From: t@toddh.net (Todd H.)
Newsgroups: misc.consumers.house
Subject: Re: Terms of Buyer's Agent contract
Date: 26 Jul 2006 00:25:51 -0500

sonny@nellhead.pointyhats.com writes:

> Hello, I'm looking for some feedback on a buyer's agent contract I'm
> thinking of signing.
> 
> 1)  It's asking for a 6-month exclusive buyer's agent agreement.  That
> seems long to me; when I sold my last house I signed a 3-month
> agreement with a seller's agent.  I plan on asking this buyer's agent
> if he will go for a 3-month agreement.  What is standard?  What is
> likely to be his response to my request?

Dependson the area.  6mo isn't uncommon around here, but I'd always
push for a 3mo max if a buyers agent insisted on a contract.   I
bought my last home with a buyers agent without a contract with him.
He took a risk there though, but in return, I only asked him to show
me houses I was interested in buying, and only soaked up his time on
like 6 showings--all in the neighborhood in which he lived. 


> 2)   The agent is asking for a fee that he says is standard in this
> area (slightly less than half of the normal sales commission).  The
> contract has a clause that says "Seller may pay, but Buyer is OBLIGATED
> to pay.".  This is selected in lieu of "Seller may pay; Buyer is NOT
> obligated to pay.".  The latter seems more reasonable; why should I be
> obligated to pay my agent the sale percentage he is requesting, if the
> seller won't go with what's customary for this area?  After all i
> cannot comple the seller to pay anything.
> 
> 3) There seems to be a "junk fee" in this contract that says at
> closing, the Buyer (me) will pay the buyer's agent $199.  I am going to
> ask him to remove this.  Is it standard?
> 
> 4) I recently saw that a house I looked at months ago has a price
> reduction, and I scheduled an appointment to look at it again.  If I
> have signed a buyer's agreement at the time I look at this house, am I
> obligated to tell the listing agent that fact?  What happens if I
> decide I want to buy this house?  I'm thinking I should look at it
> again BEFORE signing this buyer's agreement, so in case I decide to
> make an offer, it will be more attractive to the seller's agent.
> 
> thanks in advance, everyone.  
> 
> SB
> 

-- 
--
Todd H.  
http://www.toddh.net/