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Answers (27)
Best Answer
Call Your Realtor's Broker first thing in the morning.
Forget the reading of the wording it's too late for that........that's why you have a Realtor, That is THIER JOB
Forget the reading of the wording it's too late for that........that's why you have a Realtor, That is THIER JOB
- Mike &Eve Alexander - Buyers Broker, "Orlando Buyer Broker"
- Contributions:173
Exclusive Buyer Agency is not a designation or a certification...it is a specialty for that realtor, no different than an attorney choosing to specializing in taxes. People with IRS problems seek a tax attorney.
Here are some facts that appear to be unknown:
Exclusive Buyers Agents choose not to list property (a lions share of income for most agent) and work in offices that do not list property because they do not wish to have a confict of interest. While I agee with SoCal that 1 year experience does not make a good agent, lousy agents do not last 6 months as an EBA..
The skill set needed to be successful without having listings is too demanding, the liability is too high (buyers sue 3x as often as a seller) and even the courts expect a higher level of competence from an EBA than a regular buyers agent who may occasionally represent a buyer, become a dual agent, transaction broker or be confused about whose side they are really on.
Studies have shown that a regular buyers agent may change hats as many as 5 times with the same buyer...in the same day.
EBA's tend to work with buyers that are seeking their services because they disliked their previous agent, or have educated themselves, or want better service, are picky, and maybe even demanding.
So yes, EBA's tend to be more educated because that is what is needed and expected of them... and that is also why less than .003% of all realtors survive that niche...the others flunk out.
Studies have also shown that the average EBA has been in in business for 13 years and typically inexperienced agents do not enter that field...just like new agents do not typically become commercial brokers until they get experience.
FACT: Exclusive Buyer Agency is the highest form of buyer representation. No conflict of interest, 100% loyalty, 100% Confidentiality, 100% Full Disclosure, Skill, care and dilligence...on every property, any day, There is no other form of buyer representation that comes close.
FACT: Exclusive Buyer Agents adhere to the National Association of Realtors Code of Ethics and most also adhere to the National Association of Exclusive Buyers Agents code of ethics which is more stringent.
Do some research...
Consumer Reports, Money Magazine, Broward Review, US News, Kipplinger's, OC Register, Sun-Sentinel, AARP, Mobility Magazine, Agency Law Quarterly.... just to name a few...all recommend that buyers find an "Exclusive Buyers Agent" for their home purchase.
HUD just came out with their new 2010 Consumer Handbook, page 6: Shopping for a house: and recommend "...consider hiring an "exclusive buyer's agent".
So thank you for letting me enlighted you,
Eve in Orlando
Here are some facts that appear to be unknown:
Exclusive Buyers Agents choose not to list property (a lions share of income for most agent) and work in offices that do not list property because they do not wish to have a confict of interest. While I agee with SoCal that 1 year experience does not make a good agent, lousy agents do not last 6 months as an EBA..
The skill set needed to be successful without having listings is too demanding, the liability is too high (buyers sue 3x as often as a seller) and even the courts expect a higher level of competence from an EBA than a regular buyers agent who may occasionally represent a buyer, become a dual agent, transaction broker or be confused about whose side they are really on.
Studies have shown that a regular buyers agent may change hats as many as 5 times with the same buyer...in the same day.
EBA's tend to work with buyers that are seeking their services because they disliked their previous agent, or have educated themselves, or want better service, are picky, and maybe even demanding.
So yes, EBA's tend to be more educated because that is what is needed and expected of them... and that is also why less than .003% of all realtors survive that niche...the others flunk out.
Studies have also shown that the average EBA has been in in business for 13 years and typically inexperienced agents do not enter that field...just like new agents do not typically become commercial brokers until they get experience.
FACT: Exclusive Buyer Agency is the highest form of buyer representation. No conflict of interest, 100% loyalty, 100% Confidentiality, 100% Full Disclosure, Skill, care and dilligence...on every property, any day, There is no other form of buyer representation that comes close.
FACT: Exclusive Buyer Agents adhere to the National Association of Realtors Code of Ethics and most also adhere to the National Association of Exclusive Buyers Agents code of ethics which is more stringent.
Do some research...
Consumer Reports, Money Magazine, Broward Review, US News, Kipplinger's, OC Register, Sun-Sentinel, AARP, Mobility Magazine, Agency Law Quarterly.... just to name a few...all recommend that buyers find an "Exclusive Buyers Agent" for their home purchase.
HUD just came out with their new 2010 Consumer Handbook, page 6: Shopping for a house: and recommend "...consider hiring an "exclusive buyer's agent".
So thank you for letting me enlighted you,
Eve in Orlando
- SoCal_Engr
- Contributions:5668
Re "experience"...
Do not confuse 20 years of experience with 1 year of experience repeated 20 times over.
Do not confuse 20 years of experience with 1 year of experience repeated 20 times over.
- hpvanc
- Contributions:2579
Not to belittle the OP, but I believe that competent and ethical would be a choice of words versus experience. Experience, nor designations guaranty either competence or ethics.
An inexperience agent can have a support system to cover what they lack in experience, but there is nothing that can be done about an incompetent or unethical agent short of drumming them out of the business. Unfortunately even if there is a specific code of ethics for this designation it's not worth the paper it's printed on unless there is enforcement.
An inexperience agent can have a support system to cover what they lack in experience, but there is nothing that can be done about an incompetent or unethical agent short of drumming them out of the business. Unfortunately even if there is a specific code of ethics for this designation it's not worth the paper it's printed on unless there is enforcement.
- Cindy LaPeer ABR, e-PRO,SFR, Cdrs, "Houston Metro Pro"
- Contributions:2239
The op said experienced not exclusive. There is a huge difference often times. Rather than look at the letters behind a Realtor's name, ask them about their experience with buyers. How many deals have they done in a certain amount of time? What references can they provide for you??
I am by no means saying that these designations are not helpful, but they don't determine how well the agent will do. While some agents are in the classroom collecting initials, others are working at getting experience.
I am by no means saying that these designations are not helpful, but they don't determine how well the agent will do. While some agents are in the classroom collecting initials, others are working at getting experience.
- Mike &Eve Alexander - Buyers Broker, "Orlando Buyer Broker"
- Contributions:173
Here is a consumer video that may be helpful for homebuyers to understand their choices.
http://www.youtube.com/watch?v=SNXtqM7TQZM
Eve in Orlando
- Mike &Eve Alexander - Buyers Broker, "Orlando Buyer Broker"
- Contributions:173
So Cal you are correct: what this buyer went through should have never happened.
Erika is correct to recommend an EBA next time...please read the buyers comment: "things that could have save me time, money and headaches are a more experienced buyers agent"
The buyers best chance for "experienced" buyers agent is an EBA and that is the ONLY Buyer relationship that gives 100% fiduciiary duties of loyal,confidentiality,skill care and dilligence etc...
and that is their best chance at this never happening again.
Eve in Orlando
Erika is correct to recommend an EBA next time...please read the buyers comment: "things that could have save me time, money and headaches are a more experienced buyers agent"
The buyers best chance for "experienced" buyers agent is an EBA and that is the ONLY Buyer relationship that gives 100% fiduciiary duties of loyal,confidentiality,skill care and dilligence etc...
and that is their best chance at this never happening again.
Eve in Orlando
- SoCal_Engr
- Contributions:5668
@ Erika...
That post is pathetic. The issues this buyer went through should never have happened - at all.
Note that there was no inspection contingency in the offer - that is entirely unacceptable if a REA (at any experience level) was involved in drafting the offer. Had that been included, the OP could have walked immediately after finding the issues.
An EBA is just-another-flavor, no guarantee of performance is attached.
That post is pathetic. The issues this buyer went through should never have happened - at all.
Note that there was no inspection contingency in the offer - that is entirely unacceptable if a REA (at any experience level) was involved in drafting the offer. Had that been included, the OP could have walked immediately after finding the issues.
An EBA is just-another-flavor, no guarantee of performance is attached.
- Erika Phelan- Buyers Agent, "Orlando Buyers Agent"
- Contributions:103
Your agent sounded helpless or like they were not really representing you.
I would recommend that next time you get an "Exclusive Buyers Agent" that specializes in only representing buyers.
For more information go to the consumer website www.NAEBA.org.
Erika in Orlando
- jmo1245
- Contributions:7
Folks, here is the outcome to my first and hopefully ONLY bad home buying experience. The reason I have waited so long to post how everything unfolded was that I had to appear in court. I was being threatened with civil action and being forced to buy the home under specific performance. I did appear in court for alleged damages. Items that helped me win the case were the home inspection, my lender canceled my home loan due to the home inspection, and I hired a lawyer. And yes, he was a real estate lawyer.
Things that could have save me time, money, and headaches are a more experience buyer's agent, ensure the contract stated contract is contingent upon a satisfactory home inspection and buyer's approval. Also, clearly define the monetary limits you are willing to pay and acceptable contractors to do repairs. In my opinion, it was the seller's realtor that caused our appearance in court. I believe she practically dared the sellers to take us to court with the expectation of collecting alleged damages. Also, I believe she suggested to the sellers to send a letter to my chain of command for not executing the contract. That was interesting, upsetting and glad it did not happen.
She claimed to have worked for a lawyer and was certain we would have to pay damages for walking away from the contract. The judge ruled in our favor and stated our home inspection was valid and justified not buying the home. Also, losing our funding due to the home inspection was very important in our case. Fourteen days later, I received my earnest money. If you are in the market to buy a home, talk to your agent, and directly ask the impolite questions. If the home has issues ask how they are going to help you. If the agent does not provide specifics or contract stipulations to help you, then, you are probably better off finding a new agent.
Jmo.
- jmo1245
- Contributions:7
Folks, here is the outcome to my first and hopefully ONLY bad home buying experience. The reason I have waited so long to post how everything unfolded was that I had to appear in court. I was being threatened with civil action and being forced to buy the home under specific performance. I did appear in court for alleged damages. Items that helped me win the case were the home inspection, my lender canceled my home loan due to the home inspection, and I hired a lawyer. And yes, he was a real estate lawyer.
Things that could have save me time, money, and headaches are a more experience buyer's agent, ensure the contract stated contract is contingent upon a satisfactory home inspection and buyer's approval. Also, clearly define the monetary limits you are willing to pay and acceptable contractors to do repairs. In my opinion, it was the seller's realtor that caused our appearance in court. I believe she practically dared the sellers to take us to court with the expectation of collecting alleged damages. Also, I believe she suggested to the sellers to send a letter to my chain of command for not executing the contract. That was interesting, upsetting and glad it did not happen.
She claimed to have worked for a lawyer and was certain we would have to pay damages for walking away from the contract. The judge ruled in our favor and stated our home inspection was valid and justified not buying the home. Also, losing our funding due to the home inspection was very important in our case. Fourteen days later, I received my earnest money. If you are in the market to buy a home, talk to your agent, and directly ask the impolite questions. If the home has issues ask how they are going to help you. If the agent does not provide specifics or contract stipulations to help you, then, you are probably better off finding a new agent.
Jmo.
- Nic Petrossi, "npetrossi"
- Contributions:163
It's tough (at least in California) for a seller to be ok with a home inspection BEFORE you put in an offer...and many of these postings are correct in that there are several ways to get out of a contract. I've even heard of agents saying their buyer couldn't get the loan so they could get out. So, hopefully you'll be able to move on...why would someone want to twist your arm to buy a home you don't want???
- harryhappy
- Contributions:55
This is exactly why I would prefer to have a house inspected, at my expense and with the agreement from the seller of course, BEFORE I submit a contract. The seller has all the information and I would want to know as much as possible about the place to help me determine the amount of the offer. But, this isn't the way it's done, is it?
- Alex Cortez, "MauiRealEstateSearch"
- Contributions:114
Jmo, if your agent wrote the contract correctly, you should have every right to walk away from the contract due to the contingencies of the home inspection. I hope this works out for you and please post updates as events unfold.
- SoCal_Engr
- Contributions:5668
Curious...what was the outcome?
- Mike Parks, "jxofaltrds"
- Contributions:6
One phone call from your attorney will take care of this matter.
Get a new Realtor.
- Cindy LaPeer ABR, e-PRO,SFR, Cdrs, "Houston Metro Pro"
- Contributions:2239
Along with contacting your Realtor, his/her broker and a RE attorney, I would further recommend getting everything writing. Emails with the agents and their brokers will at least provide some evidence if you need it. Otherwise it is your word against theirs.
- jmo1245
- Contributions:7
It is amazing the variety of opinions and advice given. Sadly, some advice and comments could be interpreted as demeaning in nature along with know it all tendencies of a profession. Nonetheless, I do appreciate the feedback, and can tell there is real substance in the comments posted - regardless of perceived impoliteness. I will advise on the outcome. Hopefully, everything turns out on the positive side and will soon find myself looking for another home. Thanks
Ofe,
this is not the best time for what you percieve to be clever one liners, (pediatrician/brain sergery?) Please, give valid comments and dispense whth your old school idiocy.
This is a situation that all realtors dread, the fact is that this person is being railroaded, should concern all of us. It is what give you and me a bad name in this business.
do really think this person is going to a lawyer that is not a real estate professional?
BTW Ofe: are you serious Buyer/broker agreement? This person is already IN CONTRACT! can't you read?
this person must contact the realtor's boss/broker/legal representation
period, end of story
this is not the best time for what you percieve to be clever one liners, (pediatrician/brain sergery?) Please, give valid comments and dispense whth your old school idiocy.
This is a situation that all realtors dread, the fact is that this person is being railroaded, should concern all of us. It is what give you and me a bad name in this business.
do really think this person is going to a lawyer that is not a real estate professional?
BTW Ofe: are you serious Buyer/broker agreement? This person is already IN CONTRACT! can't you read?
this person must contact the realtor's boss/broker/legal representation
period, end of story
- falsedawn
- Contributions:98
You are missing the point - if you signed a purchase agreement, then you are legally obligated to go through with it UNLESS you can prove that your inspection contingency provides a way to nullify the contract (and you are within the time allowed for doing so).
So, at the risk of laboring a point, what exactly did the inspection reveal apart from (possibly cosmetic) issues, and what exactly does your purchase agreement say?
If you signed a purchase agreement without fully understanding its ramifications, then you have been a little foolish.
So, at the risk of laboring a point, what exactly did the inspection reveal apart from (possibly cosmetic) issues, and what exactly does your purchase agreement say?
If you signed a purchase agreement without fully understanding its ramifications, then you have been a little foolish.
- jmo1245
- Contributions:7
Ofe,
I am working with a buyer's agent and will meet with a real attorney. Also, I will follow Phyllis advice and contact the Realtor first thing in the morning.
Unfortunately, I'm a first time buyer and encountered this issue as my first real estate experience.
I am working with a buyer's agent and will meet with a real attorney. Also, I will follow Phyllis advice and contact the Realtor first thing in the morning.
Unfortunately, I'm a first time buyer and encountered this issue as my first real estate experience.
- Ofe Polack, "Ofe Polack"
- Contributions:1418
You do not say anywhere in your message if you are working with a buyer agent, responding to Phylis, you say that your "agent" is seating on the sidelines. Did you sign a buyer agency agreement? Without reading your contract and the home inspection report, it is difficult to give you an opinion. You are doing the right thing by meeting with an attorney, I hope it is a real estate attorney, for your own sake. You would not go to a pediatrician to have brain surgery, and it is the same with attorneys, go to the right one. It would be of interest to all of us what the attorney has to say, so kindly post a message with his recommendation.
- Tiffany Bond, "TiffanyBond"
- Contributions:3010
Read the wording of your contract. Make sure waiting until Friday and the delays have not placed you past the date of your contingency waiver.
I would suggest that you contact your agent's Broker 1st thing in the morning.
You must have someone on your side right to fight for you, no joke, get your agents broker's phone # and get them on on board with some help
You must have someone on your side right to fight for you, no joke, get your agents broker's phone # and get them on on board with some help
- jmo1245
- Contributions:7
Phyllis,
Interesting enough, it seems my agent is sitting on the sidelines..
Interesting enough, it seems my agent is sitting on the sidelines..
If you have an inspection contigency in place, you should be able to walk. This sounds awfully suspicious. Your agent should be fighting for you right now.
- falsedawn
- Contributions:98
Depends entirely on the precise wording of your inspection contingency. Usually they are worded to the effect of being able to walk away if "significant" issues are found that require more than "X" amount to fix. They generally don't allow you to walk away because of vague things like "damp patches" or "cracks".
Did the inspector deem it a real problem, and if so, did he give you a quote to fix it?
Did the inspector deem it a real problem, and if so, did he give you a quote to fix it?
home inspection issues, can I walk away from buying the home?
After negotiating a price on a home, we proceeded with a home inspection. I personally followed the inspector throughout the home and personally witnessed the issues found. We found cracks on the walls of the basement that had water stains dried to them. We also found damped areas in the bottom portions of the walls. In all fairness, I did not find any standing water, but the findings concerned me. For that reason, I decided to walk away from buying the home. However, the seller's real estate agent countered my decision and said that was not a reason to terminate the contract. Instead, without my direction and approval, decided to hire or had the owners of the home hire a structural engineer to rebuttal the findings. Their inspection was done in the morning around 9am, were the temperatures in Ohio were still below freezing. To make a long story short, the real estate agent is unwilling to provide the release document for us to continue our search for another home. Can she do that? And now, according to the seller's real estate agent, the home owners are threatening with civil action for breach of contract. I have an appointment with my lawyer on Friday, but I was hoping to get some feedback from anyone that has faced the same issue.
Still looking for his first home in Ohio.
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