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Tread carefully and don't accept the word of anyone when they say "we won't hold you to the contract." It may very well be true but better to have it in writing.
As for your particular situation, it could also be true. There may be nothing on the market at this time that fits with what you can afford, what you want to pay and the level of house you're looking for. There's always a house somewhere in every qualified buyer's acceptable range, be that $40k or $400K. It just might not be something they'd like.
Now might not be your time but it will come. I'm sure you'll find something that fits you.
What value is the contract if one can exit just by request...written or verbal? What value as an advocate does the realtor have if they tell you up front that they will "just cancel" upon request? Sounds like a useless exercise to me!
What value is the contract if one can exit just by request...written or verbal? What value as an advocate does the realtor have if they tell you up front that they will "just cancel" upon request? Sounds like a useless exercise to me!
My understanding of buyers agency agreement in my state (NC) is one which can be terminated by either party in writing. The contract does outlined the fiduciary relationships between the agent and the buyer for the duration of the contract. Without the contract, the agent is a subagent of the seller and would be obliged to reveal any information the buyer has provided that would increase the sellers position of negotiation.
My understanding of buyers agency agreement in my state (NC) is one which can be terminated by either party in writing. The contract does outlined the fiduciary relationships between the agent and the buyer for the duration of the contract. Without the contract, the agent is a subagent of the seller and would be obliged to reveal any information the buyer has provided that would increase the sellers position of negotiation.
Is that right? The default relationship of any agent without a signed buyer agency agreement is a subagent of the seller? wow! You guys must absolutely HATE that!
My understanding of buyers agency agreement in my state (NC) is one which can be terminated by either party in writing. The contract does outlined the fiduciary relationships between the agent and the buyer for the duration of the contract. Without the contract, the agent is a subagent of the seller and would be obliged to reveal any information the buyer has provided that would increase the sellers position of negotiation.
Here a simple Agency Disclosure form designates the relationship. Our company does not offer sub-agent status or compensation. Most listings in this area require that you represent the buyer if showing the home.
I have contacted another realtor since separating from my current realor and she tried to tell me in a very nice way that it would be just this side of impossible of finding something within my budget. So I am pretty much deflated and I really am not even excited anymore about the (slim) possiblity of buying a house. I know there are good realtors out there, I have heard good stories, but I just can't see to find one. :-/
This is your issue. Since you have a very low budget, it means a really low purchase price which means a low commission. Since you are starting your search 3 months prior to being able to close on a contract, agents are going to be protective of their time with you.
I think agents are probably concerned that you will take up too much time, and they won't get enough for it. My suggestion would be to start looking as you get closer to the end term of your lease.
Im just wondering where you are located. You should also ask yourself is my business worth as much as anyone else's (i.e are you a serious buyer). If you are, and you arnt leading your realtor on a wild goose chase, you should demand the best level of service. I believe you said you went to 7 realtors before this one, but are you actually interviewing them to make sure they are a good fit for you. All i can really say to you is that by the sounds of it you have been really unlucky. As a realtor, i would say to you, the way i look at clients it is not only about sourcing or selling a home, but about building relationships. If you are doing a good jub, regardless of the time frame, then that person is likely to be a client for life. Sadly, alot of realtors dont understand that and are only looking at the short term commission in the near and now.
Is that right? The default relationship of any agent without a signed buyer agency agreement is a subagent of the seller? wow! You guys must absolutely HATE that!
South Carolina is also a state where w/o a buyer agency the Realtor showing homes is a sub agent of the seller. In a nutshell, the showing agent represents the sellers best interest w/o buyer agency and can be legally liable for not protecting the sellers interest (i.e. discouraging buyer to not buy, discouraging a lower offer). Our local agency agreements are set up to both protect the agent and the buyer.
My understanding of buyers agency agreement in my state (NC) is one which can be terminated by either party in writing. The contract does outlined the fiduciary relationships between the agent and the buyer for the duration of the contract. Without the contract, the agent is a subagent of the seller and would be obliged to reveal any information the buyer has provided that would increase the sellers position of negotiation.
Quote:
Originally Posted by Bill Keegan
Is that right? The default relationship of any agent without a signed buyer agency agreement is a subagent of the seller? wow! You guys must absolutely HATE that!
I need to qualify my statement (my apologies for being unclear).
In NC, the agency relationship between buyer and buyer's agent is made by express contract or agreement. It may be oral, initially, but must be reduced to writing no later than the time an offer is extended.
In the absence of an agency agreement (whether oral or written), the real estate agent is a subagent of the seller and therefore, has fiduciary obligations to protect the sellers interests, including revealing details mentioned by the buyer (max $$, degree of motivation, etc.)
My understanding of buyers agency agreement in my state (NC) is one which can be terminated by either party in writing. The contract does outlined the fiduciary relationships between the agent and the buyer for the duration of the contract. Without the contract, the agent is a subagent of the seller and would be obliged to reveal any information the buyer has provided that would increase the sellers position of negotiation.
Quote:
Originally Posted by Bill Keegan
Is that right? The default relationship of any agent without a signed buyer agency agreement is a subagent of the seller? wow! You guys must absolutely HATE that!
jinxor is right.
Actually, Bill, since I haven't been licensed anywhere else, I accept that it is just how we do business.
No big deal, and the agent should be ethical enough to discuss agency very early in the relationship, "At first substantial contact," as required by law.
Thank you to all of you who offered advice. I was able to get out of the contract. I contacted a couple of other agents afterwards and they too didn't want to work with me because of my price point. I finally found a great lady whom jumped when I found a house I wanted to see in my price range. And because of her quickness to respond and generally wanting to do a good job for her client, I was able to get into my little dream house and I am scheduled to close early next month. I'm so excited (and nervous)!
Thanks again!
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