Did this realtor screw me? (1 Viewer)

[Bill Lucas]

Without reading the agreement most of the assumptions that have been made here are simply that...assumptions. Although you've received a ton of caring advice in this thread you should realize that it should be taken with a grain of salt since a) no one here knows the applicable laws in your state and b) no one here has read the agreement in question.

That said, these agreements are becoming fairly common. They typically guarantee a commission to the Realtor (yes, it should be caplitalized) on ANY home you purchase. However, the agreements can vary and everything is negotiable. If you work with another Realtor while under contract with your current Realtor the second Realtor is entitled to NO commission (again this is a typical contract). The three day right of recission that one person alluded to is typically only applicable on contracts that are signed in your home. This law came about because of encyclopedia sales tactics in the 1960's.

It was the responsibility of your current Realtor to explain the Buyer's Agent Agreement to you. If he didn't you probably have an out. There are many advantages in working with a Buyer's Agent. For instance, if your contract is presented by a Realtor that is not a Buyer's Agent the seller can ask your agent what your maximum offer will be. If the agent knows this information he is bound by law to disclose the information to the seller. If you are working with a Buyer's Agent your Realtor is not obligated to answer the question.

As a background, I spent 18 years as a mortgage loan officer financing homes in Washington, DC, Maryland and Northern Virginia. I've worked with a few Realtors in my day and I'm quite familiar with the entire home buying process. Regards and good luck in your home search.

 

[Kim D]

This information is timely for me. I am looking at a possible move to Manhattan and I want to make sure that I do it right. I'm going to google Buyer Broker and see what I come up with.

- kim

 

[MikeAlletto]

I am not going to go with his tag-team loan officer though.

Actually don't eliminate him right away. Use him to play off of whoever else you use to look for a mortgage. Leverage them against each other to get the best deal for you. When I bought my house the builders mortgage people offered such a good deal the realtors partner told me they couldn't match or beat it.

 

[Rives Elmore]

Agreed with the above...

I was originally going to do an FHA loan through Suntrust Bank, but the realtor I worked with of course suggested her contact at a mortgage company. I was reluctant at first, I thought she would be getting kickbacks etc for using that lender....turns out the experience was MUCH better with her lender than with Suntrust. They got our loan approved and ready to close in 12 days (this is with both mine and my wifes credit report showing balances on accounts that were paid off some time ago) They actually verified independently for themselves that everything was paid off, not taking the "Big 3's" word that I owed more than 8 grand to various companies.

Had I disregarded the "tag-team" I would likely still be in an apt

 

[Ashley Seymour]

In Ga you have 3 days to get out of any signed contractual agreement. Step to it!

I think you mean that if you take a non purchase money mortgage on your home you are required to wait three days to get your funds. I doubt that all contracts require the three day wait. Do you mean that if you go into buy a car and sign the papers, that you have to wait three days to pick up the car?

Kim

. I am looking at a possible move to Manhattan and I want to make sure that I do it right. I'm going to google Buyer Broker and see what I come up with.

On another thread, a guy from New York said he didn't think they had Buyer Brokers there. It will be interesting to see if you find any and how they are treated by the listing agents.

 

[Carl Johnson]

That's what I thought too. I went thru several real estate agents till I found the house that I eventually bought.

 

[Kim D]

On another thread, a guy from New York said he didn't think they had Buyer Brokers there. It will be interesting to see if you find any and how they are treated by the listing agents.

I called the National Associates of Exclusive Buyers Agents and they had one name. So, I don't think New York City has them after all.

I will have to find that other thread. Thanks for the lead.

I went to two open houses in NYC recently. It is absolutely amazing how little you get for a million dollars.

- kim