Hi, I'm trying to buy a restaurant right now. I already signed the purchase agreement. So far I don't have my own agent. The agent hired by the seller tells me what to do next. That is because this agent told me that since the purchase price of the restaurant is kind of low, I shouldn't hire my agent. Well she said so, so I didn't hire anyone, and I thought she is going to help me for every little thing as my agent as well because she is getting double commission. But she is not doing as well as i expected. When I ask help for something she simply tells me to figure out by myself. Also, i talked with restaurant owners about my situation, they all say I should have my agent. So I want to hire my own real estate agent But I don't know if I can do so now. I already signed the purchase agreement, and escrow is about to open. Is it too late to hire my own agent?? Someone help me!!!
2007-04-03 14:15:27 · 7 answers · asked by chocochoco0122 1 in Business & Finance ➔ Renting & Real Estate
If you signed an agreement that said she represents you or that you agree to not have representation throughout this process than you probably can't hire anyone. Take a copy of your agreement to a reputable real estate office like Long and Foster and read over it with some one. They will explain the representation options, or lack of options to you.
For future reference... the sellers agent is hired to do everything for the benefit of the seller. In fact helping you would put her in breach of her fiduciary responsibilities to her client. You got a bad deal in that area. Take your agreement and have it looked at as soon as possible....
Next time hire your own agent (a buyers agent) who's job it will be to protect you from exactly this kind of situation.
Good Luck
PS-- missmis is right look for the part of your agreement that talks about agency disclosure. You may have agreed to dual agency-- and call her broker...yes!
2007-04-03 14:23:45 · answer #1 · answered by luchadore 3 · 0⤊ 0⤋
Attend open houses. Also, pick up the local real estate books that they give out for free. Find a few houses you like and call the listing agent and ask to see the house. That will give you a chance to meet a few local agents and see if there is anyone you mesh well with. We used Remax with our last purchase/and sell. However, I would not base my decision on a specific company name....each realtor is different and unique. Try to stick with a company that has a more well known name (none of those discounted fees places or tiny companies) so you know you are getting the most accurate information possible. If possible, it would be nice if the agent was close to your age, so that they can relate to why you are looking for certain features or locations, and can better foresee other homes that may be perfect for you that maybe you are overlooking as being somewhat unfamiliar with the area. Good luck! Look at several houses before making any offers!
2016-03-29 00:16:15 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Hey come on.. there is no time limit on hiring an agent.. the other agent does not want you to hire someone because they don't want to share the commission... call someone in your area who calls themselves a buyers agent.. they will assist you and look out for your best interests.. a sellers agent cannot assist you.. it is a bit unethical if not a down right conflict of interests.. tell the seller that you will not put up the escrow money until you are positive about all the legal arraingments.. if it delays the closing then so be it.. STAND UP for yourself.. because no one will do it for you.. hire a buyers agent.. or consult with a realestate lawyer... I think once you inform the sellers agent of your intentions.. they will be a lot nicer.. there is an old saying " If we are going to argue, I am going to hold the money".. remenber, you hold the money and do not part with it until you get what you want.. You have the control of the money.. keep it.. MONEY TALKS... as long as you hold the money.. YOU are the BOSS..
2007-04-03 14:30:53 · answer #3 · answered by J. W. H 5 · 0⤊ 0⤋
In cases of dual agency the listing agent becomes your agent and the office broker becomes the sellers agent during any disputes. If you have not granted the listing agent the right to represent you as a dual agent you can get an agent of your choice to step in. I would recommend using an agent familiar with commercial real estate. For your loan you will need a business plan and other extra items that an average agent wont be of much help with. No agent that represents a party in a transaction should ever just tell a client to "figure it out for yourself" that statement alone is grounds for replacement of the agent. It is in the best interest of her and her clients that this deal closes. Leaving you hanging like that is counter-productive and affects all parties. The price has no bearing on your right to effective representation. Perhaps a legal attorney should become your "agent in fact".
2007-04-03 17:59:01 · answer #4 · answered by Kevin H 4 · 4⤊ 0⤋
Just an FYI, as a buyer, you NEVER pay anything to work with an agent. The seller pays your agent's commission. Since you are already into closing, you have already signed all the necessary paperwork and you should have signed an agency disclosure. The disclosure is your acknowledgement that the agent is acting on the seller's behalf as well as your behalf. If the selling agent DID NOT have you sign an agency disclosure, I would contact a real estate attorney in your area as well as the agent's broker.
2007-04-03 14:21:24 · answer #5 · answered by Anonymous · 1⤊ 0⤋
It will depend upon the laws in your state. If you're in Texas, here's what you've probably got: Yes, you can hire your own agent - you'll have to pay them out of your own pocket at this point in the transaction, but you can get representation for the rest of the deal.
It may be too late though, since the terms of the contract are already agreed to and signed - you are bound by the contract.
Wherever you are, you can always call an attorney. Then you can at least find out what options you haven't yet given up.
2007-04-03 18:02:46 · answer #6 · answered by teran_realtor 7 · 0⤊ 0⤋
Everyone else that has written is right. You should definitely have your own representation. Check your paperwork and see if there is any agency disclosure paperwork as most states require the agent to have you sign something like this. Have you put any money down yet? It may even be worth losing the deposit just to make sure you are adequately represented although it shouldn't have to come down to that. Your best bet is to talk to another local realtor or sit down with a real estate lawyer to find out what your options are. Let me know if you need the name of a good realtor as I have a pretty good referral network of realtors (I'm an agent myself). Good luck.
2007-04-03 15:06:05 · answer #7 · answered by Shannon Campbell 1 · 0⤊ 0⤋