We have recently moved, and before doing so we contacted a local real estate agent for help in finding a home. Once arriving, we gave the agent information about what we are looking for, but he has not been sending us any listings or taking us to view any houses. He also asked us to get prequalified through his lender (which we did) and send him a certified 1000 check to use as earnest money if we find a house we want to make an offer on (we have not sent the check!). The thing is, we have never even met this guy, much less viewed a house with him. Now, I am thinking we made a bad choice by signing the buyer's agreement. Is there anyway we can get out of it and find a better agent? Thanks!
2006-09-27 08:16:08 · 8 answers · asked by cutiemamaof3 2 in Business & Finance ➔ Renting & Real Estate
We did sign a 6 month agreement. Looking back on it, it was probably not a very smart thing to do.
2006-09-27 09:52:50 · update #1
The chances of him trying to hold you to the agreement are slim since he hasn't actually spent time with you. To cancel the contract contact him and tell him you want to be released from your contract with him. Both of you and his broker will sign a mutual release. Just like making a contract takes mutual consent so does rescinding a contract. If he refuses contact his broker and tell them the situation.
If that doesn't work it sounds to me like you have a case for abandonment assuming you have made an effort to contact him and he still isn't returning calls or emails. I assume this since you say he hasn't sent you any listings. However, if there has been no effort made by you then forget about abandonment. Emails get blocked all the time and he may be sending you homes to consider but they are being blocked or going to a spam folder. It will not get this far though. He will most likely release you from the agreement when you contact him.
As far as the earnest money is concerned. Never, ever give anyone any money without a contract. You do not need to put up earnest money until you make an offer on a home.
BTW Amanda, a lot of agents will not work with anyone without a contract either as a listing agent or a buyers agent.
2006-09-27 09:08:22 · answer #1 · answered by Karen R 3 · 1⤊ 0⤋
Once having signed a buyers agreement ,that agent acts on your behalf,but asking for a cheque for a deposit is not ethical since you have not selected a house in that city and he has no right to ask for a cheque.If you contact the real estate board in that area you can have the buyers agreement rescinded 99.9% of the time.Find an agent that you like and then sign a buyers agreement as then that agent will look after your rights and not the vendors.Dual agency allows the real estate agent to look after both parties but what he/she is really doing is looking after there own interest as the more you pay for the house the more they make.
2006-09-27 08:25:21 · answer #2 · answered by Anonymous · 0⤊ 1⤋
WOW, thank god you didn't send him the check!! HE sounds like a scammer. Generally an agent doesnt' ask you to sign that agreement unless you've worked with them for a little bit and they are now committing time to you. The earnest money is not needed until and IF You make an offer.
Read your agreement- generally there is a time frame attached to that. You can also send him a certified letter saying he has not upheld his end of the agreement-- showing you houses-- and that you are terminating the agreement.
2006-09-27 08:27:23 · answer #3 · answered by Anonymous · 0⤊ 1⤋
You dont mention how long the agreement was for. If you signed a long term agreement (which you should never do, in the future sign only a 48 hour agreement, if the agent wont agree, find another agent. In these days buyers are such rare commodities, agents will sign), then you have a problem. Tell him you are disappointed in his actions (or lack of action) to date, and would like out of your agreement. If he balks, tell him you would like to speak with his manager. If the manager balks, then ask the manager how you file a complaint with both the national office of the real estate company (against both the manager and the agent), with the local MLS office, and the state. Be pleasant when you ask. They will let you out of the agreement.
2006-09-27 08:24:16 · answer #4 · answered by Anonymous · 0⤊ 1⤋
Do you have a copy of the agreement? What does it say about canceling it. Just because your pre-qualified doesn't mean you have to have a loan through their lender. I'm concerned about the $1000.00 earnest money. I don't know why they would want that when you haven't even found a house. Sounds a little fishy to me. I think I'd take everything to a lawyer and get some advise.
I think you could probably get out of an agreement, if the Realtor is full filling his end of the bargain. Good Luck.
2006-09-27 08:23:47 · answer #5 · answered by Kathleen M 4 · 0⤊ 1⤋
You need to read the agreement. There is usually a method described to break it. If there isn't I would suggest contacting his broker and asking the broker to release you from the agreement based on non-performance of the agent.
2006-09-27 09:20:45 · answer #6 · answered by Jim R 5 · 0⤊ 1⤋
Yes. Just write the agent a letter terminating your agreement.
2006-09-27 08:24:55 · answer #7 · answered by cherox 3 · 0⤊ 1⤋
The best advice is to contact the broker (his boss) and tell the broker you want to cancel the contract because he hasn't helped you out and he had requested $1000 out of the blue and you can'ttrust him. They will usually oblige.
If you're in Southern California and need help, let me know.
Regards
2006-09-27 17:36:45 · answer #8 · answered by Anonymous · 0⤊ 0⤋