Contract with buyer?s agent?

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cherry14_IHB

cherry14_IHB

New member
We're first-time buyers and have been looking for a couple of months and haven't found anything, so we're thinking of getting a new realtor. We spoke with a realtor this week, but he won't work with us unless we sign an agreement to work exclusively with him (for either 3 months or 6 months, depending on what we specify in the agreement). Any thoughts on this? Is this common? I've never heard of buyers' agents requiring agreements like this...
 
I had a realtor, didn't like the service I got from her and promptly found a new one. I'm ready to do the same with my current if I need to (but so far, so good). I haven't had to sign an agreement with any realtor as of yet and with this being a buyer's market, don't really think you need to. I'd say no and if he won't work with you, find a new one. Hell, I'll even refer you to mine.
 
[quote author="cherry14" date=1235223802]We're first-time buyers and have been looking for a couple of months and haven't found anything, so we're thinking of getting a new realtor. We spoke with a realtor this week, but he won't work with us unless we sign an agreement to work exclusively with him (for either 3 months or 6 months, depending on what we specify in the agreement). Any thoughts on this? Is this common? I've never heard of buyers' agents requiring agreements like this...</blockquote>


Tell him to take a hike. In this kind of RE environment he or she should be bending over backwards for clients. Shop around for someone else.
 
To cherry and cubanita:

FWIW, buyer's contracts to my knowledge are rare here in OC, but not unheard of.



More directly:

1. Where are you looking?

2. Why is <strong>now </strong>the right time to buy? Why not later?

3. What are your expectations from your buyer's agent?

4. What has discouraged you in your past relationships?

5. What do you look to gain by changing up?
 
[quote author="IrvineRealtor" date=1235226568]To cherry and cubanita:

FWIW, buyer's contracts to my knowledge are rare here in OC, but not unheard of.



More directly:

1. Where are you looking?

2. Why is <strong>now </strong>the right time to buy? Why not later?

3. What are your expectations from your buyer's agent?

4. What has discouraged you in your past relationships?

5. What do you look to gain by changing up?</blockquote>


So since I've been lurking for awhile, I know that you're a realtor, and come with high praise from others from this board. Not to mention it's a part of your login.



Regardless, I have to give you props... the questions you pose are exactly the ones I'd expect any sane person to ask me if I told them I wanted to buy in the current market. I applaud (and read intently) the advice you provide, and am thankful you're a part of this blog!



It's a buyer's market, and will be for awhile. In fact, there is every indication it will only get better (for the buyer). Any realtor who says otherwise is suspect.
 
That is all part of IR2's motive. Before you know it, he will be closing a deal with you (most likely a rental, but possibly a purchase), and he will be stealing a beer from you in no time. You have to watch out for this guy... otherwise you will find him passed out in your lawn without even the sprinklers waking him up.
 
[quote author="cherry14" date=1235223802]We're first-time buyers and have been looking for a couple of months and haven't found anything, so we're thinking of getting a new realtor. We spoke with a realtor this week, but he won't work with us unless we sign an agreement to work exclusively with him (for either 3 months or 6 months, depending on what we specify in the agreement). Any thoughts on this? Is this common? I've never heard of buyers' agents requiring agreements like this...</blockquote>


I have a feeling he is trying to take advantage of you as a first time buyer. Though one can never be 100% for sure. Or maybe I am wrong, and he will work his butt off for the clients that he has an exclusive agreement with him.



I have a suggestion: how about IHBers provide exclusive realtor experiences (just facts) with names!? It is a BLOG...as long as just facts, no personal attacks. Why there is no realtor review sites? They have that for doctors, and even hookers!! I bought and sold many times in the past many years, and I have had both excellent, and bad experiences. The last time I had a bad experience, I went all the way up to their regional president. Guess what? he didn't gave a shit since it was the "good times". No surprise they were not on our preferred agency list when we had a very large move.
 
Very likely it's the realtor's notion of making money without really working for it, like listing agents that take a listing and sit back and wait for the offers to roll in. Back in the old days I'd look through the thick MLS books at the realtor's office and since only a realtor had access to the MLS book you kind of feel obligated to have them show you the home if you were interested. Now if you're looking in Irvine or anywhere in So Cal just hit up Redfin on a daily basis. The realtor isn't going to do much more than that, why obligate yourself to that oddball who insists on a buyer's agreement? He's very unlikely to have "exclusive" info that's worth the aggravation of being stuck with him for a few months. He probably just wants to sit back and have you call him after you do the work of finding a house you like. If I were looking to buy, I'd just ask the listing agents to show me the houses of interest I find on Redfin.
 
I do not use a buyer's agent, but if I did, I would ask "IrvineRealtor" on this blog to represent me. I think he listens, is honest, and is much more likely to work for his client's interest than 99% of the realtors out there, including the one who requires you to sign an exclusive agreement.
 
Thanks for the replies. I do want to work with this guy, because I think he'd do a good job, but the contract thing is holding me back. I can understand why he wants one, but it's just unfair for us as the buyers. We'd have no recourse if things didn't work out; we'd just be stuck with him. It just doesn't seem like the smart thing to do. Guess I have to find someone else!
 
[quote author="cherry14" date=1235262722]Thanks for the replies. I do want to work with this guy, because I think he'd do a good job, but the contract thing is holding me back. I can understand why he wants one, but it's just unfair for us as the buyers. We'd have no recourse if things didn't work out; we'd just be stuck with him. It just doesn't seem like the smart thing to do. Guess I have to find someone else!</blockquote>
Ummm... have you thought about the guy that has been recommended to you three times already? IrvineRealtor even got awgee's support... and awgee despises realtors.
 
[quote author="Oscar" date=1235268323][quote author="cherry14" date=1235262722]Thanks for the replies. I do want to work with this guy, because I think he'd do a good job, but the contract thing is holding me back. I can understand why he wants one, but it's just unfair for us as the buyers. We'd have no recourse if things didn't work out; we'd just be stuck with him. It just doesn't seem like the smart thing to do. Guess I have to find someone else!</blockquote>
Ummm... have you thought about the guy that has been recommended to you three times already? IrvineRealtor even got awgee's support... and awgee despises realtors.</blockquote>


I have, thanks.
 
"recommended to you three times already"



Exactly! I am sure cherry14 can read...and why you guys are so pushy??? In my humble opinion, you are not doing any favor to our resident realtor.
 
[quote author="cherry14" date=1235262722]Thanks for the replies. I do want to work with this guy, because I think he'd do a good job, but the contract thing is holding me back. I can understand why he wants one, but it's just unfair for us as the buyers. We'd have no recourse if things didn't work out; we'd just be stuck with him. It just doesn't seem like the smart thing to do. Guess I have to find someone else!</blockquote>
You shouldn't have to sign a buyer's agreement unless you are submitting an offer on a property, that's the approach that I take whenever I work with buyers. Be patient and let the market come to you, no sense in chasing it and overpaying for something. The questions that IR2 posted up are the ones that you need to be asking of a perspective buyer's agent. The agent should be a consultant/advisor for you to bounce ideas off and not someone who is pushing you to close a deal so they can make their transaction. Good luck on your search.
 
Consider proposing a provision that gives you a way out if he isn't working for you. For example, if you have a 3 month deal and he doesn't show you a certain number of properties within the parameters you are looking for and in a certain time period, under reasonable discretion, you can terminate the agreement. Thus, he can't sit back, while you do some of your own searching, and letting him cash in when you actually do the work.
 
When I bought my first house in 1995 I used a buyer's agent. I had no idea what I was doing, I knew nothing about financing or house hunting. It made sense to me and it thankfully worked out well. Back then, information was not so readily available and my buyer's agent did something for me that was unheard of at the time: she gave me the MLS printout matching my criteria and let me narrow things down by driving by these houses. These days you can do all of this for yourself and you can search for your own financing and possibly save some money over whoever the agent is pimping for financing. If you really trust this person and you aren't confident about your own abilities or time to do this on your own, then it might work for you. There are just so many other options now that I would hesitate to lock yourself in. You could of course, also seek out IR since so many other people have had success with him without signing a contract.
 
[quote author="cherry14" date=1235223802]We're first-time buyers and have been looking for a couple of months and haven't found anything, so we're thinking of getting a new realtor. We spoke with a realtor this week, but he won't work with us unless we sign an agreement to work exclusively with him (for either 3 months or 6 months, depending on what we specify in the agreement). Any thoughts on this? Is this common? I've never heard of buyers' agents requiring agreements like this...</blockquote>


Tell him to skip off and if he can't take rejection to quit the business. Good agents will spend the time with you and you do not need a buyers agent as it is more people splitting the commision pie. Buyers agent what a joke...
 
I'm glad most people are saying not to sign with this guy. That was my gut feeling as well.



What is a realtor supposed to do, exactly? It's not 1979, so we don't need to have the realtor give us a printout of the available houses and drive us around in a Lincoln Town Car. Basically, we've been finding all the houses we are interested in online, and then just asking our realtor to get us more info and/or show them to us. I feel like a realtor should alert us to new properties, though, and our current realtor isn't doing that at all. The only real benefit of a realtor seems to be helping with the negotiations and writing offers and all that. Is there any other reason to have a realtor? My husband initially wanted to just use an online service like Redfin, but I insisted we needed a real estate agent. Maybe I was wrong.
 
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