Real Estate
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True Car Nut
Joined: Feb 2006
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From: Delaware & Long Island NY
Re: Real Estate
Originally Posted by J Wikoff
We've been house shopping. The very first house we looked at is the one we like so far. But it was showed to us by a different realtor, and it was the only one she showed us. We've seen several houses with our realtor we've been using since. Is it ethical to have the realtor show us the house, then make an offer? Or do we have to go back to the first one, despite the work the second has done for us? Would the first ever know if we bought it from the second?
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True Car Nut
Joined: Feb 2006
Posts: 3,239
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From: Delaware & Long Island NY
Originally Posted by vital49
Real estate....my fav!
First things first, have you signed an Exclusive Right to Buy contract with either realtor? If you have, it'* very simple, you're obligated by contract to make an offer through that realtor. If you don't buy through the realtor you have a contract with, contractually, that realtor can go after you for the commissions that would have otherwise been earned.
If there is no contract, that'* where it becomes an ethical situation. A good rule of thumb is to submit an offer with the original realtor that showed you the property. That'* if you haven't worked with any other realtors in the mean time. Is the realtor on the first home you looked at also the listing agent? If that'* the case, I would NOT use that realtor. They're working in the best interest of the seller, not necessarily you, the buyer.
To keep things clean in the future, use one realtor, exclusively. Don't be scared to sign the Exclusive Right to Buy contract. That'* there to ensure you don't go to another realtor. Basically a non-compete clause. Once they have that in their hands, they'll work very hard for you.
Can you tell I have my real estate sales license?!?!
First things first, have you signed an Exclusive Right to Buy contract with either realtor? If you have, it'* very simple, you're obligated by contract to make an offer through that realtor. If you don't buy through the realtor you have a contract with, contractually, that realtor can go after you for the commissions that would have otherwise been earned.
If there is no contract, that'* where it becomes an ethical situation. A good rule of thumb is to submit an offer with the original realtor that showed you the property. That'* if you haven't worked with any other realtors in the mean time. Is the realtor on the first home you looked at also the listing agent? If that'* the case, I would NOT use that realtor. They're working in the best interest of the seller, not necessarily you, the buyer.
To keep things clean in the future, use one realtor, exclusively. Don't be scared to sign the Exclusive Right to Buy contract. That'* there to ensure you don't go to another realtor. Basically a non-compete clause. Once they have that in their hands, they'll work very hard for you.
Can you tell I have my real estate sales license?!?!
Junior Member
Joined: Mar 2003
Posts: 1
Likes: 5
From: Purgatory
The class was $250. 40 hours long. Took me 4 weeks (only went in the evenings).
The test cost $50.
For right now, I have my license in escrow. I use it to make money off referrals. When I make a referral it'* a 50/50 split for the side of the transaction that I referred. Of that 50%, my broker gets 50%, then I get the other 50%. On a $300,000 transaction, 6% commissions evenly split, I made $1,300. Not a bad deal considering I only have to make a few phone calls...
The test cost $50.
For right now, I have my license in escrow. I use it to make money off referrals. When I make a referral it'* a 50/50 split for the side of the transaction that I referred. Of that 50%, my broker gets 50%, then I get the other 50%. On a $300,000 transaction, 6% commissions evenly split, I made $1,300. Not a bad deal considering I only have to make a few phone calls...
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Joined: Oct 2005
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From: Central Florida
I bought my first house without a realtor and the seller didn't use one either. We did use a title company for closing. However, it took me tons of reasearch and three months to accomplish. Since, I have bought and sold two more houses and, much as I hate to hand over that much money, have used realtors for each transaction.
Ultimately, they probably saved us money and no doubt TONS of time. All for the reasons already mentioned above.
Unless you own and live in an area with a very hot seller'* market, listing a home "by owner" can be a costly mistake. Even then it could cost you a higher sale price, IMO.
Ultimately, they probably saved us money and no doubt TONS of time. All for the reasons already mentioned above.
Unless you own and live in an area with a very hot seller'* market, listing a home "by owner" can be a costly mistake. Even then it could cost you a higher sale price, IMO.
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