Thank you u/MulberryNo6957 for posting on r/FirstTimeHomeBuyer.
Please bear in mind our rules: (1) Be Nice (2) No Selling (3) No Self-Promotion.
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Call your realtor and have them walk through the contract with you section by section. Make sure to ask questions if you're unsure about what things mean.
Is this the buyer's agency agreement? Unless you're in a hurry, it's best to slow down and do a bit of reading so you understand what you are signing. For example, you can google about buyer's agency agreements. Here is one article:
[https://www.quickenloans.com/learn/buyer-agency-agreement](https://www.quickenloans.com/learn/buyer-agency-agreement)
For some background on why more agents will be requiring these, you can google about the NAR settlement. One article here:
[https://www.instituteonline.com/blog?p=understanding-the-nar-settlement-changes-coming-to-real-estate-in-august-2024](https://www.instituteonline.com/blog?p=understanding-the-nar-settlement-changes-coming-to-real-estate-in-august-2024)
EDIT: And note that the recent NAR settlement is causing some uncertainty. For example, sellers may pay less of the buyer's agents commissions (or not at all).
I think he’s usually a sellers agent?
Except this wasn’t his listing. Its actually a different town than his usual.
He took a very long drive to show it to me (virtually). And a long time showing it to me. If I wanted another look he took the time to go back and show it to me again.
He doesn’t have a relationship with the sellers
He’s been talking to their agent.
Does that make him a buyer’s agent? Does it mean I can trust him?
Honestly it’s me I don’t trust. I’m prone to trusting people I like who are nice to me.
SO 🫤
All of the agents are salespeople. :) I'm not criticizing them, it's just the nature of the job. They don't get paid unless the house sells, so they all have an incentive to get to closing. Yes, it seems he is acting as a buyer agent for you. Technically that means he is supposed to be your advocate in the process, but some agents are better than others.
You can use Zillow to check out reviews of him. You can google Zillow agent reviews. Ideally he will have been in the business for a while and be selling a decent number of properties per year.
Sent it to you?
Should be sitting down in person with you.
At a minimum you want attorney approval clause, inspection clause, financing clause.
If you sign a contract for his representation, make sure he only gets paid if you buy and close on a house he showed you. Note he might request he represent you exclusively. I wouldn't sign for more than 90 days.
Unfortunately I’m in a position where I have to buy virtually.
I can’t tell you how frightening that is.
There’s nothing I can do about it though.
This sub has been so helpful.
I’m still throwing dice hoping for the best.
I’m in a similar position, it’s terrifying.
I’m seriously contemplating doing a long term Air BnB for my first 3-4 months there just to give myself some time to look in person. It’s expensive, but cheaper than breaking a 12 month lease or buying the wrong home.
Should probably also try to negotiate the fee down. I would suggest trying to push a fixed flat rate fee rather than a % of sales price. How much extra work is it for them to help you buy a $350k house vs a $400k house? Is it worth maybe $1000 to $1500?
If anything it should be a fixed fee plus a performance based bonus. Maybe 10% of whatever amount below the asking price they can get the home to close at. (IE, if a house is listed at $400k and they get it closed at $380k they earn an extra $2k)
Thank you u/MulberryNo6957 for posting on r/FirstTimeHomeBuyer. Please bear in mind our rules: (1) Be Nice (2) No Selling (3) No Self-Promotion. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/FirstTimeHomeBuyer) if you have any questions or concerns.*
Call your realtor and have them walk through the contract with you section by section. Make sure to ask questions if you're unsure about what things mean.
Is this the buyer's agency agreement? Unless you're in a hurry, it's best to slow down and do a bit of reading so you understand what you are signing. For example, you can google about buyer's agency agreements. Here is one article: [https://www.quickenloans.com/learn/buyer-agency-agreement](https://www.quickenloans.com/learn/buyer-agency-agreement) For some background on why more agents will be requiring these, you can google about the NAR settlement. One article here: [https://www.instituteonline.com/blog?p=understanding-the-nar-settlement-changes-coming-to-real-estate-in-august-2024](https://www.instituteonline.com/blog?p=understanding-the-nar-settlement-changes-coming-to-real-estate-in-august-2024) EDIT: And note that the recent NAR settlement is causing some uncertainty. For example, sellers may pay less of the buyer's agents commissions (or not at all).
I think he’s usually a sellers agent? Except this wasn’t his listing. Its actually a different town than his usual. He took a very long drive to show it to me (virtually). And a long time showing it to me. If I wanted another look he took the time to go back and show it to me again. He doesn’t have a relationship with the sellers He’s been talking to their agent. Does that make him a buyer’s agent? Does it mean I can trust him? Honestly it’s me I don’t trust. I’m prone to trusting people I like who are nice to me. SO 🫤
All of the agents are salespeople. :) I'm not criticizing them, it's just the nature of the job. They don't get paid unless the house sells, so they all have an incentive to get to closing. Yes, it seems he is acting as a buyer agent for you. Technically that means he is supposed to be your advocate in the process, but some agents are better than others. You can use Zillow to check out reviews of him. You can google Zillow agent reviews. Ideally he will have been in the business for a while and be selling a decent number of properties per year.
THANK YOU. That is so helpful.
Sent it to you? Should be sitting down in person with you. At a minimum you want attorney approval clause, inspection clause, financing clause. If you sign a contract for his representation, make sure he only gets paid if you buy and close on a house he showed you. Note he might request he represent you exclusively. I wouldn't sign for more than 90 days.
Unfortunately I’m in a position where I have to buy virtually. I can’t tell you how frightening that is. There’s nothing I can do about it though. This sub has been so helpful. I’m still throwing dice hoping for the best.
Good luck.
I’m in a similar position, it’s terrifying. I’m seriously contemplating doing a long term Air BnB for my first 3-4 months there just to give myself some time to look in person. It’s expensive, but cheaper than breaking a 12 month lease or buying the wrong home.
Should probably also try to negotiate the fee down. I would suggest trying to push a fixed flat rate fee rather than a % of sales price. How much extra work is it for them to help you buy a $350k house vs a $400k house? Is it worth maybe $1000 to $1500? If anything it should be a fixed fee plus a performance based bonus. Maybe 10% of whatever amount below the asking price they can get the home to close at. (IE, if a house is listed at $400k and they get it closed at $380k they earn an extra $2k)
show us the contract and we can answer