May 27 2008 by Ellen Roseman
In my latest class, Buying the Right House at the Right Price, I talked about how you can get better representation from real estate agents if you sign a contract to work with them exclusively for a specific period — say, two to to three months.
You can work with other realtors during that time. But the agent legally bound to represent you will earn a commission on any deals you make, even if not involved.
Some people in the class said they felt pressured to sign buyer’s agreements right away. Then I heard from someone who had agreed to sign an exclusive contract with a real estate agent that lasted for more than nine months.
This seemed to me an abuse of a system designed to improve life for home buyers. And in her case, there was an ethical issue about how the contract was prepared.
Here’s the story below. I’d like to hear what you think.