Fair practice for a purchase

Fair practice for a purchase

Member since 2019 · 6 posts · 0 votes

I am in the market to buy a home in New York. This one would be as my primary residence.

Through friends, I met someone who is selling a home, but it is currently off the market due to the pandemic. 

They do have a contract with their sellers agent currently, for another month. 

As a buyer I am not currently working with a buyers agent. 

If I decide I want to buy this home (with all the requisite inspections and buyer beware best practices) , what is fair to pay the sellers agent? 

I feel it is unfair to try to cut them out of the deal, (by running out the clock) however, as far as my discovering this home and the seller, they have not been a part of that process. 

Please don't flame me for what could seem as a run around fair practices, that is why I am asking, I am not sure what is fair and customary. 

Thanks!

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  • Rental Property Investor · St. Louis, MO · Member since 2014 · 741 posts · 424 votes
    6y

    It may be off market but the owner and their agent have a contract @Tom Matheu. The property owner promised to do certain things and the agent promised certain things, until the contract expires. If you want to make an offer before the contract is fulfilled, this person will be paid a certain percentage of the sale, on the day of close, if things are typical. The current owner may be able to tell you what was agreed upon when the pause button was hit. Did they amend the end date of the contract?

  • Member since 2019 · 6 posts · 0 votes
    6y

    Thanks for the info. Yes, they extended it once. It runs until June I think. 

    Typically, are there different agent percentage breakdowns for different scenarios of who is involved?

    ex:

    Sellers Agent + Buyers Agent = 6% (3% for each)

    Seller Agent finds buyer (without a buyers Agent) = 5%

    Owner finds Buyer, not Sellers Agent and there is no Buyers Agent = ?? %

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