[VA] The Builder is the Realtor and wants to represent me as well

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[Post New]05/25/2016 10:48
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Anonymous
Red flag?

Didn't feel right, is this even allowed?
[Post New]05/25/2016 10:51
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Steve
Member Offline
It's allowed, they just keep both sides of the commission. You should be able to find a buyer agent who will give you about 2% back on your purchase. They'll also do far more than the builder to make sure you're treated fairly.
[Post New]05/25/2016 10:56
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Anonymous
They usually have a specific contract that really favors the builder (shocking I know). We had an attorney look at ours and we negotiated a few things (we are in the business so didn't use an agent). I'd have someone look at it at least. Also, be sure to have all your upgrades in the contract - they charge more for changes after the contract is done.
[Post New]05/25/2016 11:14
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Anonymous
Steve wrote:It's allowed, they just keep both sides of the commission. You should be able to find a buyer agent who will give you about 2% back on your purchase. They'll also do far more than the builder to make sure you're treated fairly.


The person claimed he was just the real estate agent but then when I looked him up he was the one that actually pulled the permits for building.

We negotiated a price and he said that this price was only valid if I used him and not my own agent.

He also said they wouldn't accept any contingencies and if they did it would be a kick out contract.
[Post New]05/25/2016 11:24
quote
Steve
Member Offline
Anonymous wrote:
Steve wrote:It's allowed, they just keep both sides of the commission. You should be able to find a buyer agent who will give you about 2% back on your purchase. They'll also do far more than the builder to make sure you're treated fairly.


The person claimed he was just the real estate agent but then when I looked him up he was the one that actually pulled the permits for building.

We negotiated a price and he said that this price was only valid if I used him and not my own agent.

He also said they wouldn't accept any contingencies and if they did it would be a kick out contract.


Tell them you have a signed buyer representation agreement. Unless you already told them that you're not working with an agent...then they might try to bully you around...
[Post New]05/25/2016 11:25
quote
Anonymous
Anonymous wrote:
Steve wrote:It's allowed, they just keep both sides of the commission. You should be able to find a buyer agent who will give you about 2% back on your purchase. They'll also do far more than the builder to make sure you're treated fairly.


The person claimed he was just the real estate agent but then when I looked him up he was the one that actually pulled the permits for building.

We negotiated a price and he said that this price was only valid if I used him and not my own agent.

He also said they wouldn't accept any contingencies and if they did it would be a kick out contract.


Yeah, nothing about this is worth getting involved with. Dual agency is fraught with peril under the best of circumstances.
[Post New]05/25/2016 11:27
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Anonymous

I would not work with this low-life.
[Post New]05/25/2016 11:36
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Anonymous
I really got a bad feeling about this, plus there are issue with the house I want him to fix.

He was even offering to help sell my house for no fee but then later changed his mind after we negotiated the price and I asked for contingencies.
[Post New]05/25/2016 11:58
quote
Anonymous
Anonymous wrote:
Anonymous wrote:
Steve wrote:It's allowed, they just keep both sides of the commission. You should be able to find a buyer agent who will give you about 2% back on your purchase. They'll also do far more than the builder to make sure you're treated fairly.


The person claimed he was just the real estate agent but then when I looked him up he was the one that actually pulled the permits for building.

We negotiated a price and he said that this price was only valid if I used him and not my own agent.

He also said they wouldn't accept any contingencies and if they did it would be a kick out contract.


Yeah, nothing about this is worth getting involved with. Dual agency is fraught with peril under the best of circumstances.

+1
[Post New]05/25/2016 12:00
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Anonymous
Run away from this deal
[Post New]05/25/2016 12:00
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Anonymous
Anonymous wrote:I really got a bad feeling about this, plus there are issue with the house I want him to fix.

He was even offering to help sell my house for no fee but then later changed his mind after we negotiated the price and I asked for contingencies.


Run away now, this guy is going to screw you over every chance he gets. None of this is normal and he's a skeezeball.
[Post New]05/25/2016 13:35
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Anonymous
He is supposed to disclosed to you and in all marketing materials that he is both the agent and, at least part, owner.
[Post New]05/25/2016 13:43
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Anonymous

Don't have him represent you.

You don't need an agent, though. You already found the house and have started negotiations. Unnless you think there is a particular agent with enough insight into market value that s/he is worth a hefty commission, why not just hire a lawyer to review the docs for you and help you negotiate?

You'll be taken more seriously if you have some representation rather than none, I expect
[Post New]05/25/2016 13:45
quote
Anonymous
Anonymous wrote:Red flag?

Didn't feel right, is this even allowed?


This is allowed. If this is your first house purchase would probably get a realtor to help you. If you go this way then they should significantly reduce the 6% normal fee because they are getting all the cash and you need a discount.

[Post New]05/25/2016 13:47
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Anonymous
Walk away. The writing is on the wall.
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