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- Linda Strasberg, "L Strasberg"
- Contributions:2314
Just out of curiosity why do you feel this way. Has the agent made offers for you that you didn't get because you refused to go higher? I had a client that was so pissed he didn't get the deal...we were given a chance to bid highest and best and he flat out indicated he didn't believe they had a better offer....say what? Believe it... there are better offers from folks willing to give the banks what they want. He admitted afterwards that he was mistaken and a stubborn old coot.
- girouard property RE
- Contributions:981
NV: You are truely a gentleman. By the time I have put a listing on the market, the $ spent is sometimes hard to believe. When representing a buyer who has specific needs it may take a year to find a place. what is the expense? Almost no one believes it.
Thank you
Thank you
Really all you can want from a deal is a win-win.
I got a great deal on a house I wanted and my REA was there for me. Sometimes I think about the amount of work he did for me and I speculate that since I did most of the leg work the guy made about $150/hr. What's wrong with that when attorneys are billing $250/hr?
Plus for him that pays for alot of dead time, overhead, deals that don't work out and time listening to fools like me on the phone.
And I figure that the things that went on behind the scenes, like conversations with the listing agent really made this deal happen.
OK so he makes $4,100.00. Would I rather have reduced the price $4,100.00? Sure! But the deal never would have happened.
No REA is ever gonna get rich on me so I appreciate him working with me.
I got a great deal on a house I wanted and my REA was there for me. Sometimes I think about the amount of work he did for me and I speculate that since I did most of the leg work the guy made about $150/hr. What's wrong with that when attorneys are billing $250/hr?
Plus for him that pays for alot of dead time, overhead, deals that don't work out and time listening to fools like me on the phone.
And I figure that the things that went on behind the scenes, like conversations with the listing agent really made this deal happen.
OK so he makes $4,100.00. Would I rather have reduced the price $4,100.00? Sure! But the deal never would have happened.
No REA is ever gonna get rich on me so I appreciate him working with me.
- girouard property RE
- Contributions:981
I would never have some one sign a buyer/broker agreement, because sometimes the buyer ends up being really obnoxious, and then I'm stuck with them.
- titan10
- Contributions:826
Absolutely. An EBA only benefits the agent and a good one would never ask for one.
Well said. If you were a good agent, you would be able to keep your clients, as they would recognise you as different than the others
Well said. If you were a good agent, you would be able to keep your clients, as they would recognise you as different than the others
- titan10
- Contributions:826
If you are really that angry about it, contact your licensing entity in your state and file a complaint. If they had you sign a form and told you it was something different than what it was, that is fraud, and the agent shouldn't have a license.
- Jennifer Marks, "RelocateWithJen"
- Contributions:100
Be Careful -- Every state has different forms and policies -- Some states do not have buyers agency -- all agents are supposed to work for the Seller -- Did this happen to you in NC? Here we do practice Buyers Agency!! If this all happened to you by an agent working in NC -- go over her head --she needs to get in trouble if she is not acting properly-- I am sorry you went thru all of this every agent is not this way.
- John (Jack) Herman, "Buyer Agent John"
- Contributions:54
A buyer agency agreement... a GOOD one...is a very good thing that a buyer DOES want to sign. A good agreement does more to obligate the agent than the buyer. They also empower the agent to give the buyer some opportunities not otherwise possible.
The thing is to know who you are dealing with.
I have people who come to me telling me that the would like to work with our firm...but that they tied up with another agent for a period of months. That is why I give the buyer the right to terminate our buyers agreement if they think there is a better one out there. However, I make it clear that I would never take them on as a client in the first place if I thought they were going to terminate prior to buying. Our buyers get a lot of effort from us...far more that the typical effort of showing a few house. We put in the serious effort to maximze the buyers opportunity and get them the best value too. You can't put that level of work in unless you trust the buyer will stick with you.
There are agents that show properties on a casual basis, and they are too often tempted to convince the buyer to buy the first house they smile at (beause they know they could loose the buyer at any time).
We don't want to work at cross purposes with our buyer clients. We work as a team with a single goal...to find the buyer the best house for them at the best possible price. They are happy, and we are paid.
John Herman TheBuyersRepresentative.com
Connecticut Exclusive Buyer Agents
The thing is to know who you are dealing with.
I have people who come to me telling me that the would like to work with our firm...but that they tied up with another agent for a period of months. That is why I give the buyer the right to terminate our buyers agreement if they think there is a better one out there. However, I make it clear that I would never take them on as a client in the first place if I thought they were going to terminate prior to buying. Our buyers get a lot of effort from us...far more that the typical effort of showing a few house. We put in the serious effort to maximze the buyers opportunity and get them the best value too. You can't put that level of work in unless you trust the buyer will stick with you.
There are agents that show properties on a casual basis, and they are too often tempted to convince the buyer to buy the first house they smile at (beause they know they could loose the buyer at any time).
We don't want to work at cross purposes with our buyer clients. We work as a team with a single goal...to find the buyer the best house for them at the best possible price. They are happy, and we are paid.
John Herman TheBuyersRepresentative.com
Connecticut Exclusive Buyer Agents
- Melissa Wilbanks, "mwilbanks"
- Contributions:225
Quick Story:
I have come across some very unsavory agents in this business and it gives us all a bad rap. One of my clients had signed an agreement with another agent before meeting me and it was an 'exclusive' agreement and also cost my client $1000 to "hire" this agent to be her "exclusive agent". After getting the $1000, that agent never showed my client a home and she waited out the 6 month agreement before contacting me to represent her. It was her first time to try to purchase a home and she did not know better. She cried when I took her out on our first viewing without asking her sign any documents. She couldn't believe she didn't have to PAY me to get in my car! I just told her like I tell everyone I work with: "I am going to take you to look at 6 homes on our first showing. We will see how we work together and if we would like to continue with this arrangement. If you decide I am the realtor for you, we will sign a NON-exclusive agreement that just states that we will continue to work together until we either 1. find a home or 2. one of us chooses to stop the relationship" With that said, I gave her a termination agreement to keep in her possession. We found a home 2 weeks later and she was closed within 30 days on her first home. This was 6 years ago and we are now looking to sell that one and find a larger one for her.
I have come across some very unsavory agents in this business and it gives us all a bad rap. One of my clients had signed an agreement with another agent before meeting me and it was an 'exclusive' agreement and also cost my client $1000 to "hire" this agent to be her "exclusive agent". After getting the $1000, that agent never showed my client a home and she waited out the 6 month agreement before contacting me to represent her. It was her first time to try to purchase a home and she did not know better. She cried when I took her out on our first viewing without asking her sign any documents. She couldn't believe she didn't have to PAY me to get in my car! I just told her like I tell everyone I work with: "I am going to take you to look at 6 homes on our first showing. We will see how we work together and if we would like to continue with this arrangement. If you decide I am the realtor for you, we will sign a NON-exclusive agreement that just states that we will continue to work together until we either 1. find a home or 2. one of us chooses to stop the relationship" With that said, I gave her a termination agreement to keep in her possession. We found a home 2 weeks later and she was closed within 30 days on her first home. This was 6 years ago and we are now looking to sell that one and find a larger one for her.
This is why the NC Real Estate Commission requires the form "Working with Real Estate Agents" to be give to all prospective customers -- at the first substantial contact. Any agent who you have NOT signed a Buyer Agency Agreement with -- works for the SELLER!
Since I am not licensed in NC and Nathan is I would defer to him on State law and what is required for Buyer's Agency.
I will say that in general I agree with Harrison and since most listings here on the Big Island exclude sub-agency (in practice)... For Hawaii you are not working with an Agent for the Seller just because you do not sign the Buyer's Representation Agreement.
Nathan,
That seems odd, I'm not doubting you, just asking... Can an Agent with no relationships Buyer or Seller insert himself into a transaction by just presenting a property to a Buyer? Meaning that if I present Property A which has a listing Agreement with Azrob to your client who has a Buyer's Representation Agreement with you, that I am automatically a sub-agent of Azrob's Seller should your client choose to move forward with purchase?
Since I am not licensed in NC and Nathan is I would defer to him on State law and what is required for Buyer's Agency.
I will say that in general I agree with Harrison and since most listings here on the Big Island exclude sub-agency (in practice)... For Hawaii you are not working with an Agent for the Seller just because you do not sign the Buyer's Representation Agreement.
Nathan,
That seems odd, I'm not doubting you, just asking... Can an Agent with no relationships Buyer or Seller insert himself into a transaction by just presenting a property to a Buyer? Meaning that if I present Property A which has a listing Agreement with Azrob to your client who has a Buyer's Representation Agreement with you, that I am automatically a sub-agent of Azrob's Seller should your client choose to move forward with purchase?
- Nathan Wolf, "natewolf"
- Contributions:1825
As a "good agent" I take exception to Harrison's advice about not signing a Buyer Agency Agreement. This is your only protection regarding confidentiality and fiduciary responsibilities from the Agent.
This is why the NC Real Estate Commission requires the form "Working with Real Estate Agents" to be give to all prospective customers -- at the first substantial contact. Any agent who you have NOT signed a Buyer Agency Agreement with -- works for the SELLER!
I do not show properties to Buyers without a signed Buyer Agency Agreement. The Buyer Agency Agreement can be specific to a particular property or timeframe if necessary. But showing and/or building rapport-- and I am working as the Seller's Agent??? This leads to Undisclosed Dual Agency and could be a huge legal liability. No thanks!
- FriendshipProperties
- Contributions:783
A formal termination agreement would secure any future disagreements, but itsnt really ness. unless you suspect the agent could be disgruntled or try to claim your new agents commission.
Absolutely. An EBA only benefits the agent and a good one would never ask for one.
I think the EBA works both ways. If I suspect that a potential customer is kind of playing the field (i.e. they will ask you to send them properties, but might have a couple other agents doing the same work) then I ask them to sign an EBA.
Sometimes you will find the argument that the Customer doesn't know you (the Agent) from Adam, so you can sometimes include a clause that protects you for "only the properties I show/send to you". That way the Agent doesn't get screwed for showing you properties and you don't get stuck should another Agent brings customer another property.
I find that this clause helps to solidify relationships, because trust is earned over time.
If the person will not sign an EBA even with a clause that protects Agent for properties he/she shows then you do not want to work with that customer anyway. Too much risk of actually working for person without any protection.
I think the EBA works both ways. If I suspect that a potential customer is kind of playing the field (i.e. they will ask you to send them properties, but might have a couple other agents doing the same work) then I ask them to sign an EBA.
Sometimes you will find the argument that the Customer doesn't know you (the Agent) from Adam, so you can sometimes include a clause that protects you for "only the properties I show/send to you". That way the Agent doesn't get screwed for showing you properties and you don't get stuck should another Agent brings customer another property.
I find that this clause helps to solidify relationships, because trust is earned over time.
If the person will not sign an EBA even with a clause that protects Agent for properties he/she shows then you do not want to work with that customer anyway. Too much risk of actually working for person without any protection.
- FriendshipProperties
- Contributions:783
The most important question is: Why do you want to terminate the agreement?
Sounds like you want to make an offer on a property they sent you in an email blast and try to 'save' on the commission. Just so you know, the listing agent will likely keep the full commission and will not net you or the seller more money. Plus is the agent is 1/2 way decent, they will negotiate a lower price and/or at least get your more money or repairs to the property after the inspection.
.. so .. why do you want to terminate the agreement? .. then I can give you a straight answer.
Sounds like you want to make an offer on a property they sent you in an email blast and try to 'save' on the commission. Just so you know, the listing agent will likely keep the full commission and will not net you or the seller more money. Plus is the agent is 1/2 way decent, they will negotiate a lower price and/or at least get your more money or repairs to the property after the inspection.
.. so .. why do you want to terminate the agreement? .. then I can give you a straight answer.
- datruth41
- Contributions:76
they wont release me from contract, and the broker stated by signing, i agreed to have that agent represent me on on properties she showed me...no sh%*...properties she showed me, does that include the blast mls email list she was sending or just the ones we physically looked at? if i ask for property at a certain price every agency has the same mls correct?
- Bette Defarm
- Contributions:4697
My advice is to NEVER sign an Buyer's Agent Agreement unless you are 100% certain that this is the person you want to work with.
Absolutely. An EBA only benefits the agent and a good one would never ask for one.
Absolutely. An EBA only benefits the agent and a good one would never ask for one.
- sunnyview
- Contributions:25115
I would send an email to terminate and ask what other documents she needs to do that. Email her broker and tell him/her in an email that you are not happy and want to terminate effective immediately along with a list is the property address that the agent sent you. Make it clear that if you buy one of the properties on that list that the commission would belong to the agent and the office as agreed. Explain that any other properties you buy in the future would require no commission going back to their office. Do not explain or take ANY calls from either the agent or broker. Tell them you will only deal by email to protect yourself from any misunderstandings. Terminate it today and expect to have the final cut from the agent made by Wednesday.
- datruth41
- Contributions:76
one final thought.....im already off her email listings and dont want to cause problems for her at work....isnt it solved by not purchasing any of the few houses she showed me?...didnt like any of them....
- Kathleen Wray MA, ePro, "realtorkathy"
- Contributions:130
I have never had a client sign an agreement such as that. You need to talk to the broker and get it terminated. You already have eliminated any trust between you and the agent with this issue, and trust is an integral part of the process. You are right to be suspicious and uncomfortable. Go with your "gut" and move on to a better, more trusting relationship.
Kathy
Temecula, Ca.
- Harrison Painter, "HarrisonPainter"
- Contributions:258
Attention Home Buyers:
My advice is to NEVER sign an Buyer's Agent Agreement unless you are 100% certain that this is the person you want to work with.
In my experience, many Agents us this tool as a lazy way out of building a good relationship, done so by trapping a client into working with a person that they do not even know is qualified yet.
Do not be pressured into signing these documents...........If the agent does not want to give you a couple of days to build some rapport, move along quickly. Trust me on this, there are plenty of good agents out there hungry for your business.
Only sign this agreement when you are comfortable, understand what you are signing, and working with a Realtor who will make things happen for you!
My advice is to NEVER sign an Buyer's Agent Agreement unless you are 100% certain that this is the person you want to work with.
In my experience, many Agents us this tool as a lazy way out of building a good relationship, done so by trapping a client into working with a person that they do not even know is qualified yet.
Do not be pressured into signing these documents...........If the agent does not want to give you a couple of days to build some rapport, move along quickly. Trust me on this, there are plenty of good agents out there hungry for your business.
Only sign this agreement when you are comfortable, understand what you are signing, and working with a Realtor who will make things happen for you!
- Debra Chiarello, "dchiarello"
- Contributions:83
I agree with Nathan, you should contact the Managing Broker and explain the situation if you cannot resolve it with the Realtor. In Texas, we have a promulgated form terminating Buyer Rep Agreements, which makes it very simple. However, keep in mind that any house you viewed with that Realtor is protected by the agreement that was in place at the time, for the number of days stipulated.
When I explain buyer representation to my clients, I tell them up front that they can terminate at any time if they are not happy with the service I offer, or even if we don't quite "hit it off." I also explain the entire Buyer Rep Agreement prior to having it signed.
By the way, regarding Realtors putting people in homes they could not afford; in Texas, our client's financial information is strictly confidential between the lender and the borrower. The lender is not permitted by law to disclose anything except at what price the client is approved to purchase a home! So if the lender told me my client could afford a home for $200,000 - and my client wanted homes in that price range - that's what we looked at. Please understand, I work with mortgage companies that I trust completely, and make it clear that I want my clients best interests protected. However, not all clients want to work with the mortgage companies that we Realtors recommend. My desire is to match my clients with a home they love, and that they can afford!
When I explain buyer representation to my clients, I tell them up front that they can terminate at any time if they are not happy with the service I offer, or even if we don't quite "hit it off." I also explain the entire Buyer Rep Agreement prior to having it signed.
By the way, regarding Realtors putting people in homes they could not afford; in Texas, our client's financial information is strictly confidential between the lender and the borrower. The lender is not permitted by law to disclose anything except at what price the client is approved to purchase a home! So if the lender told me my client could afford a home for $200,000 - and my client wanted homes in that price range - that's what we looked at. Please understand, I work with mortgage companies that I trust completely, and make it clear that I want my clients best interests protected. However, not all clients want to work with the mortgage companies that we Realtors recommend. My desire is to match my clients with a home they love, and that they can afford!
- datruth41
- Contributions:76
I DONT HAVE A PROB WITH USING AN AGENT..JUST WANT TO PART WAYS WITH THIS ONE FOR DECEPTIVE TACTICS IN HAVING ME SIGN THAT EXCLUSIVE AGREEMENT....THE WAY I UNDERSTAND IT AS LONG AS I DONT BUY A HOUSE SHE INTRODUCED THEN IM OKAY
- Nathan Wolf, "natewolf"
- Contributions:1825
If this just comes down to your not wanting to pay your Buyer's Agent a fee, whereby you purchase a property on your own without representation, and there is a Seller's Agent involved in the transaction, realize that a Selling/Listing Agent will likely be making a double-commission in that case since that is likely how their agency agreement is written.
So, you should get repesentation-- whether it is with your original agent-- or with another agent.
- Nathan Wolf, "natewolf"
- Contributions:1825
All of this is great advice, but I'm actually a licensed Broker in North Carolina. You most likely signed a standard Realtor Form which is from the North Carolina Association of Realtors. Assuming this to be the case, YOU also have certain obligations related to the contract. That includes YOUR helping your agent to do her job to help you find the properties you're searching for.
If you wanted that property excluded, you should have listed it as such prior to signing.
However, a phonecall to the Managing Broker (we call this the Broker in Charge or "BIC") should be your first step. If the BIC is unable to solve your problem, the contract states that you can choose to go to arbitration-- you can contact the local Realtor Association.
If you wanted that property excluded, you should have listed it as such prior to signing.
However, a phonecall to the Managing Broker (we call this the Broker in Charge or "BIC") should be your first step. If the BIC is unable to solve your problem, the contract states that you can choose to go to arbitration-- you can contact the local Realtor Association.
- Barbara Fierro, "barbarafierro"
- Contributions:25
Call agent's office and speak to the Broker in Charge or Office Manager. You can just tell them you don't want to work with agent abc, they can usually assign another agent (this may depend on state) since your agreement is actually with the office and not the 1 agent. If you just don't like the office just talk to them first. The contracts are usually easy to break assuming they haven't spent a fortune on you already.
- Laura Bock, "bockproperties"
- Contributions:150
Follow the provisions laid out in your agreement. If there is resistance, go to their broker.
Most brokers do not want any trouble, especially with the market the way it is and should be quick to assist you.
Good luck!
- sunnyview
- Contributions:25115
Read your agreement, follow the conditions/notices requires for termination and then you can terminate in writing.
- Georgia New Homes
- Contributions:68
The provisions in a signed buyer-brokerage agreement, if any, will address the termination process, if such is provided.
Termination does not always relieve one of his/her financial obligations pursuant to the agreement.
Termination does not always relieve one of his/her financial obligations pursuant to the agreement.
replacing an agent.......
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