Do I need a Cancellation Agreement (clause, negotiating, new agent, commission)

[Brgrds24]

I could sure use some advice... I found a house and used a realtor to put in an offer. I signed all the agency paperwork etc but now 2 months later things are still hardly moving forward. My realtor is not following through and keeps asking me to raise my offer. Sometimes if feels as if he is working for the seller..
I think the house is over priced and a week or so ago I asked for the earnest $$ back from the offer and told him I was going to let it go. He returned the $$ but now is calling just to stay in touch. I would like to get rid of this guy and possibly find another who could help put the deal together. I'm willing to walk away from the house for a couple of months as I don't think it will sell at their asking price... In order to get released do I need a contract of some form signed by me or the agency? I'm afraid no one will want to work with me if they have to give him the commission. It feels like there are so many unwritten rules.
Any advice on how to terminate from this realtor so I can connect with another on this same property would really be appreciated.
Thank you
Brgrds24

[shellytc]

Brgrds, I am confused. You made an offer to purchase that was or was not presented to the seller? And did the seller respond at all? What in the world could have taken 2 months? were you negotiating? was your offer in writing and did you get a response in writing?

If I make an offer for a buyer and don't recieve a response (it has happened), we have a choice to present a new offer or to rescind our offer and try again. Was your offer a lowball that the seller didn't want to respond to? Was it a good offer?

I am just trying to understand the situation first, before trying to give any advice....

Shelly

[palmcoasting]

I'm assuming you signed a buyer's agreement with the agent and you want out of it. I don't use them so I'm not familiar on the ins and outs, but there are brokers and agents here who are. What state are you in and what does the agreement say? Is there a 'protection' period for the agent in it?

[Brgrds24]

Sorry for the confusion... I live in Kentucky

My realtor did present the orginal offer in the normal fashion. There was some back and forth but an agreement was not made. Over the past couple of months the sellers realtor has come back to ask if I'm still interested. I have asked my realtor to approach this in a few different ways as we are so far apart on price at this time but clearly they would like to sell and I would like to buy. The seller has already purchased a new home and has acknowledged that they will have furniture that won't be able to fit in the new home. I wanted to try and work out something that could include some of the furniture. I thought this could help us close the gap. He was less than receptive and spent at least 10 min. trying to talk me into a higher figure and to forget about the furniture. He said there couldn't be any discussions without a written offer. I just wanted him to run it all by the other side before investing so much time into figuring it out because they may not be open to this idea. I told him I seem to be putting all the effort into this and I thought if the seller was more invested in the process we may come to a workable arrangement. The home has been on the market for awhile and there are no others looking. He finally said ok but never followed up until I asked again what was going on since I'd heard nothing. He said they were receptive. However it was dropped there and I again had to chase him down to see if they were going to give a list or if I was to do something.. ok... this is it idea and it's happened more than once.

I am willing to walk away but I do think the seller will eventually lower their price and what I don't want is to find I'm still connected to this guy after 2 months or so if I decide to make an offer again.
I'm thinking that the realtor for the other side needs to know to stop calling this man as he will not be representing me.

Perhaps I am way off the mark here but I don't want to continue to work with this man and I don't want any problems in the future by having him reappear when I'm ready to buy something. If there is something I can do now to insure that the business relationship is concluded I would like to do so. I am not looking for problems only a professional way to end this relationship.
Or if I have to let this property go in order to disengage I'd like to know so I move on from it.
I REALLY APPRECIATE THE HELP... I just don't think it should be this hard.

Thank you very much
Brgrds24

[olecapt]

Write him a letter thanking him for his services and discontinuing the relatationship. Address it to the broker and the agent. Send it certified mail.

Be specific...I hereby end any Real Estate Agency arrangement with you.

Check and see if you have a Buyers Broker Agreement. If so it should have a termination clause or at least a time limit. Check for any holdover clause that says you owe a commission on a property shown or similar. If you got such a clause then you need a lawyer.

If there is no Buyer Broker Agreement you are done. Go find a new agent.

Originally Posted by Brgrds24

Sorry for the confusion... I live in Kentucky

My realtor did present the orginal offer in the normal fashion. There was some back and forth but an agreement was not made. Over the past couple of months the sellers realtor has come back to ask if I'm still interested. I have asked my realtor to approach this in a few different ways as we are so far apart on price at this time but clearly they would like to sell and I would like to buy. The seller has already purchased a new home and has acknowledged that they will have furniture that won't be able to fit in the new home. I wanted to try and work out something that could include some of the furniture. I thought this could help us close the gap. He was less than receptive and spent at least 10 min. trying to talk me into a higher figure and to forget about the furniture. He said there couldn't be any discussions without a written offer. I just wanted him to run it all by the other side before investing so much time into figuring it out because they may not be open to this idea. I told him I seem to be putting all the effort into this and I thought if the seller was more invested in the process we may come to a workable arrangement. The home has been on the market for awhile and there are no others looking. He finally said ok but never followed up until I asked again what was going on since I'd heard nothing. He said they were receptive. However it was dropped there and I again had to chase him down to see if they were going to give a list or if I was to do something.. ok... this is it idea and it's happened more than once.

I am willing to walk away but I do think the seller will eventually lower their price and what I don't want is to find I'm still connected to this guy after 2 months or so if I decide to make an offer again.
I'm thinking that the realtor for the other side needs to know to stop calling this man as he will not be representing me.

Perhaps I am way off the mark here but I don't want to continue to work with this man and I don't want any problems in the future by having him reappear when I'm ready to buy something. If there is something I can do now to insure that the business relationship is concluded I would like to do so. I am not looking for problems only a professional way to end this relationship.
Or if I have to let this property go in order to disengage I'd like to know so I move on from it.
I REALLY APPRECIATE THE HELP... I just don't think it should be this hard.

Thank you very much
Brgrds24

[Brgrds24]

Originally Posted by olecapt

Write him a letter thanking him for his services and discontinuing the relatationship. Address it to the broker and the agent. Send it certified mail.

Be specific...I hereby end any Real Estate Agency arrangement with you.

Check and see if you have a Buyers Broker Agreement. If so it should have a termination clause or at least a time limit. Check for any holdover clause that says you owe a commission on a property shown or similar. If you got such a clause then you need a lawyer.

If there is no Buyer Broker Agreement you are done. Go find a new agent.

Thank you. This is just the information I needed. I appreciate your help and will research my papers and get the letter out.
Brgrds24