Are there any realtors out there?

[derekhonda]

I have a question.

When a realtor shows you a house, if you run out and do a deal under that table involving no realtors (like once the listing has expired) I know they can still seek some sort of compensation.

Is there a statute of limitations on this time frame though? How much compensation can they seek?

I ask, and don't get me wrong i'm really not trying to screw my realtor (hes family), but a situation has occured.

My dad has a friend with a house right on a prestigious golf course that they cannot sell, just the market has tanked. The guy has money, and he told me and my father a certain dollar amount that they would take...once the listing ran out and there were no realitors involved.

Well, I was out looking at a couple houses with my realtor about a month and a half ago and we were in that area and my dumbass just basically told that same story to the realtor. I told him i had no real interest in the house for the price they were asking, but that they said once the listing ran out they would work on the price big time. my realtor asked me if I had even been inside the house and I said no and he goes well lets just take a quick look.

I wasn't even thinking at the time and I said sure cause I was happy to see the house, but now I am deeply regretting it cause I feel like he will try to get some sort of recourse for his showing.

It hasn't came down to anything yet, and like I said he is family but I just wanted to know what the actual rule is on a situation like this. Surely there is a time frame or a statute in place. Thanks.

[Balaz_73*00]

Does the seller have a realtor or is he for sale by owner? I would think you need to use a realtor if the seller is using one. Not for sure though.

[Regular_Joe]

If you have a realtor you will have signed a Saftey Clause. This protects their rights if you try to negotiate with the seller directly and bypass them. If you signed one it will be clearly stated in there. Generally its 1 yr I think. If you didn't sign anything there is technically not anything he can do. But remember as family, if you bypass him, the crap will hit the fan I am sure.

[KevinAb]

I'm not a realtor, but am currently working with one to buy another place, and sell our existing one.

When we agreed to have our agent represent us as buyers, we signed an agreement that for "X" amount of time if we bought a house, we were obligated to use them. Once that X amount of time is up, we are free to go at it alone. I think it works similarly on the sellers side, if they list your house for sale, you are obligated to keep the listing with them for x months....

We have bought and sold houses in the past without an agent, but in this case we're looking at an older place that needs a lot of work, and this agent is really earning her fee, and overall probably saving us a lot. For a typical newer home with few issues, I probably wouldn't use a buyers agent.

[derekhonda]

OK, well I never signed one of those things, so I should be good in that aspect. It just started out real casual, he is a distant cousin but someone i thought would have my best interest in mind. It has come to light though that I am just another person he is trying to make a commission off of and has no interest if i buy a dump for a million dollars, as long as he gets his take so it is kind of pissing me off. So if I didnt sign an agreement, I am free to do what I wish correct?

[Balaz_73*00]

I think so and that's the same situation that i'm in. I heard people saying they signed a buyer agent agreement but I'm on my second agent and neither ever asked me to sign any agreement. Is it common to sign this agreement?

[Pappy]

Read through the contract you have with your realtor, family or not. Somewhere in there it will state a clause with a length of time, usually 6 months to a year.

If you want out, you will need the realtor to issue you a release. If you cant find a clause in the contract, I would be surprised. Many times its in there even if they tell you its not. My brother went through this wwhen he was trying to sell his house....he finally raised enough hell that they released him.

[KevinAb]

Our buyers agency agreement was 4 pages long, you would remember it if you had signed one. Ours basically states that they represent us for 3 months, and if we buy a house within that period, they are entitled to 2.4% commision on it. If within 30 days after the 3 months, we go under contract on house shown to us by the agent in that period, they are still entitled to it.

Our agreement does not have any clause about a release as Pappy mentioned, but he's right. You'd need some kind of release if you had signed such a document, or you'd be paying them 2.4%.

[quad2xtreme]

Originally posted by derekhonda
OK, well I never signed one of those things, so I should be good in that aspect. It just started out real casual, he is a distant cousin but someone i thought would have my best interest in mind. It has come to light though that I am just another person he is trying to make a commission off of and has no interest if i buy a dump for a million dollars, as long as he gets his take so it is kind of pissing me off. So if I didnt sign an agreement, I am free to do what I wish correct?

You are golden and he has no recourse. He is the professional and it is up to him to not work for anyone without a signed agreement.

[shane071489]

i am a realtor in south carolina and diff. states have diff. laws yoru best bet to do is call the board of realtors they will give you a definte right answer no if ands or buts www.realtor.org/

[ROLLIN]

what i've typically seen in PA, is they contract you for six months and advertise your property, then for the following six months after contract has ended they can still collect their comission. so for a year you're locked in even if you sell it yourself. a lot of realitors are worth it, cause they can get you a buyer quick.
i believe the 'buyer agent agreement' works like this: you sign and that agent goes to work for you knowing if he sells you a house he'll get a commission, full if it's his listing, or half commission split with the other listing agency.

[meankfx]

What state is the house in?