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Buyer's Contract?
If you sign a buyer's contract less then a month ago saw 3 houses bid on one. Out of the blue a good friend call and his parents need to move and are offering a great deal. Are we still tied to the contract? Is it negotiable?
Asked By Blair | Shelton, CT | 30 views | Working With An Agent | Updated 1 week ago
Answer(2)
Tenisha Baylor
RE/MAX EK Real Estate
A buyer’s contract is typically still valid, even if you’ve only been working together a short time, and it may apply to any home you purchase during that contract period.
That said, it can often be negotiable. Many agents will work with you if a private opportunity comes up, especially if it’s a unique situation like buying from a friend’s parents.
The best next step is to read the contract for the start/end dates and any wording about “exclusive representation,” then talk with your agent directly. In many cases, you can request a release, a modification, or agree on terms that are fair to everyone.
That said, it can often be negotiable. Many agents will work with you if a private opportunity comes up, especially if it’s a unique situation like buying from a friend’s parents.
The best next step is to read the contract for the start/end dates and any wording about “exclusive representation,” then talk with your agent directly. In many cases, you can request a release, a modification, or agree on terms that are fair to everyone.
- 1 week ago
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Allyson Almeida
Austin 512 Realty
Hi Blair if you signed a buyers contract with terms, you are bound to the terms within the contract regardless of a new home brought to your attention by a friend. The National Association of Realtors enforced Buyer Representation Agreements to protect everyone, including buyers, sellers and realtors. Disclosure of fees and obligations is necessary to perform and by signing everyone acknowledges that. If you buy your friends parents home without your realtor, you are still liable to the realtor for the terms in your buyer rep agreement.
- 2 days ago
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