how my realtor gets paid for re-assignment?

If you get an offer accepted that was presented by your agent, the seller is commited to paying the commission to the agent who brought the contract (original buyer). If the contract is then assigned, it still belongs to the original agent. If the new buyer wants to use his own agent, he will need to pay that agent himself.

Al

Al would know...
And yeah, it seems only right that the agent would follow the contract.

Al, my realtor found out something interesting today. (I feel like this is related to this thread) We went about an hour and a half away to look at props today. She had called the listing agents to get the lock box combinations and set up the viewings (most were vacant). Anyway, two of them had asked for my name. They said that even if the listing expired later and I ended up interested at any time, even if it is then listed with someone else, they would still get a cut since I looked at it with MY agent today. Does that make sense to you? Gail said that is NOT how they do it with the brokers in town (my regular area).
Anyway, I was just curious.

Rina

If an agent was responsible for introducing the property to a buyer, and they come back at a later date and buy the property, the agent who orriginally showed the property, is entitled to the commission. Also there is a period of time, usually around sixty days, (depending on how the listing contract was written) that allows the listing agent to collect the sellers commission if a buyer who visited the property while it was listed under that agent, comes back and buys the property after it is listed by another agent or cancelled. Most agents will not follow up to see if this happens, but it is legal.

I hope that makes sense, Al

I had found the properties myself online. Then I called Gail. Gail called and got the lockbox combos. We went to look at them by ourselves. I suppose the listing agent had to line up the viewings though? So, they would get the seller's agent cut no matter what, but just 'til 60 days after the listing expires? I mean I'm not worried about who gets what, that doesn't affect me at all.
Gail just said that the agents in town don't ask for the name of the person looking. Maybe they just go by the honor system.

Thanks Al.

Rina

my agent still get paid by the seller, her and the listing agent split half and their companies split half.

none of it affects the buyer at all, really. just their agent's commission (I'm a LITTLE partial to mine. Great ones are hard to find, I hear. )

It was the marketing of that listing agent that attracted you to the listing. They have a legitimate claim to the sellers commission even if they don't have the listing at the time of the sale.

Thanks for explaining, Al. The listing agent does already have all the work into it. Thanks for pointing that out.
I guess the agents do give credit here, too, now that I think about it. Maybe they just don't ask for an "official" list of names.

Rina

All of you that work with real estate agents I have a question...when you find a deal and bring your agent into the deal...do you use YOUR regular contract or does the real estate agent insist on using their official realtors contract?
How about when you assign that same contract to your end buyer...does the realtors you work with have a problem with the fact that you are assigning that contract?

I just use the DAR contract. It's not worth the hassle and resistance.

For legal reasons, I doubt you will find a Realtor who will use anything other than a form approved by the NAR (National Association Of Realtors). Let the Agent know that you intend to assign the contract before writing it.

Al

Mark...what is a DAR?

Al
I wonder if it is because legally (as a realtor) that a realtor cannot use any other contract other than the NAR? I know other contracts like the ones drawn up by our attorneys are totally legal. Always wondered why they don't just use the contract we already have.
Sissy

I am told that the lawyers hired by the NAR have determined that these contracts are less subject to lawsuits. I am instructed by my Broker to use only NAR approved forms.

Al

But how or what did you say to your realtor to first get started to work woth he or she? this is what I'm having problem with.You can't just call them up and say I'm looking to do some bird doging are you interested? Or can you? I sure could use so feed back on this to get over this hump.

I will talk to investors if they have a plan and understand what they are doing. You need to be able to explain what type of investments that you want to make, and how you intend to do it. If you are going to wholesale properties, explain to the Agent how this is done, and where the money is comming from. If the agent is confident that you know what you are doing, they will probably work with you.

Good Luck, Al