Profile picture for Shenanigans612

Earnest Money - Crummy Realtor

My Realtor has been pretty awful. She claimed to be experienced and full-time, and it turns out she is not. During every step in the process she's asked me what she should do next. She's even asked me to check her work when she writes contracts to make sure she didn't mess anything up. Every time we've asked to see properties she makes me feel guilty for taking time away from her personal life and implies I am wasting her time. I ended up making a bid on a home I kind of new wasn't what I really wanted, but I just was tired of dealing with her. The home ended up falling through because of inspection issues (should have went with my gut..)..but now going forward I think I need a new Realtor. I'm still waiting for my deposit check, which should arrive in a few days as both parties signed the agreement to refund me a couple days ago.

I've been warned to not try to break up with this Realtor until after I get the check because she could pull something with my deposit? I don't know how valid that is. If everyone already signed, and I'm well within my contractual rights to get my deposit back. Another Realtor said it would be safer to wait to have my check, to avoid it mysteriously "disappearing" in the mail. 

Is that a valid concern? Does that actually happen? I'd rather request to terminate our buyer exclusivity agreement now rather than lead her on until my check gets here. I don't want to be a jerk, but on the other hand I don't want to see anymore properties with her either.
  • October 31 2013 - US
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Answers (7)

This is not a healthy, mutually-beneficial, professional relationship. When YOU start making bids on houses to make HER feel better . . . 

Enough. You know what to do, you don't need us to support you. What you do need - please, I mean no offense - you need to stay strong in your relationship WITH YOUR NEXT REALTOR®!

All the best,
  • October 31 2013
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Profile picture for Shenanigans612
Yes we signed a buyer exclusivity agreement. It ends in December. I'm hopeful she'll allow us to terminate it now. If not, well...I'll cross that bridge when I get there. I can wait out the contract if I had to, and really I'd choose not to buy a house if I had to work with her again. Her inexperience has been too stressful and put me at risk twice now.
  • October 31 2013
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Profile picture for Neeraj Jassal
Sorry to hear about your troubles.  It does sound like you have had poor representation.

Your real estate agent and her broker should not be able to hold your earnest deposit.  The earnest deposit is your equitable interest in the seller's property - and is held in agreement between you and the seller.  Your agent/broker should have no claim to it.

Did you sign any sort of buyer agency agreement?
  • October 31 2013
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Profile picture for goodmortgage
If both parties signed, you should be fine.  We are sorry you had such a bad experience with a Realtor.  Moving forward read reviews and ask for references.  Good luck!
  • October 31 2013
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Profile picture for craigfial
Sorry to hear your disappointment.  I always recommend people research the agent they plan to work with and read reviews.  Although good reviews don't always mean the agent will be a good fit for you, it will help weed out the newbies and part timers.
  • October 31 2013
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I don't know your market or the characters in it, but seems your check should be safely returned without problem.  I wouldn't worry about it. 
  • October 31 2013
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Earnest money is a serious issue and Realtors are not going to risk their license by doing something shady and getting reprimanded by the state real estate commission. Every agent in the office has a boss, they are called the broker or principal broker or broker in charge. Your concerns can be addressed to that person should your check not show up. They will take it seriously. As long as you have not signed anything saying you will work with the office she is in (those are with the office not the agent themselves) you are free to find another agent. If you did sign something obligating you to that office, which you might have when you made an offer, then you need to contact that broker and talk with them about your options.

Good luck on your quest.

tim
  • October 31 2013
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