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April 22 2012
We were looking at houses and signed an agreement with realtor and he helped us negotiate offers for a house in May . Sellers ended up not coming close enough to price we wanted so we didn't pursue.
Now 2013
Not currently talking to realtor as we haven't been searching since May. However, we recently ourselves viewed a few models in an area we like and have been looking into building. There is a lot a building company owns and we have met multiple times and are close to signing a construction agreement. It will be a turnkey house and we would expect to close in June.
Our agreement ran 1 year with the realtor so until April 22 2013.
From searching the web, it sounds like we can write a letter requesting release from contract. We will NOT be using a buyer agent for the new house build. The main reason is it's at the top of our budget and the builders brought the price from 309k to 300k as we told them we weren't working with a realtor.
I understand the price can change of the house, but we will not be doing major upgrades.
What I'm getting at, will a letter and confirmation of release be all we need? Is this unlikely to happen? We aren't going to another agent and we haven't had contact with realtor since May 2012. He never showed us this area, this builder, or suggested any of it. We can't really wait it out until the contract is up as we would be closing more towards oct/nov and that won't work as we plan on renting our current condo.
To be honest, as first time homebuyers, we didn't really fully know/understand all that goes into these agreements. Have learned a lot in the past year.
Thanks for the response Rakin. My question is more the legality issues with the agreement. It is a wb 36. Moreso I just want to make sure we aren't going be on the hook for owing someone down the road when they had nothing to do with it.
And yes, I know the builder technically would be paying them, but the house price would go up ~9-10k. We aren't ready go over 10k of the price we've been told.
Yes, I would send him an email that says you want to be released because you no longer desire his services. Most agents won't have a problem with this.
If he gives you a hard time you may need to elevate it to his broker / manager.
Out here that would qualify for abandonment and it wouldn't be an issue, but each state is different. I would just email them a signed letter agreeing to terminate the buyer agency agreement and ask them to sign it.
Never sign an agency agreement without an escape clause. It eliminates the need for these discussions.
Always ask to sign an agency agreement and tie down the agent as a fiduciary ASAP.
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