Can we fire our realetor?

Question

We offered 440,000 for a house that listed at 450,000 they declined, so we offered 450,000 and their appraiser said 460,000
our appraiser said 455,000 we do not feel our realtor is working for us and knows we are not hip to these things. Can we fire her?

Answer 1

Hi,
Sure!
You can use any licensed Agent or Broker that you want.
This scenario sounds unusual. I am unaware of the practice of a Buyer having their appraiser and the Seller having another one.
Even though, if the appraiser says the house is worth more it does not change the agreement that you have with the Seller. Which should be a signed contract before an appraiser gets involved.
I would call the real estate company and ask to talk to the Managing Broker. Tell them you want to have an appointment in their office. Take all of your documents from the beginning of working with this agent.
Be nice about it but say to them you are feeling unrepresented.
This persons job is to satisfy you and get the deal done.
They will often just step in and take over the representing of you for no additional charge to anyone.
If you no longer want to see or talk to your old Agent they will arrange that smoothly for you.
To start over at this point with someone totally unrelated to the case will not serve your best interests.
Good luck.

Answer 2

While firing is always an option, check your agreement to be sure if you end up purchasing that house, that you won't owe commission.

That being said, how did you choose this realtor to represent you? Did you call the agent that was also representing the house that you were interested in? While not illegal, there are probably some conflicts there.

But take some respnosibility on yourself. Find an agent who listens to you and has enough experience to guide you through the transaction. If this is your first home purchase, tell them that and that you need your hand held throughout the transaction. There's nothing wrong with that. They will explain each part of the home buying process (and it is a process) that you will be going through.

I would also make sure that the agent is just going to represent you and not the seller. If you called the realtor who listed the property, their first allegiance is to the seller. And at the end of the day, the more they get from you, the higher their commission will be.

Set firm guidelines in your mind on how much you are willing to go to get the house you want. At the end of the day, for most it is an emotional investment. But keep in mind that it is also the largest investment you will probably make. So, make the numbers work for you as well.

Hope that helps.

Answer 3

I did not totally understand your question, but I'll try.

You can "fire" your agent if you choose. However, if you signed a "buyers representation agreement" and end up buying a house without them, they might come after you to pay them a commission. Read your agreement if you signed one.

I don't quite understand why you had an appraisal done if your offer was rejected. Two appraisers can come up with different numbers. $5,000 is not that far off. You (or your agent) would have to compare them side by side to see what the differences were.

Finally, the seller is under no obligation to accept your offer, even if you were to offer $20,000 over the asking price.

I would say that you need to decide what to do about your agent, then move on if you choose to. As close as the numbers, I don't know why a decent agent could not help you make the offer work.

Good luck

Answer 4

First of all the licensee is obligated to present all offers you instruct them to present even if it's for $1 Second the appraisers have only tendered an opinion of what the value of their home is to the seller, he or she could be wrong and the appraisers have nothing to do with the negotiations between the buyer and the seller they only indicate what their opinion on values for that particular property is, and based on other comparable sales in the immediate area. The licensee should have prepared a broker's price opinion to validate your offer at the price presented, this would show the seller why your offer is the price presented. You need to understand that even though the seller has a signed contract saying that they will sell their property for the terms shown on that listing they are not obligated to sell the property to anyone bringing them the exact terms and conditions stipulated in the listing agreement, they are however obligated to pay a commission in the event that a buyer does bring an offer meeting the exact terms shown on the listing agreement. Unfortunately, the broker that has presented the offer has become a procuring cause to the sale, if you are successful in acquiring the property with another broker, so there would be a problem between the brokers as to who is owed the buyer's broker's commission part.
It would be wiser to speak with the Qualifying Broker of the firm that the agent is licensed under and that is presenting the offer on your behalf. Ask that Broker what they suggest you do in this situation, ultimately speaking the Qualifying Broker is responsible for all acts of their agents.
Buena Suerte

Answer 5

Yes, clients can fire their agents. However, based on what you've outlined, something doesn't make sense:

1. When buying a home, the buyer doesn't get the house appraised until he has the house under contract with an agreed upon sales price between him and seller.

2. In residential real estate transactions, the seller does not get the property appraised. It's the buyer's lender who gets the property appraised. The appraisal is really for the benefit of the lender to make sure they do not overlend money on the property.

Explain for us - how you were able to get the home appraised without having it under contract??

Answer 6

You sure can. It does not sound like she is helping you at all. It does not matter what their appraiser says if it is listed for 450,000 then I do not understand why the other Realtor did not take the offer that is unethical. When a house is appraised then the seller and their Realtor sets a price and it goes on the market. After that what the appraiser says is just info but the price has already been set. I would defiantly fire her and find another one. Good Luck

Answer 7

How did you get an appraisal without a contract? Are you using the listing agent to represent you? Do you have a Buyer Agent agreement signed? How does an appraiser enter into price negotiations? If your agent is working with you as a Non-Agent then they have done their job. Some people are reluctant to sign full Buyer Agency Agreements and get stuck with limited service of non-ageny. Check with your agreement. Why are appraisals being done now before an agreement is signed?

Answer 8

If you haven't signed a buyer representation agreement you can. And if you don't, technically YOUR agent represents the seller and must share information with them (as per Law of Agency). That's why you always sign one. Something about all this doesn't make sense. If it was listed at $450k, it should have sold for that. The appraiser has nothing to do with the bargaining process. Go back to my sentence #2.

Answer 9

your in a tense situation..so don't bail yet..
the seller is holding out for money..which in an active market..is logical
the seller wants..the best price..and may have multiple offers.
you obviously love the house...........
yes they can go higher than the list price..
especially in a fast and active market..appraisals..in a fast rising market are valid for 30-60 days and a listing is..for ap. 60 days....
so all of these may be invalid./voidable by the seller........(the listing near the end/appraisal near the end.).
so the exisiting contracts..may be voidable for inaccuracy..by the seller ; and they want more money based on the new appraisal of $460K (this is the number that the sellers bank will lend ).
so what do you want to pay..for this home..
and both appraisals can be sent back (sellers and buyers) and some number like $457 k comes back..
so do you love the house???
what will you pay???
obviously the house is appraising high and will be worth more next year...
it is your choice..what will you pay..

Answer 10

If you have a contract, you'll need to read that contract.

It's not up to your agent to determine the sales price. If you made a full price offer (at least in the US) the seller is legally bound to sell you the property.

Appraisers do not get involved in the bargaining process, they are independent businesses that evaluate the value of property.

If you're not "hip to these things", get yourself a lawyer to represent you and explain things to you.