Home Buying in Bend>Question Details

Greengirl, Home Buyer in Bend, OR

If I am rep'd by a dual agent and realize my interests are not fairly rep'd, can I get my own agent or will the deal have to be cancelled

Asked by Greengirl, Bend, OR Wed May 4, 2011

to do this? We put a full price cash offer on a short sale home; we didn't have an agent but liked the broker who listed and showed us the house. It turns out this was her son's house but she said he was re'd by another agent and she could rep us. However, as the deal progressed we realize she is definitely rep'g his interest. She rented the house out (which had been vacant) to someone on Craigslist, even though the close date is within 60 days.- the guy who rented it looks like he is staying long-term and knows the law is on his side/ a transient ret'd mortg. banker). Both banks accepted our offer (the first will be paid in full; the 2nd will get $28k and indicated they will forgive the rest, but our agent is holding out for confirmation- which is why she says she rented it out. We really want the house (we had an inspection but had to fight to get it with our agent and the new renter) but know that we have little to no representation of our interests. What can we do?

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You may have to spend some time and or money with an attorney. The only thing I can think that you have in your favor is to refuse to sign and approve closing unless the tenant vacates the property and you do a satisfactory walk through.
It's possible the renter is aware of the law and is not going to abuse you or the seller, but you need to put some protection in place now. You did not write an offer on a home with a tenant you need to evict.
Because you already have a contract in place and the agent knows all they need to about you, you need some stronger representation. Only an attorney can interject themselves into your transaction at this point and give you decent leverage. Most will be able to review your contract and advise you without running up too big of a bill, and in the long run whatever the costs they will be less than the cost of resolving the headache you'll have if you don't get one involved now. It's time to find an attorney.
0 votes Thank Flag Link Wed May 4, 2011
The situation you have described is very messy, and if I were in your shoes I would contact a real estate attorney for advice on what to do next. You've got several different potential legal issues interacting here, and not a whole lot of time to sort it out. No real estate agent/broker who is not also an attorney representing only your best interests, should be giving you specific advice on the details of your situation in my opinion.
Web Reference: http://www.NoDualAgent.com
1 vote Thank Flag Link Wed May 4, 2011
As a general proposition, a buyer is usually going to be better represented by an agent who works only for the buyer - i.e., a buyer’s agent.

Short sales can be very frustrating for a buyer. A competent buyer’s agent will keep the pressure on the bank to make a decision on the short sale.

This said, the speed and ease of a short sale transaction varies widely, often depending on the bank. I subscribe to the approach that persistent and polite contact with the listing agent and/or the bank (conditions permitting) will benefit a buyer.

John S. Stone
Alleda Real Estate
Principal Broker Licensed in Oregon
Cell: (541) 678-2368
E-Mail: jstone@bendbroadband.com
0 votes Thank Flag Link Wed May 9, 2012
Was the agent representing you a broker or a salesperson? If they are a salesperson, you might want to speak to their broker. Did you have any contingencies in the contract? If so, have they expired? Have you heard back from the bank? The seller might have signed the contract, but until you hear back from the bank, nothing is finalized.

Good luck!
0 votes Thank Flag Link Wed May 4, 2011
I agree that you should speak to the broker. In some cases and I do not know what you have signed already and what state you are in the broker may assign another in house agent to you. Good luck to you and hope you have a good experience.
Web Reference: http://yourpoconoagent.com
0 votes Thank Flag Link Wed May 4, 2011
Everyone answers to someone.......
0 votes Thank Flag Link Wed May 4, 2011
In a situation like this, it appears that the Agent is not abiding by the terms of the contract, depending upon the real estate law of that state. I say contact the Managing Broker of the Agent. I don't see how the home can be delivered in the expected conditions at closing if a tenant is now residing in the home. It appears that the terms of the contract have changed. It's good you have your eyes opened.
0 votes Thank Flag Link Wed May 4, 2011
The agent is the broker- there is no one higher in the office to turn to (so not an option).
0 votes Thank Flag Link Wed May 4, 2011
Oh boy. I say you should contact the agent's broker with this information.

Short sale are tricky and because the agent is representing a family member it can be very sticky situation and the seller's bank don't like those situations.

I do not know your contract details, nor do I know OR laws, so I urge you to contact the listing agents Broker and schedule an appt. to meet.

All the best to you.
Web Reference: http://www.terrivellios.com
0 votes Thank Flag Link Wed May 4, 2011
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