Foreclosure in Tooele>Question Details

Housewife, Home Buyer in Tooele, UT

not happy with my realtor, what to do?

Asked by Housewife, Tooele, UT Thu Jun 30, 2011

I think our realtor is not in it to help us but for the money. When we first met him we place an offer in a house that was $150 over our monthly budget...he was trying to convince us that it was not much of a difference, the was upset when we walk out on it. then we found a foreclosure we wanted to offer less than the asking price and he said it was not a good idea since they where already paying for closing cost. So far its been 32 since we went under contract with this house there is an issue that the seller bank has to fix and as of now we do not know if they will fix it or not we can't get an straight answer from our realtor he said the selling agent is mad because we want to find out.

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Let your agent know that you don't feel like they are representing you and tell them what it would take to remedy the situation. If they are not willing to do what it takes ask them to release you from your contract. They may charge you a cancellation fee, but most Realtor's work hard to protect their reputation and most likely it is just a communication error. If you already have a house under contract then it will be difficult to change representation, but letting them know what you want and expect should remedy the situation. We really appreciate honesty from our clients. Good Luck to you.
1 vote Thank Flag Link Sun Jun 3, 2012
This market is very tough and I can tell you I work with a lot buyers to purchase foreclosures and short sales. There are many things that happen and each transaction is different. You have been informed that there is problem and they are trying to resolve it. The listing agent might get frustrated if your Realtor keeps calling him. You have choice....wait on the title company to clear it up so you can have clean title or ask to be released so you find something else. Ask your Realtor to get answers from the title company directly. Hire a lawyer.

I recently had a cash transaction which was to close in two weeks and it took three months instead. There was a title issue and it took them that long to get what they needed so we could close. The buyers wanted the home. I followed up every two weeks and informed them where the file stood and we waited. It was very frustrating for the buyers as they wanted to move and make their plans. There was nothing anyone could do to move it along faster.
0 votes Thank Flag Link Fri Jul 1, 2011
If you aren't confidant that your Realtor isn't working with your interests in mind, then you should have a frank discussion with them about this and tell them so. You may also want to request that their Broker in Charge be present during the conversation (Unless they are the Broker in Charge).

There's always two sides to every story and I don't feel I have enough information to comment one way or another, but I would suggest telling them very plainly how you feel and tell them you expect them as your Buyer broker to honor the fiduciary responsibility they have to you and to stop worrying about the Seller's agent or the Seller.

I will agree with Nathan Wolf, that buying foreclosures is inherently more risky than most Buyers understand. In fact I tell all my buyers that having worked both sides of the foreclosure real estate market for 20 plus years that it's my opinion that only 1 in 10 deals is actually a bargain. 6-7 out of 10 are basically fair deals at best and 1 or 2 out of 10 will be money pits. Buyers would be well advised to think long and hard before pursuing a foreclosure property.

Good Luck!
0 votes Thank Flag Link Thu Jun 30, 2011
Everyone wants a great deal on a Foreclosure. The Reality is that Foreclosures have RISKS. The main one you are experiencing is TITLE ISSUES, where the bank has to fix the paperwork. You're lucky it has only been 32 days, some buyer have to wait months and months. Your Realtor has not control over this.

If your Realtor is trying to get you to pay more than you can afford, then that is not in your best interest. Ultimately you have to live there and pay the mortgage. So, don't sign on anything you dont want to buy. But if you want a foreclosure or a short sale and it's taking longer than you planned, get over it and wait... otherwise you have to find a home that is ready for sale now, which generally will not be a good of a price, but that's what you're paying for.
0 votes Thank Flag Link Thu Jun 30, 2011
You need to be very upfront with your agent and explain why you are unhappy. We are in the customer service business and if our customers aren't happy we aren't doing our job. Personally, I would like to know if my customer is unhappy. If he is unresponsive to your concerns, you can involve his broker, which is kind of like his boss. You should have a copy of the contract you signed with him when you hired him to be your agent. If you don't have one, request a copy. Then see when your contract expires. If it's soon, maybe you can wait it out. If not, tell him you want out of the contract, and you want it in writing. He could be a jerk and not release you from it. But, hopefully you can work things out and get the house you want.
0 votes Thank Flag Link Thu Jun 30, 2011
Hi Housewife,

First, discuss your concerns with your Realtor. If his answers to your concerns don't make you feel better, contact his Broker and discuss the concerns with him/her. If nothing is resolved then, you will need to 'wait it out' on the contract you are currently in with him as your Realtor. If for some reason the deal falls through and you don't want your current Realtor to continue representing you, ask him for a cancellation of agency (make sure it's in writing if you have a written contract of agency currently in effect) and then hire a new Realtor for future offers.

Shanna Rogers
SR Realty
0 votes Thank Flag Link Thu Jun 30, 2011
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