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Old 12-15-2011, 08:11 AM
 
30 posts, read 67,214 times
Reputation: 13

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I like to buy a new home.My buyer agent is not helping me negotiate the price.Is it ok to talk to both the seller agent and the buyer agent when deciding the closing costs.Who works more in favor of us,the buyers?
It's all very confusing as my agent doesnt do any part other than opening the homes i find for her online.Please help
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Old 12-15-2011, 08:19 AM
 
Location: Inman Park (Atlanta, GA)
21,870 posts, read 15,111,776 times
Reputation: 14328
1. The Selling or Listing Agent does not work for you or represent you.
2. Your Buyer's Agent is suppose to represent you - not only open up properties for you. What is s/he going for you?
3. Fire your Buyer's Agent and find a new one if s/he only wants to open properties for you.
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Old 12-15-2011, 08:23 AM
 
30 posts, read 67,214 times
Reputation: 13
Thanks!Will i face any problems if i ask my agent to quit working with us?I ask this because of the contract i signed for 1 year term to work with the same agent.can i take one more agent ?
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Old 12-15-2011, 08:28 AM
 
Location: Cumming, Georgia
810 posts, read 3,311,837 times
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Quote:
Originally Posted by prime View Post
Thanks!Will i face any problems if i ask my agent to quit working with us?I ask this because of the contract i signed for 1 year term to work with the same agent.can i take one more agent ?
Ask to be released from your agent. I did that and got the release...the next day I signed with the new agent.
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Old 12-15-2011, 08:42 AM
 
9,007 posts, read 14,093,725 times
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Fire your buyer's agent immediately.

You could be honest and explain to her that you require more help than it seems you have been getting.

I always think that gets awkward, so you could take the coward's way out and just tell the agent that you have decided not to buy after all and you are going to continue renting or stay in your current home. Then just go out and find a new agent.

The 1 year contract has no teeth. The only way the situation could get dicey is if you use another agent to purchase a home that the current agent has already shown you. I think that if you are already in price negotiations, the best thing to do is just stick it out and deal with your current agent on any homes you have already seen, but definitely do not use her to show you any additional properties if this deal falls through.

You can also read the contract. What is your particular complaint? Do you just feel like your agent is not properly coaching your on how to negotiate, or is she not relaying your offers to the selling agent in a reasonable amount of time? If it's the latter, you can probably get out of the contract easily because there is probably a clause in there that stipulates that your offers will get relayed in a reasonable amount of time. Even if there is no clause, you should be able to argue that fact.

In any case, here's the bottome line: if you cut the realtor out of the deal and proceed without her, her only recourse would be to sue you in court. She would only be able to sue you for the amount of commission she missed out on, 3% of the sale. Before she could do that, she would have to first know that you went through with the sale, which would be almost impossible for her to ever discover unless it is on a property that she has already shown you. Then, she would have to be willing to go through the time and expense of actually suing you, which probably would not be worth it unless you are purchasing an extremely expensive home and 3% of the sale is a lot of money. If she knows that you would be able to argue that she did not help you negotiate appropriately, it is extremely unlikely that she would bother suing you.

I'm not a lawyer, but this is my understanding of realtor/client agreements.

The seller's agent works for the seller, not you, so her motivation is going to be to get the highest price for the seller. Your buyer's agent's motivation is supposed to be to get the lowest price for you. In reality, both agents are motivated to make the sale happen however they have to because that's the only way they get paid. In this market, sellers generally pay closing costs for the sale, or at least contribute up to $5000 of the costs. Foreclosures and short sales get weirder on that and I don't think they will pay anything toward closing costs in most cases. Of course, the seller can negotiate anything they want to, but anybody who is playing games with the closing costs is not serious about selling.
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Old 12-15-2011, 01:24 PM
 
163 posts, read 307,559 times
Reputation: 181
Quote:
Originally Posted by prime View Post
I like to buy a new home.My buyer agent is not helping me negotiate the price.Is it ok to talk to both the seller agent and the buyer agent when deciding the closing costs.Who works more in favor of us,the buyers? It's all very confusing as my agent doesnt do any part other than opening the homes i find for her online.Please help
In this market there is absolutely no reason for you to tolerate an agent who will not aggressively negotiate on your behalf. This is largely the reason you would retain the services of a buyer agent in the first place. Sounds to me like you might have encountered an agent who wants to keep the commission as high as possible by keeping the purchase price up there.

In the end there are always reasons why a house might wind up selling for much less than the asking price such as issues emerging during the due diligence phase. However, any agent who wouldn't seek to negotiate on the purchase price from the outset is not acting in your best interests. We have long passed the days of bidding wars on properties so there is no good rationalization for not holding out for a better purchase price.
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