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Thread: Real Estate situation, advice?

  1. #1
    Goody 2 Shoes Goddess TY precocious's Avatar
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    Question Real Estate situation, advice?

    I find myself in an awkward real estate position. I am trying to buy a house.

    The details:

    Real Estate Agent is representing both buyer and seller.

    During the process of visiting and revisitng the seller's home (all that back and forth stuff) - keep in mind the buyer has not made any offer yet nor signed any agreement with the RE Agent (not sure if it matters but wanted to include that), the Agent's Contract time with the seller expires.

    The seller now puts out a sign "For sale by Owner".

    Yes, I know I can't go directly to the seller (cutting out the agent) because the agent would sue him for commission.

    But this leaves us in a predicament. The seller has in mind his lowest price that he will accept. The buyer (me) has my highest offer in mind. The agent wants her commission.

    Should someone off the street call him, he can possibly get more than his lowest price because there's no agent involved. That selling price would more than likely be lower than my top offer since the seller won't be paying commission.

    So what's the best plan of action to make everyone happy?

    For example, if the agent's contract for 6% commission expires, if I now purchase the home, would she still get 6% from the seller? or does her percentage go down (to say 3% - what she would have split had another outside agent been involved) since she no longer has that contract? What's the norm/standard for this?

    I have a few ideas on how to approach this, but I figured some feedback might help, especially from a well versed/experienced in Real Estate Spoofeer willing to share their 2 cents.

    BTW this is in New Jersey.

    TIA

    Also, I am in no rush to close on this. Is there a time period when it no longer matters if this agent brought me to this property? (say 6 months later I contact the seller directly?)

    **I'm not looking to screw this agent, but I don't want to get screwed neither.**
    Dr. Preco, I hold a license to practice on Uranus.

    Anyone seen my pen?

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  3. #2
    RIP Pretty Unique connie8890's Avatar
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    I am not sure but if the contract expires before you make the purchase then you should be able to buy the home from the seller without having anything else to do with the agent. That is my opinion. I do not know. We are in the process of buying the home we currently rent but no agent is involved. Our landlord just wants to sell. Good luck. I hope you can find out the correct info.

  4. #3
    Goody 2 Shoes Goddess TY precocious's Avatar
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    Thanks. I'm just sitting on this waiting for the seller to give me some prices on alterations before we actually make an offer. He's away for a week so I must be patient. It's hard to do.

    Part of me says this is intentional on his part to see if his FSBO sign gets any bites. *sigh*
    Dr. Preco, I hold a license to practice on Uranus.

    Anyone seen my pen?

  5. #4
    Fargin Mayans. diGriz's Avatar
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    Quote Originally Posted by precocious View Post
    BTW this is in New Jersey.
    Did you really think that I was going to let you move to NJ?

    I have many friends in the Real Estate business (and pictures of your shoes are posted in every office).
    Nothing a little bourbon and soda wouldn't fix.

  6. #5
    Goody 2 Shoes Goddess TY precocious's Avatar
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    You may not have a choice. They are offereing some really nice houses to me. I'm in the middle of two right now.

    Good shoe sense cannot be denied.
    Dr. Preco, I hold a license to practice on Uranus.

    Anyone seen my pen?

  7. #6
    L27 Lieutenant DanC's Avatar
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    Offer the agent about 1/3 to 1/2 of the commission to get out of the way. Point out that it's 100% more than he/she'll get of it's sold by the owner. I would go 1/3 cash to 1/2 traceable income IYKWIM.
    That which does not kill me has made a tactical error.
    Who is John Galt? Obama's worst nightmare.

  8. #7
    Goody 2 Shoes Goddess TY precocious's Avatar
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    Thanks Dan but the circumstances have changed. The seller relisted with the same agent meanwhile I found another house but I think we're going back to the first house. But some real positive things are coming out about the second house whose carrying costs are a bit much.....*sigh*

    Dr. Preco, I hold a license to practice on Uranus.

    Anyone seen my pen?

  9. #8
    Fargin Mayans. diGriz's Avatar
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    oh no, no, no...

    I'm sorry to report that NJ is closed.
    Nothing a little bourbon and soda wouldn't fix.

  10. #9
    Goody 2 Shoes Goddess TY precocious's Avatar
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    Gee, diGriz, glad I made in on time then. BTW I know of a house going on the market in Staten Island if you are interested, since NY is still open.
    Dr. Preco, I hold a license to practice on Uranus.

    Anyone seen my pen?

  11. #10
    Fargin Mayans. diGriz's Avatar
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    Quote Originally Posted by precocious View Post
    Gee, diGriz, glad I made in on time then. BTW I know of a house going on the market in Staten Island if you are interested, since NY is still open.
    Depends...are you leaving the pool and did your "wonderful" next door neighbors move out?
    Nothing a little bourbon and soda wouldn't fix.

  12. #11
    Fargin Mayans. diGriz's Avatar
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    Quote Originally Posted by precocious View Post
    Gee, diGriz, glad I made in on time then...
    Anywhere near one of these?

    List of Superfund sites in New Jersey - Wikipedia, the free encyclopedia
    Nothing a little bourbon and soda wouldn't fix.

  13. #12
    Goody 2 Shoes Goddess TY precocious's Avatar
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    Quote Originally Posted by diGriz View Post
    I got this beaut! A balconey & all!
    Click image for larger version. 

Name:	picture-uh=5647deddac33712c292bc8b724b8d48-ps=54d7984331b0dd8ae24c84e1b83d581b-78-Willoughby-St-.jpg 
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    Got it for a real good deal..... 78 Willoughby St, Newark, NJ 07112 - Zillow

    Since we got the xbox, I figured the kids won't be going outside anyway.

    If you know someone looking, I'll give a real good deal.... (end unit, large yard)
    View 1 photos, tax records, sa... Staten Island, NY 10303 - Zillow
    Click image for larger version. 

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    Last edited by precocious; 04-03-2012 at 07:20 PM.
    Dr. Preco, I hold a license to practice on Uranus.

    Anyone seen my pen?

  14. #13
    Goody 2 Shoes Goddess TY precocious's Avatar
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    Quote Originally Posted by diGriz View Post
    Depends...are you leaving the pool and did your "wonderful" next door neighbors move out?
    Nah, they didn't move. They had their daughter's wedding in the backyard last year.
    Click image for larger version. 

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    Their son even wore a shirt for the occassion.....Click image for larger version. 

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    lots of guests... Click image for larger version. 

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    Dr. Preco, I hold a license to practice on Uranus.

    Anyone seen my pen?

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