Home Buying in 95831>Question Details

Homebuyer99, Home Buyer in California

Can we change Realtors in the mist of a home buying transaction?

Asked by Homebuyer99, California Tue Jun 2, 2009

We submitted an offer for an Active Short Sale Home just recently. The Seller has submitted their package and our offer into the lender for review. To date, we have not heard anything yet as we were told it would take anywhere from 8-12 weeks before we hear anything. At this point, there has been numerous accounts when we are unhappy of the way our Realtor is handling this offer/home buying status. We did sign a Buyer/Broker Disclosure form, but we did not sign a Buyer/Broker Agreement with begin and end dates. Are we able to bail out on this Realtor at this point or are we bound to his services for the rest of this particular home transaction? I hope we get this home, but if we do not, we will not be using this Realtor again for another home. We just want to know if there is any way to use another Realtor at this point with this particular home we already submitted an offer for. Any input from anyone would be much appreciated. Thanks.

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You have received some good information here. The short sale process is ugly, period. Most buyers continue to look for other properties while they are waiting for a response to their offer. Realtors have very little control over the short sale process, so your frustration might be misplaced. But, to answer your question, most Realtors are not going to step in midstream with your offer. The reason is that the agent who wrote the offer is the agent who will, in almost every case, receive the commission. That means that any agent who steps in will be working for free...and short sales take more time and energy than just about any other kind of sale. I wish you the best of luck.
Web Reference: http://www.PaulaSwayne.com
0 votes Thank Flag Link Wed Jun 3, 2009
I understand your frustration with the process. There are many elements that are outside of your realtors control, that you feel that they should be able to provide more answers or get this moving quicker.

Most of my clients, while we place an offer on a home, and try to contact the listing agent on a regular basis for updates and any other angle we can to get in 'partnership' so that the lender is reviewing OUR offer as the preferred buyer, still continue to search for additional homes and stay on top of the market for additional opportunities. We (my buyer and I) can't wait for one particular home as there's no guarantees.

If you are already working with a second realtor for the other opportunities, then you could ask them to call the listing agent on this particular home and see if they get the same story as you are receiving. In most case, you could be reassured that the situation is what it is. If you find that your first realtor is not representing you correctly then you could contact their broker or work with them to improve that service.

I guess that much of the frustration you are feeling is actually frustration with the market, not in something that your realtor is not doing for this transaction...if you selected an agent experienced with this current market.

Good luck to you! I know it's not much of a consolation, but you're not alone in feeling frustration in this market.
Web Reference: http://www.suearcher.com
0 votes Thank Flag Link Wed Jun 3, 2009
Have you had a conversation with your agent about your concerns?? If yes, have you had a conversation with the broker or office manager? I recently had a couple come to me with similar frustrations on a short sale. They had waited the 12 weeks for communication and never received it. When they were referred to me I pulled up the home they had been waiting for and found that it was still active with no offers on it. The reverse of that is that right now agents are spending a lot of time trying to get answers from listing agents who don't answer phones or return phone calls. Your agent may be doing a lot for you and just not communicating with you. Regardless, take it up the line and try to get answers. In the process of trying to get answers, your situation will likely resolve itself either by working it out or by the agent stepping back and allowing another agent in the office bring it to a conclusion.
0 votes Thank Flag Link Wed Jun 3, 2009
This is a tough one. I would recommend searching through previous Trulia answers, Google, and Yahoo search using search terms "procuring cause" There are many differing opinions on this answer.
I personally would not want to take over another agents escrow without their permission. ( and the probable payment of a referral fee)

By the way, to clarify. The agent that represents the buyer has no control over the MLS status, unless they are a dual agent and also represent the seller.
0 votes Thank Flag Link Wed Jun 3, 2009
Jim Walker, Real Estate Pro in Carmichael, CA
MVP'08
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