Real estate--buyer agreement?

[gummybear]

I think we only did it when we used her as a our selling agent

[redheadk]

We did when we submitted an offer on a house. It was required by her broker. She was upfront about it. It's common practice in my area.

[exploding people]

We signed a contract with our REA once we had a purchase agreement.

[bex1973]

We did it.

[pinkiepromise]

We didn't, but it seems to be common in other areas.

[agnes]

We did because he was recommended through our credit union and would get a discount at closing.

[mrs.jacinthe]

New REA here. We just talked about this in training yesterday. It is a suggested requirement for my firm, as being a buyer's agent can be a long process and you want to be sure you'll make money eventually.

They are not a fully binding contract, though. Usually a phone call or email to the agent that you wish to discontinue using their services is enough to break it.

I would not (and have not, twice now) hesitate to sign one. However, if you're hesitant, ask for a short contract period, a week or a month, with a reevaluation at the end of it.

[audry80]

We did not.

[adhdfashion]

Nope. I know it's a thing with the big re agencies.

[daisybuchannan]

It is much more common now, and suggested by the broker to the agent (if not required). I have my clients sign one, and explain to them that I take my buyer's that have a contract with me just as seriously as my listing contracts. Why should I put a ton of work searching (and often off market listings since I have a huge brokerage and network) if that person might go and use another agent that they meet at an open house or through a friend?

[my3boyz]

This is another thing that varies regionally in real estate. In the state of VA and some others it is required by law that you either sign an agency agreement or acknowledgement that you have no agent and the buyers agent has not obligation to you. Any decent agent won't work with someone that refuses to sign an agency agreement because they are busy enough to protect their time.
In other areas it's a best practice and in others still it is just not common at all.

[cabbagecabbage]

No, we didn't.

[moolarkey]

Only when selling a house, never when buying

[pistolshrimp]

We did, but not until we were ready to put an offer in. We were looking at homes in three different states so which real estate agent we used for the purchase depended on which state we decided to buy in. I'm not sure if this would have been different if we were working with one agent in one state.

[onetruething]

We did when we were looking in a really hot market. She worked hard and got us in first to see most properties in our area that met our criteria. She also talked us out of a few properties that, in hindsight, definitely would have been settling. I know she was doing her job, but I truly felt/feel that she cared and had our family's best interests at heart. Because of this, she will be our realtor whenever we decide to buy another rental or sell any of our properties.

[daisybuchannan]

Jan 12, 2017 10:15:23 GMT -5 onetruething said:

We did when we were looking in a really hot market. She worked hard and got us in first to see most properties in our area that met our criteria. She also talked us out of a few properties that, in hindsight, definitely would have been settling. I know she was doing her job, but I truly felt/feel that she cared and had our family's best interests at heart. Because of this, she will be our realtor whenever we decide to buy another rental or sell any of our properties.

This is the key for me, I work for my clients best interest at all times. That is different than just "showing a house". 

[kathybela]

Jan 11, 2017 13:23:31 GMT -5 @blueyes623 said:

Ok it seems like some firms require it before making any offer. I guess it is protection for the agent (so they get a commission when you buy) as well as the buyer for representation. I just have no experience with this and was curious if it is something to be wary about.

It's common in our area since agents from larger cities near us send their clients down to see properties with our agents and then tell them to come back to them if they want to make an offer. They get the commission without having to spend their time doing showings.