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Can I fire my buyer's agent while I'm under contract on a home. We signed a form that said he has the 'exclusive right to represent us for this property' only and it expired 3/1.
You can fire him, but he'll still likely get paid due to procurring cause. (He found you the house and got you under contract for it and did the work thusfar.) So if you fire him and want to get a new buyer's agent to do the REST of the work on getting the contract to closing, you'll want to make very sure to tell the new agent you're asking to represent you about the previous agent so that they can make an informed decision on whether or not to risk not getting paid.
Yes you can but his name is probably on the contract where you fill in the agents name and disclose the commission. He does not have to represent you but he will be paid.
Commission and representation are 2 separate issues. One does not have to have one to have the other.
Yes you can but his name is probably on the contract where you fill in the agents name and disclose the commission. He does not have to represent you but he will be paid.
Commission and representation are 2 separate issues. One does not have to have one to have the other.
So I have that option to at least get some other representation? What happens to that person though, is there any way I can compensate them?
I really just need some guidance and I feel my agent is guiding us in the wrong direction. The only reason I feel he deserves a commission because he has assisted us in our home search for a couple years now, however this transaction, imo has been awful. I think the commission is blinding him rather than looking out for our best interests.
To answer Texas' post, I'd like to get rid of him because
a) When we made an offer on the house, he gave us comps and the comps showed an average price of 450K. The appraisal came 100,000 dollars less.
b) When the appraisal came low, he gave more bad comps to the appraiser to try to justify our purchase point. But those comps were houses that were 3000 square feet larger and/or on the golf course.
c) He didn't negotiate with the bank to reduce the price to appraisal price
d) He didn't allow us to ask for money for repairs, he blew me off when I asked about it
e) When the appraisal came low, he immediately said go to another lender rather than negotiating with the bank to come down on price.
f) He says nasty things about my lender although my lender is the only one who's honest to us and fighting for our favor
g) He pushed his in house lender on to us several times since July. This transaction, (when we put the offer in), he told his in house lender, our purchase price, downpayment amount, property address, and other types of personal info about us. He then forwarded us a GFE from this in house lender without our permission.
Gosh that's a long list... I have more, but I think that's most of it.
If you are under contract, haven't you agreed to all the terms between you and the seller ? Are there many things left for him to guide you through ?
You might talk to his broker and see if they will help you through this. His name is on the contract and will the one to be paid. You could elect to pay someone else for advice but the agents boss (broker) might be able to offer a solution.
Yes, you can pay another broker or an attorney for their advice.
I would call the managing broker of the firm and express some of these concerns and ask for a face to face with the BIC & the agent to resolve them to your satisfaction.
Comps are subjective, but I think you have several valid concerns.
A GFE from another mortgage company could be more helpful than hurtful.
If you are under contract, haven't you agreed to all the terms between you and the seller ? Are there many things left for him to guide you through ?
The problem is since the appraisal came low, it changes our monthly payment significantly. We planned on putting 20%, however if we meet the 20%, we'd have to put an additional 20K because the appraisal came low. We just can't do that. Or we have to pay PMI which shoots up the monthly payment, again not something we planned on.
The other issue is, the lender is requiring repairs and the bank wants us to pay for them which ups the purchase price even more. The problem with that is, there is wood rot around the windows, and if the bank repairs them, we have to pay again for the replacement of the windows once we move in. Because eventually we need to upgrade the wood windows to maintenance free vinyl windows.
And lastly, the other problem is, our lender isn't telling us exactly what repairs need to be done so we can even get to closing. When issues like this come up, shouldn't the lender or underwriter (or whoever) write a list of the repairs that we can give to the seller?
I am feeling really really stuck, because the lender won't tell me what repairs are needed and that can dramatically change the purchase price as well. The cost could be 10K or 2K. And because of this, I don't know how much our purchase price should be either.
The commission will be paid, etc. - I have to agree with the other posts.
However, if you don't want to work with that agent, go to his mgt. broker and ask for another agent to complete the transaction and rep. you.
Best wishes.
The problem is since the appraisal came low, it changes our monthly payment significantly. We planned on putting 20%, however if we meet the 20%, we'd have to put an additional 20K because the appraisal came low. We just can't do that. Or we have to pay PMI which shoots up the monthly payment, again not something we planned on.
The other issue is, the lender is requiring repairs and the bank wants us to pay for them which ups the purchase price even more. The problem with that is, there is wood rot around the windows, and if the bank repairs them, we have to pay again for the replacement of the windows once we move in. Because eventually we need to upgrade the wood windows to maintenance free vinyl windows....
So, are you still negotiating with the bank to drop the price, or is that not going to happen?
Be careful about putting money into repairs before closing. If you don't close, you'll be out the $. Is the bank saying that if you raise the purchase price for repairs, they'll have the work done?
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