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househunterny
Posts: 1
Registered: ‎12-18-2012

Buying House from Family-What do I tell my realtor?

Hello, My wife and I have been househunting for more than 6 months and unfortunately we have not found the right house yet.  We love our realtor and I do believe he is doing everything in his power to find us the right place.  Recently my in-laws have proposed that we purchase their house as they are close to retirement and are looking to down-size anyway.  After much deliberation, my wife and I have decided to go that route.  We are concerned about what to tell our realtor who has spent a lot of time showing us houses, talking on the phone, texting/emailing with us etc. It is my understanding that in transactions between families, realtors are not necessary. The contract we signed with the realtor has expired but we do not feel right just leaving him high and dry without any compensation. Is it acceptable to just advise him that we no longer need his services and move ahead with a real estate attorney completing the transaction for us?  In this situation should we maybe offer him something since he did spend his time on us? I would appreciate any advise anyone can offer.  Thank You!

New Visitor
homerescue
Posts: 1
Registered: ‎12-20-2012
0

Re: Buying House from Family-What do I tell my realtor?

[ Edited ]

Congrats on your new home finding,sometimes family can help.As far as the realtor, seeing that your aggreement has expired you are in the clear. HAPPY HOLIDAYS

Regular Contributor
Viss
Posts: 132
Registered: ‎05-24-2012
0

Re: Buying House from Family-What do I tell my realtor?

If you feel comfortable enough, just tell your realtor of the opportunity that you just can't turn down. Thank him/her for their time and effort, but I wouldn't pay them anything. It does stink... But you're not dropping him/her for someone else so I'm sure they will understand.

Regular Contributor
AgentCampus
Posts: 101
Registered: ‎10-01-2012
0

Re: Buying House from Family-What do I tell my realtor?

Other than the property that your in-laws are proposing you to purchase, do you currently live on your own home? If yes and if you plan to, then you can offer your realtor to sell that property instead. If you don’t currently own a home and this is your first time to buy – and due to the fact that your in-laws are offering you their property, I bet you can still keep your current real estate agent to guide you in the buying process, closing and probably settlements by being an adviser.

"The monotony and solitude of a quiet life stimulates the creative mind."

-Albert Einstein

Visitor
Homemaker2911
Posts: 2
Registered: ‎06-02-2013
0

Re: Buying House from Family-What do I tell my realtor?

[ Edited ]

Hi, househunterny.  I was in a similar situation.  We were using a realtor in another county for a potential job relocation move.  When the job didn't pan out, I felt really bad for all the time and effort that my realtor put in with us when we weren't able to move.  So I wrote up a review on yelp and a testimonial she could use for her marketing material.   She has since gotten a client from my review, and hopefully will get more in the future.  So, you may think about doing that.  It helps other buyers to know who the really good realtors are, too! 

 

Maybe some of the other realtors would have better ideas of where the most helpful sites are to post a review than yelp .

Contributor
GreenTeamHV
Posts: 22
Registered: ‎05-01-2013
0

Re: Buying House from Family-What do I tell my realtor?

There's no need to offer him money. However there are other ways to reward him for his time and effort. You can write a great review for him online (ratearealtor.org, realestateratingz.com, yelp.com), refer him to friends and family who are buying/selling there homes, even a bottle of wine can do wonders. He's in the business and understands, you win some ya lose some. I hope you found this helpful and congrats on finding your perfect home!