Home Buying in Perham>Question Details

Bethany, Home Buyer in Perham, MN

Can canceling a buyer presentation agreement allow for a cancel of a signed purchase agreement?

Asked by Bethany, Perham, MN Tue Mar 3, 2009

Me and my boyfriend are feeling that our buyer agent has not been as representative and up-front on some things. And with both of us as first-time home buyers any information is important information. If we can cancel the representation, would that allow us to cancel our current purchase agreement and start the bidding process over? We are purchasing a foreclosed house in Minnesota.

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6
Bethany,

Be careful at this point. You have gone quite a way down the road with this realtor and the rules that are in place for agents may be costly for you.

First, the agent is entitled to a commission for the sale of this property regardless of whether or not you choose to have them finish the transaction. The rules of the MLS and the representation agreement will outline this for you.

In the end you may want to heed Aaron and Susan's advice and try to work it out with your current agent. The closing table will heel most all wounds.

Cameron Piper
Web Reference: http://www.campiper.com
0 votes Thank Flag Link Thu Mar 5, 2009
As in many other instances, I agree with Aaron. I have been an Exclusive buyer representative for the last 10 years. And, with what's been going on the last 2-3 years, there has not been one lender mediated deal that I've been involved in that hasn't been problematic. I have yet to have a short sale that actually worked out (though, I know they do, I've just been really unlucky). And, foreclosures are a moving target. There are as many foreclosure scenarios as there are houses that are foreclosed on. There are some similarities, but many more differences from transaction to transaction. Each one is different. I'm not sure what's making you feel less than "represented" in your transaction, and that's never a comfortable feeling. i think calling the broker of the agent you are currently under contract with might be a good idea. If nothing, else it will give you an opportunity to clear the air, vent your feelings and, maybe, your agent will be able to more thoroughly explain what's been going on. Good Luck!
0 votes Thank Flag Link Wed Mar 4, 2009
Foreclosures are tough... often the buyers agent isn't given all the information and/or there are surprises. I tell my clients that buying a foreclosure is almost always going to lead to a feeling that you were violated at some time during the transaction. It's just the way the majority of them go. I haven't had a foreclosure buyer yet that has regretted the purchase after it was over but many went almost insane during the deal.

Have a heart-to-heart with your agent and/or the broker as to your concerns. Everyone else below is right about the listing contract... that stays in place regardless.
0 votes Thank Flag Link Tue Mar 3, 2009
They are two seperate agreements and cancelling one has no affect on the other. You may want to ask to speak to the agent's broker and discuss your concerns with him/her. The broker may be able to address your concerns or find another agent in the office that can.
0 votes Thank Flag Link Tue Mar 3, 2009
Absolutely not, they are seperate agreements and you will held to the purchase agreement. I would express my concern to the agent and see if they would be willing for you to get a new agent and split comission with them to finish representing you. If you want to back out of the purchase agreement there may be a way depending on how and what was written into it. Since this is a foreclosed house usually the banks have their own puchase agreements that allows them to keep your earnest money (and maybe more) if you dont perform on the PA.
Web Reference: http://www.lennyfrolov.com
0 votes Thank Flag Link Tue Mar 3, 2009
Bethany,
No the purchase agreement still stands. You may want to consult an attorney.
Michael Doyle Realtor
0 votes Thank Flag Link Tue Mar 3, 2009
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