Posted by Dave T on August 03, 2008 at 19:21:10:
You already have a “non-exclusive” buyers agreement if you have no written agreement at all. The only buyers agreement the agent will have for you to sign is an exclusive agency agreement.
Don’t sign anything you don’t have to sign.
Buyer’s Agreement with Realtor - Posted by bak
Posted by bak on August 03, 2008 at 08:08:57:
Dear Friends,
I have a Realtor I am working with and don’t want to taint our relationship with my requiring we do a “Buyer’s Agreement”. I want to be sure she knows the time she spends with me is worthwhile and that she’ll continue to get offers through me…What would you do - insist on a Buyer’s Agreement?
Bruce
Re: Buyer’s Agreement with Realtor - Posted by John
Posted by John on August 04, 2008 at 08:12:28:
Hi Bruce,
This is tough since Jack ( although I think he has come off rather harsh) and Troy (who responded to the tone) are both correct. You are the client, as such you have the right to ASK for certain things. The Realtor has the right also to expect certain things (such as loyalty). Either of you can fire the other at will. I don’t recommend a Buyer’s agreement ( I don’t believe in them) but be courteous. If the agent busts their butt for you toss them a bone if you buy from someone else (nothing major, but a $50 gift car to Friday or Outback) is a nice way of saying "Thanks for your work). Now if they are not producing … dump them.
In some states the agent works for the seller - Posted by Rich-CA
Posted by Rich-CA on August 04, 2008 at 24:57:52:
unless you have a buyer’s agreement. That is a matter of law in some states and not in others. It makes sense if you consider who pays the agent in the end. You may need a buyer’s agreement for the agent to be able to take your side instead of the seller’s.
Re: Buyer’s Agreement with Realtor - Posted by Jack E
Posted by Jack E on August 03, 2008 at 15:44:28:
bak. You seem to have the same trouble as many begining investors. You are too concerned with what relators or other people who work for think. If you are the investor they work for you and you should be able to dictate what they do for you. You end up paying them not the other way around. If you think you need an agreement that is to your advantage make them sign one. However, if they are doing what you want now, there would be no advantage to you signing anything. You are the investor and you are in control. Don’t let them have any control. They work for you! Stand up and be confident and let them know you expect them to do what you want, since you are the one paying for it.
Re: Buyer’s Agreement with Realtor - Posted by Ken
Posted by Ken on August 03, 2008 at 08:44:55:
That will restrict you,you will not be able to buy through other agents without paying the first agent a commision and also you will owe a commision to the agent if you buy a house from an owner with no agents.
Re: Buyer’s Agreement with Realtor - Posted by Corine
Posted by Corine on August 03, 2008 at 08:24:56:
Why do you want a buyer’s agreement? Usually it’s the Realtor that want’s the agreement. It’s very much like a listing agreement. I’ve never heard of a buyer asking for one.
The agent just wants to make sure that his/her efforts, should you successfully close on a place that he/she was found will be paid.
Re: Buyer’s Agreement with Realtor - Posted by Troy
Posted by Troy on August 03, 2008 at 17:40:31:
Jack,
No disrespect, but it’s that kind of attitude that makes Realtors NOT want to work with investors. As a Realtor & investor, if you came to me or any other Realtor I know, with that kind of attitude, you would be quickly regarded as unprofessional and will not get the time of day.
Remember, Realtors should be considered part of your TEAM. They are paid only if you purchase a home. YOU are not paying for the service, the seller is (in most cases). Yes we working to help you purchase property. But, unless you are paying a salary, you are not our employer. We are independent contractors. We don’t have to dance to your tune, or jump when you say so. We are in a business too. I choose who I want to work with.
As far as control, I understand the need for you to have SOME control over the transaction. It is YOUR money. But Realtors need to have some control as well. It is OUR time. There is a sense of control we need to have in our business as well.
Again, for all investors, please do not have the attitude that Realtors are your slaves and you are in complete control. They are here to help you make more money. You want them to show you properties, run comps, write & negotiate offers, give you access to the MLS, but you are not willing to give them your loyality or willing to pay for any of these services up front.
I will say, not all Realtors understand how to work with investors. Find one who does or is interested in learning how. Treat them fairly and professionally.
Just a thought.
Re: Buyer’s Agreement with Realtor - Posted by bak
Posted by bak on August 03, 2008 at 08:47:10:
Ok…thanks…so, it seems there is no good reason for me to sign a Buyer’s Agreement?
Re: Buyer’s Agreement with Realtor - Posted by bak
Posted by bak on August 03, 2008 at 08:44:38:
Sorry, meant to include “Non-Exclusive” Buyer’s agreement that gives the the right to purchase through another agent if another deal shows up…
Re: Buyer’s Agreement with Realtor - Posted by Jack E
Posted by Jack E on August 04, 2008 at 16:04:27:
Spoken like a true relator. It is a very good commentary on why any good investor should not deal with relators unless they absolutely have to. I agree if you find a good relator, and that is very hard to do, use him or her sparingly, but keep them to use if you have to.
Re: Buyer’s Agreement with Realtor - Posted by Jeri
Posted by Jeri on August 03, 2008 at 19:31:32:
Thank You Troy!From a Realtor