Home Buying in 15146>Question Details

Keqian Liu, Home Buyer in Monroeville, AL

Discontinue the agreements that I might have signed for buying a house.

Asked by Keqian Liu, Monroeville, AL Mon Dec 1, 2008

How do I discontinue the agreements that I might have signed in the past with some realtors that I do not even remember?

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Since you're working with multiple realtors, I'm going to assume you're an investor.

Are you talking about 1) Buyer Agency Agreements or 2) Purchase Agreements?

(1) These are optional; you don't have to sign them. However, they're enforceable when you do sign them. Nevertheless, if you opt to not sign them, then be sure to use the agent who showed you a particular property to represent you on that property. Otherwise, you'll burn a bridge, ruin your reputation, and word will spread about you--if you do this multiple times--so that few other realtors will want to work with you in the future.

Many investors I know like to work with multiple realtors, because each realtor has a particular specialty and/or farm area. For example, some realtors are REO specialists, others might be pre-foreclosure specialists, and others might specialize in selling duplexes in a particular neighborhood. The point is you want to work with the right realtor for a specific deal. You don't want to use a pre-foreclosure specialist to help you close on REOs.

Some investors also invest on properties outside their local area. So, they also won't sign those agreements for obvious reasons.

(2) The way you exit these agreements will depend on the terms therein. Assuming you specified an inspection (or due diligence) period, and assuming that you haven't already waived all of your contingencies, then you could terminate your agreement (in writing) by exercising 1 or more of your contingency clauses. This way you'll also get your EMD back. However, if you've already waived all of your contingencies, then you still could terminate your contract in writing. You'll lose your EMD in this case, and--depending on the terms of your contract (including the addenda)--your action might possibly trigger an embedded 'failure to perform' clause. In either case, you should probably consult with an attorney to go over your options.
0 votes Thank Flag Link Mon Dec 1, 2008
You talk about "some" Realtors and "might" have signed. Don't you realize you are signing legal documents? It sounds like you have a pretty indifferent attitude to the process of looking at homes. If you have signed some, you should have copies. If you don't have copies anymore, than you need to do some serious organization for your personal paper work. Check the copies you have and see if they expired and if not call the agent and ask to be released in writing.
0 votes Thank Flag Link Mon Dec 1, 2008
Most agreements have expiration dates, difficult to state unless a contract is reviewed that list the terms of the executed agreement between you and the agents.
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0 votes Thank Flag Link Mon Dec 1, 2008
Are you referring to Buyer agency agreements? If that is the case they may have expired by now.
If you can remember the agents name and or office just call and ask for the agreement to be voided.
Now from here on out if you are not really willing to work with one agent just sign a buyers agreement for a short time frame. Like a week or so. Just be careful of signing more then one this can cause problems.
0 votes Thank Flag Link Mon Dec 1, 2008
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