Updated almost 11 years ago on . Most recent reply
Agent's Role in a Private Sale
Hello BP,
I have my first deal under contract!
This is a great feeling, however something was keeping me up last night...
I have a buyer's agent, but my current deal is a private sale that I marketed for and found. The agent is a personal friend (I know, first mistake) and set me up with access to the MLS and showed me a property. I was simultaneously sending letters to owners of unlisted properties in order to find a deal, which he was aware of. When I did find a deal this way, he was disappointed , especially after having a couple other friends go to other agents in the last year or so. I told him that since it was my first purchase, I still wanted him on my team to help through the process and that I could still pay him his commission.
He provided me with a standard contract and set up an inspection. I've handled everything else. Now I'm having second thoughts about the value of this arrangement. We don't have any sort of written agreement and my mortgage broker says it's best to drop him altogether. I think he has done some work and deserves some compensation, but I don't think I could help but be bitter about handing over $3,600 for this service.
What additional help can he provide at this point? I'm inspecting the house on Wednesday.
What would be a fair price for something like this?