Situation: You went to an open house and made an offer on a house but it was taken off the market due to not getting the price they were after.
Do you legally now have to go through the real estate company that they used to buy the house still or can you approach the owners privately and have a private sale whereby they don't have to pay fees?
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12-07-2015 11:59 #1
Do you have to go through the RE agent to buy a house if it is now off the market?
12-07-2015 12:02 #2
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12-07-2015 12:03 #3
We didn't use a real estate agent. The place we bought was taken off the market about a year before we bought it. Just approached the owner and discussed price etc. our solicitors drew up the paper work for us.
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12-07-2015 12:12 #4
Last edited by Little Ted; 12-07-2015 at 12:14.
12-07-2015 12:17 #5
Yes you can approach the owner directly , but there is a standard clause in the contract for sale which states " the buyer acknowledges they were not introduced to the home by a real estate agent" which you would sign if it's true but as you technically were introduced last year by the agent ( and they have all your details ) the owner may be liable to pay the agent some form of remuneration
The reason this clause was added by the solicitors is that in the 1970,s buyers used to say to the home owners, wait until your agreement expires and we will buy it privately so you don't need to pay the agent so when the owner signs our agreements it states that if we introduce a buyer who ends up buying the home we can still charge them a fee
If it were me I would still approach the owners , it's up to them to work out legally if they want to negotiate with agent
12-07-2015 12:19 #6
12-07-2015 12:21 #7
12-07-2015 12:23 #8
No time frame and they may not have to pay full fee, they can negotiate a lower fee as even though the agent showed you through they didn't put the sale together
12-07-2015 12:27 #9
This particular house has always had the same price on it when it was listed. It was on the market for around 8 months, went to auction early on and didn't sell. we made an offer $50k under asking price, then offered $45k under asking price as we saved and that is the best we can do at the moment until we save more. We agreed between us that we wouldn't offer any more than another 10k as that is how much we think it could be worth at the most.
12-07-2015 12:29 #10
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