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Another black mark for you spiny agents as far as I'm concerned.
We found ahome we like. It's a new home. I found the home, not the agent and basically worked up a deal with builder directly. Being the nice guy I am, I had our agent, who showed us homes about 8 homes a few days before, write up the offer. I felt loyal to her cause she had showed us those 8 homes the day before and seemed to be a sincere lady.
Anyhow, as we are writing up the offer, out comes a form, she slips it in there and states she needs me to sign to it, agreeing that she represents me as a buyer's agent. She describes it as a "normal and must be signed form" letting me know what she is and is not, as my agent. As I grab the paper and prepare to sign it, out comes the truth. It is an exclusive right to represent form, stating she gets her commission no matter what, if we buy a home anywhere in the area for the next 180 days! It's a contract, assuring she gets her 3% and for 6 months after that, should we buy a home she had previously shown us.
I was nice and polite, but confronted her about the "contract" and she said she "would not be able to write up an offer with us, if we did not agree to it."
Now under most normal circumstances I would be okay with something like this. But the agent does not update me on new listings, refused to show us more homes while the other home's offer was being looked over by the seller. I need something fast, and she has a ho-hum attitude about things.
Since the offer was all written up and ready to be faxed over, in the heat of the moment, I signed it. The seller has countered our offer and given us 3 days to respond. I asked our agent to please show us more homes during those three days, so we could get a better feel for what is out there and weigh our options. She is busy, she needs 2 days to set appointments, etc, etc.
In the meantime, my wife and I went out and looked at homes by ourselves! We looked at new homes, that certainly do not require an agent to write up an offer.
Is there any way we can get out of those terms? This agent is lazy and not doing her job. I am forced to find the home on our own and go back to her to draw up the offer. Rediculous!
The buyer's agent contract is standard and actually required if the agent is indeed going to represent you. If you don't sign it the agent will be representing the seller.
However, the terms are negotiable. The lenght of the contract can be from a day to whatever you want it to be. You can also make it specific to a particular house etc.
Since you are not happy with her, you should ask for it to be amended where it will apply only to those homes that she showed you and to the one that you signed a contract on with the builder. Any other home would not apply.
The buyer's agent contract is standard and actually required if the agent is indeed going to represent you. If you don't sign it the agent will be representing the seller....
I think that is state dependent. In AZ, the buyer is not required to sign an employment contract and the buyer agent's fiduciary duty is still with the buyer, not the seller. We do have clients sign an agency disclosure that clearly states who the agent is representing, but it's not a contract.
I think that is state dependent. In AZ, the buyer is not required to sign an employment contract and the buyer agent's fiduciary duty is still with the buyer, not the seller. We do have clients sign an agency disclosure that clearly states who the agent is representing, but it's not a contract.
We are the same out here. We are required to disclose agency as part of our offer, but a buyer agency agreement with terms is not required.
I think that is state dependent. In AZ, the buyer is not required to sign an employment contract and the buyer agent's fiduciary duty is still with the buyer, not the seller. We do have clients sign an agency disclosure that clearly states who the agent is representing, but it's not a contract.
You are correct, it is state specific. It is our case in Texas.
Quote:
Originally Posted by Silverfall
We are the same out here. We are required to disclose agency as part of our offer, but a buyer agency agreement with terms is not required.
We are required to disclose agency at the first face to face meeting not until an offer is written. We don't have to submit that with our offers.
There are still too many agents that don't have the buyer sign the buyer rep. agreement fearing rejection.
You can get her to send you a release form. If she refuses, tell her you will give her bad PR from here to the end of her career. That should make her comply.
The buyer's agent contract is standard and actually required if the agent is indeed going to represent you. If you don't sign it the agent will be representing the seller.
Naima
This is so NOT true! Texas has "implied representation" so you do not need the buyers rep signed.
You are correct, it is state specific. It is our case in Texas.
We are required to disclose agency at the first face to face meeting not until an offer is written. We don't have to submit that with our offers.
There are still too many agents that don't have the buyer sign the buyer rep. agreement fearing rejection.
Naima
We give clients the agency disclosure form at our first meeting, but it doesn't mean clients are agreeing to an agency relationship. The agreement for an agency relationship can occur with a buyer agency agreement (which is preferred) or at minimum it has to occur at the time of the offer.
Out here the client has to agree to a relationship otherwise there is none. You can agree verbally, but the attorney's prefer a written agreement. So out here, no agreement means no relationship, which means no fiduciary duties. Discussing agency at the first meeting doesn't constitute agreeing to an agency relationship per Oregon laws.
It's no wonder consumers are confused by things. Some states default to transaction brokerage, some states default to seller agency, and some states default to no agency...
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