Purchasing new condo - Leaning towards private purchase but have agent!

[rob444]

Are you a real estate agent?

Nope, and not associated with real estate agents in any way.

[purplesnow22]

Read the terms of your BRA. Mine specifically stated I couldn't do any real estate transition with a third party without involving the agent.
However, I did not sign one until I was ready to buy anyway, so my agent was excellent in that respect. I don't know if I'd want to deal with one that makes you sign sign before they'll even talk to you.. But that's another story :p

Yah, my agent does the same as well, for paperwork purposes at offer time. The standard is 90 days.
OP, read over your agreement, and talk to your agent nicely, I think some agents will just let it go (because you show your respect).

[thelefteyeguy]

guys - I did sign a buyers agreement. But because this is all my work and not his, can I not call it off? Give him a call and end the agreement?

I don't want to cheat anyone out of money - that is not my intention. If he had any play in the condo buidling or the unit or similar units then it would have made sense to pay him for his work. But all the input came from me.

Lol....

[robbiemurray]

Lol....

maybe I missed the point of your post - can you explain pls?

[woof]

Hmmm. Considering how badly you're handling this agent thing and how clueless and inexperienced you seem to be on real estate matters I really have to shake my head and wonder why you would be going ahead and potentially entering into a real estate transaction on your own. Frankly I think you would be much better off with an agent guiding you through this first time buy so that you don't get yourself into some horrible mess.

[macnut]

It so happens now that there is a private seller who wishes to do a deal himself in the condo of my choice, .....

Wonder if this really is a private sale, or an unlicensed agent working for builder/developer or owner.

What I would do is:

- advise the realtor with whom I (unwisely) signed a buyer's agreement, that I still want him/her to act for me but in a different capacity

- explain that there is a privately offered unit that I like very much, and would he/she be interested in just handling the negotiation and purchase details for me at a fixed price, of say, $1K
(You might easily recoup that with their negotiating skills, particularly if it is not fairly priced for a private sale - you may not be in a position to objectively assess its value in relation to other offerings.)

- if they agree, then the new agreement for just that one unit should be defined as replacing the original buyer's agreement
(This would confirm to them that you are a serious buyer and that they are not wasting their time - which they could be under the first type of agreement for many potential buyers.)

- if they don't agree, I would just advise that I will not be viewing any more properties with them and will wait to buy after the agreement expires
(Most realtors at that point would tear up the buyer's agreement in good faith to preserve their reputation and have you refer them to others. Others might be hard-assed about it.)

Even if it does not save you money on the purchase price of a private sale, it could be worth having the realtor there to do all the necessary paperwork and prompt you on the various steps to completion day.
That applies to both novice homebuyers and experienced ones if they are busy with their own work or family duties, etc.

It's not much of a payday for them, but they don't have to do much work for it, and it helps build their reputation.

[iownyou]

Get rid of that agent, or wait it out...then do it youself

[licenced]

OP if I may ask...

You said you approached this other ‘agent’, how did you come about this ‘agent’ that is did you visit their open house, call then from an ad, listing, sign or referral?

You say you signed a BRA but do not have a copy, how can you be certain you signed a BRA?

Did the ‘agent’ explain any other document, did you sign it and do you know what it is called or about?

If you signed more than one document, do you recall the order in which you signed them?

Have you asked for a copy of the document(s) you signed to review exactly what you agreed to?

[dec12]

maybe I missed the point of your post - can you explain pls?

Taking a wild guess at his LOL.

There is zero chance that the agent nor his broker will let go his meal ticket. I believe the BRA is actually an agreement between you and the broker. If the broker is incompetent, the broker will try to find another agent.

Or he could be LOL at the idea that the agent will do heavy lifting in a xaction.

[robbiemurray]

OP if I may ask...

You said you approached this other ‘agent’, how did you come about this ‘agent’ that is did you visit their open house, call then from an ad, listing, sign or referral?

You say you signed a BRA but do not have a copy, how can you be certain you signed a BRA?

Did the ‘agent’ explain any other document, did you sign it and do you know what it is called or about?

If you signed more than one document, do you recall the order in which you signed them?

Have you asked for a copy of the document(s) you signed to review exactly what you agreed to?

Hi licensed

The agent who is representing me was showing another property, I had ventured out to see this property. During that time he asked me if I had an agent, which I didn’t, he asked me if I’d like him to represent me and he said there were many properties he could show me which fits my bill. I do believe he has genuine intent. But then I found this particular condo I wanted, which he had no part to play in

I know I signed the BRA because before he showed me anything he got me sign some papers. He said he cannot show me anything unless I am prepared to take him as my realtor. To be fair to him at that point I just wanted to be out on our way to see the listings – so I didn’t pay attention too much to the paperwork. As the posters above has stated so nicely – it was very naive of me.

He called it an agreement of trust! That I remember – he said I needed to sign prior to showing me any property. He said it protected me and him. I only signed 1 document but didn’t get a copy. I am sure if I ask him, he will provide me. Problem is if I ask him then he will get suspicious and I don’t know how he will react.

I haven’t done anything illegal yet hopefully, and the properties he has shown me are of no interest. I think I might just inform him that I don’t want his service. Wait out # days in the contract, and then look to see if anything opens up again in the condo building of my choosing. I’m sad but I guess I am the guilty and irresponsible party in this!!

[robbiemurray]

Wonder if this really is a private sale, or an unlicensed agent working for builder/developer or owner.

What I would do is:

- advise the realtor with whom I (unwisely) signed a buyer's agreement, that I still want him/her to act for me but in a different capacity

- explain that there is a privately offered unit that I like very much, and would he/she be interested in just handling the negotiation and purchase details for me at a fixed price, of say, $1K
(You might easily recoup that with their negotiating skills, particularly if it is not fairly priced for a private sale - you may not be in a position to objectively assess its value in relation to other offerings.)

- if they agree, then the new agreement for just that one unit should be defined as replacing the original buyer's agreement
(This would confirm to them that you are a serious buyer and that they are not wasting their time - which they could be under the first type of agreement for many potential buyers.)

- if they don't agree, I would just advise that I will not be viewing any more properties with them and will wait to buy after the agreement expires
(Most realtors at that point would tear up the buyer's agreement in good faith to preserve their reputation and have you refer them to others. Others might be hard-assed about it.)

Even if it does not save you money on the purchase price of a private sale, it could be worth having the realtor there to do all the necessary paperwork and prompt you on the various steps to completion day.
That applies to both novice homebuyers and experienced ones if they are busy with their own work or family duties, etc.

It's not much of a payday for them, but they don't have to do much work for it, and it helps build their reputation.

This is fantastic advice, I will speak to my realtor with this strategy today and post back!

[robbiemurray]

Hmmm. Considering how badly you're handling this agent thing and how clueless and inexperienced you seem to be on real estate matters I really have to shake my head and wonder why you would be going ahead and potentially entering into a real estate transaction on your own. Frankly I think you would be much better off with an agent guiding you through this first time buy so that you don't get yourself into some horrible mess.

bad handling, clueless + inexperienced = all applicable to me absolutely!

But please tell me - when I did all the work in finding the exact condo building + condo of my choice, why would I want to pay a realtor almost $8000? Is it because of security? I feel that is unfair correct?

[licenced]

OP, I don’t know your location but if you are in Ontario, a REALTOR is required to first explain the types of relationships a buyer can have with a brokerage such as no representation, representation and the possibility of limited representation before asking you which of the first two you want. The first is an explanatory document called Working With A REALTOR is to be initialed and signed by you. The second (all provinces) is either a Customer Service Agreement or the BRA, the clauses of which should be explained to you along with the options you have within each.

It is a requirement that you be given a copy of these documents immediately even if you didn’t sign them, the REALTOR is required to sign on behalf of the brokerage.

When you do contact the representative or their broker of record ask for a copy of every document you initialed or signed especially given that the details of the BRA will state the length of time it runs, any holdover period and the scope of representation you’ve given them for the geographic area, type of property and as well as the remuneration. It is also best to discuss your matter with them since to not do so could leave you open to a breach of contract should you purchase a property during the stated periods and not advise them if in fact you did sign a BRA and not just the WWAR which many consumers confuse for a BRA.

[dec12]

bad handling, clueless + inexperienced = all applicable to me absolutely!

But please tell me - when I did all the work in finding the exact condo building + condo of my choice, why would I want to pay a realtor almost $8000? Is it because of security? I feel that is unfair correct?

The sellers pay, not you!

On a serious note, any mention of this private sales will net the agent your commission. It's hard for anyone to let go $8,000 pay day. Sure they may let it slide to keep their reputation but RE agents ranked just above politicians and used car salesmen in term of reputation.

Your $8,000 entitle you to a mating ritual called negotiation. Assuming it's not priced for multi-offer competition, your initial offer, as per your agent's advice, will be about $20,000 lower than asking price. The buyer's agent will counter with a slightly lower price. This to show sincerity in selling the property. After a few rounds of sincerity, your agent will be pressuring you to buy. Why you? Because he can only directly influence you. He needs the other agent to influence the seller. Imagine if OJ's lawyers need to convince the jury through a third party messenger. This is when you really need to know what's the fair market value for the house.

[rob444]

The sellers pay, not you!

What a completely wrong statement.

In any home sale, 100% of the funds comes from the BUYER. The seller simply takes some of that money and hands it to the realtors. But the buyer definitely paid for everything.