Quote:
Originally Posted by frayedends
A buyer's agent should be making sure you are paying a fair price. A buyer's agent should be making sure you have financing lined up. A buyer's agent should make sure you sign contracts on time and have the requirements met on time (so you don't lose your deposit). A buyer's agent should be searching listings for houses that meet your needs, setting up appointments, helping get the home inspection done. There are lots they should be doing and if yours did nothing (I think you posted something about that), then you didn't get a good agent.
Now, onto the lawsuit and payments etc. It should be noted the lawsuit really is bogus if you think about it this way... The seller agrees a commission payment to their listing agent. If the seller agent chooses to pay a buyer's agent part of that commission (which the seller agrees to when signing the listing contract), it's no one's business how they chose to spend their commission.
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Nope! A Buyer is responsible for lining up financing. An agent has nothing to do with it. It is only between the lender and the buyer. Fair price is determined by comparables in the same area. A listing agent has to use them to determine the price. If the price is overinflated, the bank will deny the loan.Buyers are adults. They know how to sign papers on time.A buyer can make his own appointments. And, an inspection can be set up by the listing agent, the broker, or the buyer. Once a home closes an outside agent is not responsible for anything. The listing agent and the broker will be held accountable. Who should you trust? The agent(s) who are legally accountable or an outside agent whose only interest is getting paid?
The lawsuit protects sellers from paying outlandish commissions. The seller owes one person when the home closes - the listing agent. Collusion to increase commissions so that a sum can be shared by several agents is the reason for the lawsuit. I agree with the outcome. The seller did not sign a contract with the outside agents. He is not responsible for paying them.