It`s great. for the buyer. This is not great for the agent who worked for months without compensation. Real estate agents work with a 100% commission. If there is no sale, there is no payment. From personal experience, I know that some agents could take you hostage with a buyer`s agreement, I let the customers come to me and say, “I can`t get out of this agreement, the agent refuses to terminate it.” I never asked for that for my business. I like the flexibility of leaving myself when the relationship with the buyer doesn`t work well. Once the period on the buyer`s contract expires, there is what is called a retention period. It usually takes somewhere between 30 and 90 days. During the over-order period, the customer cannot purchase a house that the agent has shown him on the contract of the buyer who has expired, without the buyer being entitled to this commission. Apart from that, real estate agents do not appreciate buyers who use their time, effort and services to look at real estate and then buy one of these real estate behind the broker`s butt. Many agents working with buyers have never had their buyers sign anything. These agents either have a high level of comfort, that the clients they work with will continue to work with them during the home purchase process, or they agree when buyers switch to other agents, as they may be relieved that they no longer have to work with a particular buyer.
(This happens more often than you think.) If it`s business, I`m asking for an NOA. 95% of agents do not ask for one. Officers only have to be the judge to see if their time is worth it. Since Redfin wants to give commissions to agents, but not every time their income, many buyers have no problem haggling over others. It`s Northern California. During this period, the buyer should not work with another agent to acquire a property. Richard – I usually work by recommendations and people I know, so with them I only declare that they have to sign a buyer broker contract at some point. I do not support them and I know that they only work with me. It`s different in every state, but make no mistake about it!!! Even if it`s necessary, agents put it in a form that makes you want to commit to months X.
It is not necessary. So they say “sign this form, the law requires it, it`s 18 paragraphs long.” If only 1 or 2 paragraphs are actually the required part. As a buyer, you absolutely guarantee me that if I spend 100 hours finding you that “Gem” I will be compensated. Now, some agents insist on some kind of written agreement with a buyer. As a buyer, you must evaluate the agent responsible for signing this document and determine if the agent is correct for you, for how long you are bound by the terms of the agreement of collaboration with the agent and the conditions under which you can break the agreement. If you feel uncomfortable signing with an exclusive buyer agent, you don`t have to sign your contract.