What is a Buyer Broker Agreement ?
Who Does a Buyer Broker Agreement Protect ?
A Buyer Broker Agreement is what Realtors, Real Estate Agents that are members of the supposed good for the consumer National Association of Realtors use to Commit a Buyer to their services Regardless of the Service that they actually Provide.
Here are a Few of my thoughts on clauses
and terms in your Buyer Broker Agreement.
If the Broker Does Not Fulfill their “Obligations” of the Buyers Broker Agreement (Contract) then Why Does the Buyer still have to be Obligated to Pay the Buyers Agents a Commission. Who Decides if the Broker Fulfilled their Obligation and deserves to be Paid? I think the Realtors decide, they have meetings to discuss the “problem” and they are judge and jury of their own members. You can bet the “decision” is NOT in the Best interest of the Real Estate Consumer.
If you ask questions it goes to the Arbitration, Discussion at the Local Association of Realtors and they are “Self Regulated” so the Decision they make HAS to be in the best interest of the Realtor. For if and when it happens to again the Realtor wants to make darn sure that they and their fellow Realtor gets Paid, regardless of if the Buyers Agent fulfilled their duties or Not.
Some Buyer Brokers Agreement Say Broker “will” “assist Buyer in determining Buyer’s Financial Capability and financing Option” I ask how do THEY do this.
I mean Banks and Credit Unions tell me that a Letter of Credit, a Proof of Qualification is really just saying “ if all things work out, and the Buyer really does qualify and meet all the requirement that they say they can then we MAY loan on this particular piece property”. That being said, how does a Realtor, a Broker “Qualify” a buyer?
Do they do debt ratios, speak for a lender, pre-qualify buyers, I mean How can a Buyers Agent, in good faith REALLY “assist Buyer in determining Buyer’s Financial Capability and financing Option” – isn’t this a conflict of interest somehow. Shouldn’t a buyer be doing this independent of the Realtor, the Real Estate Brokerage?
Now the Broker, the Realtor, can Work with as many buyers as they want even if it interferes in them fulfilling their obligation to one buyer and leads to the buyer not finding what they want. Under the Contract, the Buyers Broker Agreement, ALLOWS for the Realtor to be too busy to do their job effective for One Buyer but they get paid anyway even if the Buyer finds a Property on their own listed with another Realtor or as a FSBO.
This is Bullying real estate consumers and
Who Does a Buyer Broker Agreement Protect ?
A Buyer Broker Agreement is what Realtors, Real Estate Agents that are members of the supposed good for the consumer National Association of Realtors use to Commit a Buyer to their services Regardless of the Service that they actually Provide.
Here are a Few of my thoughts on clauses
and terms in your Buyer Broker Agreement.
If the Broker Does Not Fulfill their “Obligations” of the Buyers Broker Agreement (Contract) then Why Does the Buyer still have to be Obligated to Pay the Buyers Agents a Commission. Who Decides if the Broker Fulfilled their Obligation and deserves to be Paid? I think the Realtors decide, they have meetings to discuss the “problem” and they are judge and jury of their own members. You can bet the “decision” is NOT in the Best interest of the Real Estate Consumer.
If you ask questions it goes to the Arbitration, Discussion at the Local Association of Realtors and they are “Self Regulated” so the Decision they make HAS to be in the best interest of the Realtor. For if and when it happens to again the Realtor wants to make darn sure that they and their fellow Realtor gets Paid, regardless of if the Buyers Agent fulfilled their duties or Not.
Some Buyer Brokers Agreement Say Broker “will” “assist Buyer in determining Buyer’s Financial Capability and financing Option” I ask how do THEY do this.
I mean Banks and Credit Unions tell me that a Letter of Credit, a Proof of Qualification is really just saying “ if all things work out, and the Buyer really does qualify and meet all the requirement that they say they can then we MAY loan on this particular piece property”. That being said, how does a Realtor, a Broker “Qualify” a buyer?
Do they do debt ratios, speak for a lender, pre-qualify buyers, I mean How can a Buyers Agent, in good faith REALLY “assist Buyer in determining Buyer’s Financial Capability and financing Option” – isn’t this a conflict of interest somehow. Shouldn’t a buyer be doing this independent of the Realtor, the Real Estate Brokerage?
Now the Broker, the Realtor, can Work with as many buyers as they want even if it interferes in them fulfilling their obligation to one buyer and leads to the buyer not finding what they want. Under the Contract, the Buyers Broker Agreement, ALLOWS for the Realtor to be too busy to do their job effective for One Buyer but they get paid anyway even if the Buyer finds a Property on their own listed with another Realtor or as a FSBO.
This is Bullying real estate consumers and
seems to be alright with the Association of Realtors.
It is NOT Right. And it happens among Realtor every day….
Careful What you Sign.
Careful What you Sign.
Real estate Buyer broker
Modify YOUR contract, initial the changes. THOSE forms
are “Standard” NAR forms and they are
MOST definitely in the BEST interest of the Realtor.
So you are allowed to make changes to your own contract,
you are a “Party to the Contract” don’t let
the Realtor bully you into thinking you have No Rights.
These Contracts even have the audacity to include a statement that says “ Protection Period. Buyer will pay Brokers Compensation if, within __ Days after Termination Date, Buyer contracts to acquire any property which was called to Buyer’s attention by Broker or any other person or found by Buyer during the term of this Agreement. Buyer’s obligation to pay Broker’s fee cease upon Buyer entering into a good faith exclusive buyer brokerage agreement with another broker after Termination Date.”
Why Can’t a Termination Date be a Termination Date.
These Contracts even have the audacity to include a statement that says “ Protection Period. Buyer will pay Brokers Compensation if, within __ Days after Termination Date, Buyer contracts to acquire any property which was called to Buyer’s attention by Broker or any other person or found by Buyer during the term of this Agreement. Buyer’s obligation to pay Broker’s fee cease upon Buyer entering into a good faith exclusive buyer brokerage agreement with another broker after Termination Date.”
Why Can’t a Termination Date be a Termination Date.
The Realtors seem to always have some
Gimmick or terminology that they slip in
on real estate consumers to extend their contract,
their chance at a paycheck for longer than agreed upon… WHY?
This clause gives the agent rights
This clause gives the agent rights
after the expiration of the contract even
if YOU, the real estate consumer – buyer find your own place
to buy and even if it is AFTER your Contract Expires
with This Buyer’s Agent.
PUT N/A in this Blank ALWAYS.
PUT N/A in this Blank ALWAYS.
It should NOT be in your contract.
This being an approved “Realtor” contract / form is shocking and SHOULD be illegal, in my opinion. IT is Blatantly “unfriendly” to ALL real estate consumers. And gives the agent a legal right to be compensated for work they do not really need to do.
It is quite nervy that they can get away with saying and enforcing these statements and making the real estate consumer believe that they have no choice but to Sign it.
It also says that this buyers brokerage agreement will cease
with the Broker on it, when the buyer enters into a good faith agreement
This being an approved “Realtor” contract / form is shocking and SHOULD be illegal, in my opinion. IT is Blatantly “unfriendly” to ALL real estate consumers. And gives the agent a legal right to be compensated for work they do not really need to do.
It is quite nervy that they can get away with saying and enforcing these statements and making the real estate consumer believe that they have no choice but to Sign it.
It also says that this buyers brokerage agreement will cease
with the Broker on it, when the buyer enters into a good faith agreement
with another Buyers Agent, so As Long as Your Working
with Someone, Some Realtor Somewhere, they
will Concede to the Contract Being Terminated.
with Someone, Some Realtor Somewhere, they
will Concede to the Contract Being Terminated.
The NAR members, Realtors
are ALLOWED to have to much
Power and Control
Over the Real Estate Consumer without
Really Do the Work to Earn IT.
This Agreement is NOT IN good Faith, Period….
Oh and there is a Clause (Early Termination)
are ALLOWED to have to much
Power and Control
Over the Real Estate Consumer without
Really Do the Work to Earn IT.
This Agreement is NOT IN good Faith, Period….
Oh and there is a Clause (Early Termination)
that You, the Buyer – the Real Estate Consumer can Cancel
at Anytime… How Generous… Oh wait.. You Still have to
Pay Commission in Full thought…. What a Racket.
The Buyer takes ALL the Risk and Pays the Broker either way.
The Buyer takes ALL the Risk and Pays the Broker either way.
While at the same time “holding the broker harmless”,
looking on their own for a home to buy, the broker
does not OWE the buyer ANY out money,
if legal situations occur the buyer pays for that as well,
and quite often being treated disrespectful along the way.
A Buyers Broker conducting ALL of your
A Buyers Broker conducting ALL of your
negotiating may not be in your best interest.
A Buyers Broker
A Buyers Broker
SHOULD not have this kind of Power
over the Real Estate Consumer, it is NOT Right.
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Here are Some Examples of Buyers Broker Agreements for YOU To Look at, Analyze and CRITIQUE... DO You See Consumer Protection in Mind?
Can You Believe that Realtors get away with Strong Arming Consumers like this. What Does the National Association of Realtors think of stuff like this? They Don't Care.... I guarantee it.
You Sign a Buyers Broker Agreement, in hopes that your “Realtor” will go above and beyond to help you find a home. Your Full Time search is on, the Realtor has a lot of things that take up time other than finding you a home, so if you find one on your own, you SHOULD not have to PAY them for any reason.
You Sign a Buyers Broker Agreement, in hopes that your “Realtor” will go above and beyond to help you find a home. Your Full Time search is on, the Realtor has a lot of things that take up time other than finding you a home, so if you find one on your own, you SHOULD not have to PAY them for any reason.
This Real Estate Form you signed is designed to Protect the Realtors Paycheck and is not to protect or really benefit the real estate consumer.
The “standard” Nar and Local Association of Realtors forms Should NOT be to Protec the Realtor and SHOULD, instead be designed to Protect the Consumer… They are NO in the Consumer’s best interest in ANY way.
NEVER Sign a Buyers Broker Agreement that Restricts you to One Agent, Sign it for a particular property only. The Realtor needs it to Prove they work for you.. fine. But make sure it says on it that if you find a FSBO and your Realtor is not the one to find this FSBO and Bring it to you.. than you are not Financially Obligated to this Realtor, Agent in ANY way.
If this has already happened to you Throw a Fit, go to the Brokerage Office, Go online, go to the local and national association of Realtors, Blog about it, do a video about it… this really is an outrage. You should NOT have to Pay a Realtor for a Job that THEY did not Do. Why Does the Association of Realtors Condone this Behavior?
Demand that they Let you Out of this … They DID not find the Property, they were NOT procuring cause, THEY get No Paycheck.
THERE is Not One Real Reason that you need a Realtor, a Member of the National Association of Realtors in your Real Estate Transaction.
The “standard” Nar and Local Association of Realtors forms Should NOT be to Protec the Realtor and SHOULD, instead be designed to Protect the Consumer… They are NO in the Consumer’s best interest in ANY way.
NEVER Sign a Buyers Broker Agreement that Restricts you to One Agent, Sign it for a particular property only. The Realtor needs it to Prove they work for you.. fine. But make sure it says on it that if you find a FSBO and your Realtor is not the one to find this FSBO and Bring it to you.. than you are not Financially Obligated to this Realtor, Agent in ANY way.
If this has already happened to you Throw a Fit, go to the Brokerage Office, Go online, go to the local and national association of Realtors, Blog about it, do a video about it… this really is an outrage. You should NOT have to Pay a Realtor for a Job that THEY did not Do. Why Does the Association of Realtors Condone this Behavior?
Demand that they Let you Out of this … They DID not find the Property, they were NOT procuring cause, THEY get No Paycheck.
THERE is Not One Real Reason that you need a Realtor, a Member of the National Association of Realtors in your Real Estate Transaction.
Buyers Agents use agreements, Buyers Broker Agreements, to Strong Arm Sellers, if the buyers agent does find a FSBO, as they say the can – will and if the Seller finds it the BUYERS agent still demands they get paid, then this is put into the MLS, is this an Arms Length transaction? This goes into the MLS as a FSBO found by a Buyers agent for a seller, will it be used by an appraiser as a Comp? YOU bet it Will… arms length will not come into play if this Comp is Really Needed.
It is SHOCKING to Me that an Accredited Buyers Agent is Allowed to “Collect” Bully or Enforce Getting a Buyers to Sign a Buyers Broker Agreement, and then if a Buyer finds a property on their own listed with another office or as a For Sale by Owner (FSBO) the AGENT Demands they be Paid. And they seem to be successful in Convincing the Buyer that they do have to pay that Commission to the “Accredited Buyers Agent” even if they did not do their job.
Proving Once again that NAR accreditation Means NOTHING…. It is just a way to sell something else to you, the Public – the Real Estate Consumer.
It is SHOCKING to Me that an Accredited Buyers Agent is Allowed to “Collect” Bully or Enforce Getting a Buyers to Sign a Buyers Broker Agreement, and then if a Buyer finds a property on their own listed with another office or as a For Sale by Owner (FSBO) the AGENT Demands they be Paid. And they seem to be successful in Convincing the Buyer that they do have to pay that Commission to the “Accredited Buyers Agent” even if they did not do their job.
Proving Once again that NAR accreditation Means NOTHING…. It is just a way to sell something else to you, the Public – the Real Estate Consumer.
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