we don't like our buyer agent in virginia, but have an exclusive contract with him. He is all about money (a long story), but we did not tell him the reason why we stop looking with him. Will he know if we buy a house using someone else as an agent? If so, how would he find out?
2007-06-28 05:35:21 · 12 answers · asked by Ceci C 3 in Business & Finance ➔ Renting & Real Estate
Thanks for the fast responses. The agreement will expire in less than 2 weeks, but we really like this other house that just had dropped 15k and it's now within our price range.
FYI, he gave us back the earnest money check from a withdrawn contract after we told him we will rent and not buy anymore.
2007-06-28 05:54:07 · update #1
Bad news: the local real estate multiple listing service provides lists of closed deals to their members. Some local papers print a column titled something like "Recent Real Estate Transactions". Remember: real estate ownership changes are legally a matter of public record.
Good news: your contract probably has an expiration date. If you buy a house other than one that he showed you first, and it's after the expiration date, no worries.
Prior to the expiration date, you can try sending him a registered letter saying that he is in breach of the contract because he has not provided the level of professional services required by the contract, and because of this, you consider the contract terminated. This is a pretty vaque complait, so he will have trouble justifying himself. Remember that a contract has two sides, he can't require you to perform your obligations if he has not performed his. You can say that if he wants to contest this, you will go to the local Board of Realtors and ask for arbitration. How will this stand up? I don't know, but I'm betting that he will see that if he can't fight it without drawing a lot of bad publicity to a dissatisfied client.
Note to anyone else reading this: it makes sense for a listing agent to demand an exclusive contract because they are making in investment in advertising and promoting the property. Don't sign a contract with someone to get them to show you houses. Don't be afraid to deal with someone who is not officially a "buyer's agent". They aren't going to try to try to treat you unfairly, because if you're not happy and the deal falls through, they don't get paid.
2007-06-28 06:08:30 · answer #1 · answered by Ted 7 · 0⤊ 1⤋
My Best advice is to talk to the Broker of the company you signed the agreement with, that is who you are under contract with not the agent.
Explain to them how you feel about the Agent & explain the situation with the home you want to make an offer on. The Broker will be able to appoint you another Agent to assist you in the purchase.. that way you are not unrepresnted & you don't have to worry anything with the exclusive contract.
Likely the Broker will pay the orginal Agent a refferal fee for their time and effort so everyone is treated fairly. And you will be taken care of as well.
The truth is your Broker & Agent will likely find out that your purchase after the closing due to it being a matter of public record. It would be better to handle everything upfront!
Best of luck!
2007-06-28 09:17:17 · answer #2 · answered by Rosie 4 · 1⤊ 0⤋
I am the OP's cobuyer and I'm not so much concerned about whether or not the agent finds out, more whether or not he can try and take money from a new agent. Our "exclusive" agreement ends in a couple of weeks, and we've already made it known to the original agent that we're not interested in working with him further.
I did have an extended question about how to deal with complaints (officially) that he may be acting unethically. The reason we stopped working with him is that he bought a house "specifically with you in mind" he told us, and then tried to flip it to us. That wouldn't be a problem for me except that he bought the house for $100K less than he was trying to sell it to us for. So my question is whether we have sufficient grounds to make a formal complaint (I think we do since he was under contract to find us a house, not find one then buy it and try and sell it to us for a ridiculous markup) and if we do have justification, who we should make such a complaint with?
Thanks for all the great information you folks have provided so far.
2007-06-28 07:29:09 · answer #3 · answered by J P 4 · 0⤊ 0⤋
You have GOT to tell your new agent. The new agent could suffer raminfications for working with you such as pay a fine, lose their license, or get sued by the first agent. I know you don't like your first agent, but please take care of it before you push forward with the new one.
I tell my clients if they don't like me they can fire me at any time. If he doesn't let you out contact his broker and they will let you out. But, your new agent can not work with you until you are out of the first agreement.
Also, if the first agent showed you the house that you end up buying. He can claim "procurring cause" and get the commission for the house and your new agent will get nothing OR you'll have to pay the new agent (depending on what the agreement says and the laws in your state). So, just be up front with the new agent because you're stepping on egg shells right now.
2007-06-28 07:25:57 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Don't know what the law is in VA but here in CA an exclusive contract with an agent entitles him to a commision in the event you make a purchase with a different agent during the term of the contract. Transfer of title on real property is a matter of public record and your agent probably will find out. You should contact the Dept of Real Estate to find out exactly how you should proceed. Another point is, have you informed your new agent of your contract with the previous agent, this situation could potentially have legal ramifications. he/she should be able to advise you as well.
2007-06-28 05:49:58 · answer #5 · answered by Tom S 5 · 0⤊ 0⤋
My suggestion to you is to have a good talk with this agent, tell him that you are not satisfied with his services and ask him to approach his managing broker to appoint you another agent from the firm. Your buyer agency contract is actually with the agency brokerage, and not with the individual agent.
If this agent should discover that you are attempting to use an agent from another firm BEFORE you close, he can actually file what is called a lis pendens to halt the closing until he is paid according to contract. Not the smartest business practice, but I have seen it done more than once.
The brokerage firm will be interested in maintaining its position to collect a commission and may or may not release you from your contract. If it does, you are in the clear. If it does not, you are best off choosing another agent from within the same firm to complete your search for a property.
While I am not about to challenge Denise, since we are both agents, she should be aware that buyer agency laws vary from state to state, and not all states allow a unilateral termination of a buyer agency contract.
2007-06-28 05:55:36 · answer #6 · answered by acermill 7 · 0⤊ 0⤋
You can fire your agent at any time.
If your agent doesn't concure you can go to his Broker. This is the one red flag I have about using a Buyer Broker agreement. I am an agent in San Jose California, hope this helps .
Denise Stuart
Coldwell Banker
The Real Estate People
www.realeasy4u.com
2007-06-28 05:47:52 · answer #7 · answered by Denise S 2 · 0⤊ 0⤋
Find a buyers agent there. Only they would have access to the local mls. Where are you from and where is this property? Also are a buyer you dont pay the Realtor anything. The seller pays.
2016-05-21 23:18:22 · answer #8 · answered by Anonymous · 0⤊ 0⤋
In MLS, a service that brokers subscribe to, allows them to view all the listings and sales in their multiple listing area at a moments notice.
He may fine out, but is it legal or better yet are you still obligated to the bad broker through a contract that can cost you money?
2007-06-28 05:47:06 · answer #9 · answered by CW L 3 · 0⤊ 0⤋
He probably won't find out.
2007-06-28 05:42:33 · answer #10 · answered by Anonymous · 0⤊ 1⤋