBO.I know a guy who works as a realtor and his firms contract state that if you go behind their back to make a purchase or sale they can sue you for the commission they didn't receive.
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Old 04-21-2011, 11:09 AM
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normally you would tell the agent about the house & have her contact the owner. usually they can work it out with the seller to pay their costs - but your right - you do NEED someone to represent you & look out for your best interests. Just be honest with her - this happens all the time. Congrats on finding your new place!
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Old 04-21-2011, 12:33 PM
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Your agent will split her commission with the seller's agent under normal circumstances anyway, so ask her if she's willing to represent you with the Seller AS IF the seller had an agent, i.e., for half the commission.If she's as great as you describe, she'll probably do this happily, and still do all the work you'd normally expect your agent to do, such as handling offers and counter-offers, home inspections, loan arrangements, escrow, title, etc. There's an incredible amount of work that goes into buying and selling a house.If you keep your agent, you'll have the peace-of-mind knowing that the transaction is being handled by an expert.
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