Assignable Realtor Purchase and Sale Agreement

[Consuela Adams]

Advice please? So I found a off market lead and the seller only wants me to talk to his agent from now on and he also wants to only use a GAR (Realtor) contract, that his realtor will prepare. This is the purchase and sale agreement that agents use when the house is on the market. I've never used this purchase and sale agreement before, what can I have them add to the agreement to make sure my contract is assignable? He also wants the EMD to be 2,500🙄 and sent to the real estate attorney in 3 days😳. He did agree to close with my attorney of choice though. Should I even pursue this? 😒 who's paying the agent? will she get 6%? 🤔 what should I look out for on Realtor purchase and sale agreements?

Thanks for any advice

[Russell Brazil]

Originally posted by @Chad McMahan:

Consuela, I'm sensing some red flags, here.

I'm not concerned about the $2,500 earnest, or 3 days to turn it in (Although everything needs to be carefully examined before you send the money).

I AM greatly concerned about the micromanagement and being told you need to use the seller's agent, etc. Having someone who is only looking out for you, such as a seasoned local realtor- they can check to make sure everything is on the up and up, and you are protected. If you use the seller's agent, the seller will come first in negotiations.

I'm guessing the seller has negotiated with his agent to just pay 3%, and not paying an agent for you saves him 3%, but it's important to be represented by someone who knows the laws, can easily do property research and can help you negotiate as you go through the process.

And to clarify- ask the seller's agent about the commission. But, typically seller's pay all realtor commissions, and it comes out of the sale price at close of escrow.

Be careful, Consuela. If you proceed, make sure you are protected by someone with any bias toward the seller.

 Shes not trying to buy the property....shes trying to get it under contract and wholesale it. The red flags are not from the seller here...the seller and their agent clearly saw the red flags from the "buyer" and proceeded accordingly.