Agreement with Buyer's Agent

[Anonymous]

Strike what you don't want.

But you should probably be VERY clear about what constitutes what you find (just the house you're in or ANY house you find without the help of your agent) vs. what she helps you find. If it's really just your current house, then you can strike that out.

I signed a statement like this. I wish I hadn't. I wanted to drop my agent after a month, she drove me crazy.

[Anonymous]

We never signed one, but we knew our buyers agent. I think you are asked to sign these agreements when there's no previous relationship. They have to watch out for themselves too.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I did not sign such an agreement with my buyers agent- and I loved her. She was great to work with, and the sellers listed her as the reason they chose my offer over 2 others on the table when I asked. I wouldn't have signed such an agreement- I met with two others who would have required that and both would have been a bad fit for me. I lucked into mine by meeting her at an open house.

I would say search around a bit more and find an agent that doesn't give you pause or make you question their practices on dcum.

Good luck!

No buyer's agent is allowed to submit an offer on behalf of a buyer without a written agreement, so either PP is wrong or her agent was very, very wrong.

OP, if you are worried about buying the home you currently rent, I would just specifically exclude that property from the buyer agency agreement. Then you don't have to use your agent to manage that transaction and you can do it without brokers if you want, and the % commission that you might have to pay out of your pocket would ONLY be in the case of a different FSBO where the seller is NOT cooperating with buyer's agents and you would want her to represent you. RE the additional compensation: occasionally a listing will offer a bonus to a buyer's agent, e.g. "$1,000 bonus to selling agent for offer before year end!" or something like that.

The buyer's agent writes up offers with the buyer agent name on the offer. For example we bid on a house and that was the first time our names and the agent's appeared on a document.

[Anonymous]

OP here. Thanks again for the feedback.

I have not signed the agreement. I am going to look for another agent.

[Anonymous]

Real estate attorney here. The agreement is standard. I would never sign one.

I would sign one specific to each house that I actually wrote an offer on.

My agreement would offer compensation equal to what is offered in the Mls and only if settlement occurs. I would never ever pay the extra $300 under any circumstances ever.

[Anonymous]

This agreement is in fact standard but there is no law saying you must sign it. Buyer's agents do this to protect themselves from the scenario where they spend lots of time with you and then you decide you don't want to use them and go work with the next guy. If they insist you sign it (and most brokerages will), you can strike what you don't like in the agreement and send them back the changed copy. Insert the language that will limit the agreement only to the properties they showed you, and no period thereafter. Also insist that the agreement can be terminated at any point, cause or no cause (they are usually for the term of six months).

[Anonymous]

Anonymous wrote:Strike what you don't want.

But you should probably be VERY clear about what constitutes what you find (just the house you're in or ANY house you find without the help of your agent) vs. what she helps you find. If it's really just your current house, then you can strike that out.

I signed a statement like this. I wish I hadn't. I wanted to drop my agent after a month, she drove me crazy.

yes, don't sign it. The agent will send you blanket listings, like 50 a day, and voilà! "I found you this house!"
he has to do nothing else, and will still get the money!
Of course, not every agent would do this, but I've met plenty who would.

[Anonymous]

We signed one similar to yours 3% and $300. Regretted it almost immediately