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You should have your own agent to represent you, it doesn't cost you anything and they will be your advocate. I was a buyer in a hot market last year if we didn't have an agent looking out for us we would have missed out on a great place.
I wouldn't imagine that many realtors would have knowledge of the multiple county area we are considering. So if I want to look at property 100 miles away, is a buyer's agent here going to help me with that?
I wouldn't imagine that many realtors would have knowledge of the multiple county area we are considering. So if I want to look at property 100 miles away, is a buyer's agent here going to help me with that?
You should find someone local to where you wish to buy.
In some areas it's customary (maybe even required) to do so, but I never submit earnest money deposits with an offer. Instead, I have a clause in the contract indicating that a deposit will be made immediately upon acceptance of the offer--usually to the title company that will be handling the closing.
If you know the area where you'd like to move, contact a Buyer's Agent to represent you. I don't recommend working with a Seller's agent, even--or especially--if they're working as a Dual Agent.
[quote=FalconheadWest;44719830]That's not fair. The contingency is YOUR option, not the agent. I tell my clients all the time that contingency offers are not as strong, but as their agent, I can't tell them not to put in a contingency if they have a house to sell before they can finance or pay cash for their new house. Your offer has to be full disclosure to the seller about what your situation is.
And, you never know when the seller will accept a contingency. It's not just about price, it's about all other terms within the offer. If there was another cash offer at the same price as yours, then they look at terms. If both were contingent, then they look at other terms within that are strong in one offer over another. Maybe you asked for 10 days for the option period and the other buyer offered 5. Maybe you offered a 45 day close and the other offered a 3 week close. Maybe the other buyer offered to pay the owner's title policy but you asked the seller to pay yours for you.
Stop beating up the agent and learn from your own mistakes within the offer you made and make it stronger next time.[/quote]
Aren't they paying the agent to guide them through this process?
Aren't they paying the agent to guide them through this process?
No, technically, the buyer is not paying the agent. But beyond that, yes, the agent is supposed to guide their clients, but we can only guide so far with the information provided. If a buyer says they want to make a cash offer, BUT that they won't actually have the cash until their house sells, the only way to protect the client is to put the offer with a contingency. The only way not to have the contingency is to already have the cash and be willing to close on the house even if the other house doesn't sell, or risk losing all the earnest money if the house doesn't sell because they won't have the cash.
For the agent to have written a contingency into their cash offer, that's protecting their client and guiding them. Not putting in the contingency would be leaving them out to dry, but also not disclosing the situation to the sellers properly because the sellers would go livid on them if they terminated because their buyers didn't close on the house allowing the cash to be available.
1- Did the agent do you wrong? I don't think so. Their was no benefit to them for you not getting the home. Now that agent doesn't get paid.
2-Was it normal? Yes, in a hot market multiple offers are common. Sounds like you're looking in a hot market.
3-Contingent on sale or contingent on closing? In my state they are 2 seperate contingincies. Con on sale no good, con on closing perfectly acceptable. The contingent on sale or closing is usually in place to protect your earnest money. Can you and would you buy if your home hasn't already closed?
4-Your closing has been "a piece of cake". They are all easy...until they aren't. Realtors get paid to deal with problems. Some transactions are smooth, some get challenging. If it gets challenging you'll want a good agent on your side.
.......an all cash offer contingent on the sale of our house at the end of July. ...... Without any earnest money check, would they ever have taken any offer we made seriously. ....
I don't usually give the earnest money at the time of offer. I've almost always given that at the point the offer is accepted. So, I don't think the earnest money was the issue here. The seller doesn't see the check, they just see the amount on the contract.
Personally, in a hot market, I would never accept your offer to purchase contingent upon your getting your own house sold. To me, your offer was not an all cash offer, because you don't have the cash. I'm not going to sit here hoping that your own buyer performs and that your sale doesn't fall through. I'm not taking my house off the market for a month, hoping that your house sells, unless you can prove that you will complete the sale regardless of whether or not your house actually closes escrow.
So, I suspect that is the issue that had the seller choosing an different buyer.
Now, is your gross generalization aimed at all real estate agents or just all Realtors?
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