Expert: Dick Dennis - 6/5/2006

Question
So, you feel that even though I know I can facilitate this purchase on my own that the agent I have been working with should be compensated?
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Followup To

Question -
I have been working with an agent for a few weeks and we have looked at about a dozen homes with him.  Most of which were our findings.  We were called by someone that knew we were looking for a home.  Their home is not listed and gave us an attractive offer that for their home.  Do you feel that my agent should be compensated in the purchase of this home if I buy it?

Answer -
I strongly suggest you have your agent draw up the agreement if it turns out you like the house. The agent will probably have you sign a Buyer's agency agreement with him/her. If you've been satisfied working with him/her so far, there is no reason why you shouldn't. This may or may not obligate you to pay the fee for which the agent will be working. Of course, the owner of that house has no obligation to pay him/her a fee, but if he/she knows what to do, he/she can get paid by doing it correctly. And the seller will appreciate it, too.

Do not hesitate to bring this question up with your agent. If he/she has been in this business a while, I am sure he/she knows what to do for you (especially) and the seller. If he/she cannot negotiate his/her fee, then he/she is not worth the trouble.

I do wish you well.

Dick Dennis          dixiedee13@aol.com

Answer
Not necessarily, Dan. You did not indicate that you could facilitate the purchase on your own. Do you also know about all the documents that should be executed in your state? Do you know how to protect yourself as the buyer? What happens if you discover something amiss about the house that you know darn well the seller knew about but failed to disclose? Are you prepared to tackle all that yourself?

If you are not satisfied with how the agent has been working with you, then at least have a REAL ESTATE attorney guide you through the transaction. There are too many things that can go wrong just because you're trying to save a few fees here and there.

If you have the knowledge and know how to make sure the transaction go, then go for it. I wish you well.

Dick Dennis