Home Buying in Murfreesboro>Question Details

Jim Morris, Home Buyer in Murfreesboro, TN

If I worked with a Real Estate agent (2 unsuccessful bids so far), am I obligated to stay with that agent to find a house, or can I choose another?

Asked by Jim Morris, Murfreesboro, TN Tue Apr 9, 2013

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This question was asked from this property: http://www.trulia.com/property/3112268616-126-Turner-Ave-Mur…

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It would depend on if you have signed a Buyer Representation Agreement or not, and what the expiration on that is. I understand that you have had 2 unsuccessful bids so far, but it may not be the agent. Right now that market is crazy with multiple offers on many homes. There is a shortage of homes for sale and many buyers bidding for the same homes.
2 votes Thank Flag Link Tue Apr 9, 2013
You would need to read the agreement that you signed with them.
1 vote Thank Flag Link Tue Apr 9, 2013
If you signed a Buyer Agency Agreement you need talk to that Realtor about your concerns and perhaps they will release you from that Agreement. None of us want to have a relationship with someone, business or not, that is strained. However, in your Realtors defense... there are a lot of buyers out there right now negotiating for the same property and if we have no idea what the other party is negotiating. We can only work with the offer YOU have ask us to negotiate with the offer price YOU have requested us to present. When you say BID I have to think maybe you're bidding on a HUD property. That is always a challenge because we aren't even dealing with another Realtor...It's a Intity. I put 4 bids in on 4 different properties for one client and lost all 4 with a full price cash to close offer that could be done in 2 weeks or less. Finally we found an Exclusive Right to Sell and it was done within a month. He moved in last week!
0 votes Thank Flag Link Fri May 31, 2013
Hi Jim, Has your agent talked with you about why they think your bids are unsuccessful? I am guessing you are bidding on HUD homes? Has your agent given you a recommended offer price? I am sure your agent would be willing to step aside if you do not feel comfortable with them and would like to work with someone else. You may want to think over the last 2 bids and why yours were not selected. Talking with your agent and re-working your strategy may just be the best solution. Good luck to you!
0 votes Thank Flag Link Sun May 12, 2013
Hi Jim, if you have not signed a buyer's agreement you can select another agent. If you have signed a buyer's agreement and are not happy with the agent most companies will release you from this if you contact the broker.

Since you said you have had unsuccessful bids I assume you are speaking of a HUD home(because all other offers would be an offer not a bid..). In that case you do not know how many other buyers have submitted a bid and you just need to remember you will usually only get one chance as they rarely negotiate but just accept the best bid.

Hope this helps. If I can be of any help with your home search feel free to email me directly at KReynolds@realtracs.com. You can also call me direct at 615-556-1511 or 615-893-1130 Coldwell Banker Snow & Wall and ask for Kim Reynolds. Good luck with your home search.
0 votes Thank Flag Link Sun May 12, 2013
I have to agree with Kristen on this- if the bids are submitted in a timely manner and are reasonable per the properties, it is likely that they would be accepted. That said, some agents can drag their feet, thereby losing offers, and if you feel like your agent isn't giving you what you need, you should have a frank discussion with them. Any reasonable agent will release you from an agency agreement if you voice abiding dissatisfaction.
0 votes Thank Flag Link Thu Apr 18, 2013
You may choose to work with another agent if you have not signed a Buyer's Agency Agreement with the current agent you are working with. If you have signed a Buyer's Agency Agreement, which is likely having made two previous offers, you have committed to work with your agent for a certain timeframe.

Are the bids unsuccessful because your agent isn't being aggressive and getting things submitted in a timely manner? Or are you making lowball offers and expecting the agent to perform magic? Is the issue the agent or the expectation?

If you are having issues with your agent, I would suggest communicating with them and attempting to resolve the issue because that person has already devoted time, energy, and money on your behalf and should be treated fairly. If you can't resolve the issue, then you can request to be released from your Buyer's Agency Agreement and most reasonable agent's will comply. Good luck!
0 votes Thank Flag Link Wed Apr 10, 2013
Keep in mind that the Agency Agreement contract belongs to the Broker, not the affiliate, so it is ultimately up to the Managing Broker to release that contract.
Flag Wed Apr 10, 2013
It sounds like you think the agent is to blame for your bids not being accepted. I would be sure about this before moving on. The market in many areas is super hot right now and losing to another buyers bid isn't uncommon.

Chris
0 votes Thank Flag Link Wed Apr 10, 2013
Jim,
As others have stated, ..."It depends."
Did you sign a buyer agreement? This is a primary issue.
Then there will be a residual issue regarding any house the agent may have shown you.
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On the surface, based on what you have shared, my observation is you are being unreasonable.
Two failed bids and you're ready to jump ship means your expecatation are out of alignment with reality. Such buyers are often encouraged to go somewhere else.
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So, give us the rest of the story.
Are you holding your agent accontable for following your guidance?
Did the agent fail to follow your directions?
Are you ignoring the data and slinging out offers that haven't a snowballs chance in FL?
Were you offended when your agent advised this was a "TOTAL" waste of time.
Did you attend an open house and stumble across an agent you think you would rather work with?
Is your agent reponding in a latent manner becuase they have another job that takes precedence over your home buying activity?
Fill us in. What's going on? Really.

Best of success to you,
Annette Lawrence, Broker/Assoicate
Remax Realtec Group
Palm Harbor, FL
727.420.4041
http://RealEstateMadeEZ.us
0 votes Thank Flag Link Wed Apr 10, 2013
Then there's the question...are you legally obligated? or morally obligate? If this agent has been busting his or her butt to show you properties and find the right one, and you leave him or her just because two bids failed in a crazy market with low inventory, then you might be doing the wrong thing. Of course, only you know all the details, we have little to work with. Best of luck with your home search...
0 votes Thank Flag Link Wed Apr 10, 2013
Two unsuccessful bids? The offer is primarily the buyer's decision with guidance from the realtor as to what a competitive or winning bid should be.

There were many variables to consider why your bids did not win?

First, what was your offer price? Have your realtor advised of the tight market that you were in? That your bid should not only be the best in terms of $$$ but also best in other terms, like no contingencies and quick closing.

What are the factors to consider when making a bid or offer--to make it acceptable and attractive to the seller?

Cash offer , quick closing and no contingencies-- this looks attractive, right?
But in this scenario, the seller will look into the $$$ it will net based on this offer. All other terms are excellent. If the bottomline to the seller is $15K less than asking, how will you beat this?

You have to bid the full price or more, all contingencies intact and 45 days to close at least if you are getting a mortgage.

However, are you qualified to bid more? Are you asking for seller's concession?

There are so many things to consider and I don't have the information or facts to advise you.

Before you think about firing your realtor because you lost two bids, evaluate first what happened and why you did not win it. Do you feel that your were not advised accordingly.

Perhaps, her hands are tied because of the limitations in the type of financing you are getting.

A communication and discussion with your realtor is my recommendation.

Then, decide from there. Give her the courtesy she/he deserved. Despite all the unsuccessful outcome, she/he did render your services at no cost to you.

Hopefully, you will get a full grasp why your bids were not accepted. And consequently, a better outcome is just around the corner. The right home for you.
0 votes Thank Flag Link Wed Apr 10, 2013
If you signed a buyer's agreement with the agent then you should ask for it to be nullified before you move on to another agency because the agency agreement is technically with the company your agent works for. If you haven't signed anything it would still be nice to just let them know what you are doing and why. You might also give them a chance to respond to your complaints and give you their interpretation of things. That kind of exchange can be difficult but I bet both parties get better resolution and everyone can move forward on a good note. If they act poorly toward you then you know you've made the right choice.
0 votes Thank Flag Link Tue Apr 9, 2013
As a courtesy just ask the agent to be released from the Agency and most of them do let you out if you are unhappy. If I can help you further please don't hesitate to ask. Thanks! Now if you don't have a signed Agency with them you are not obligated to stay with them but again as a courtesy just let them know you will be changing agents....
0 votes Thank Flag Link Tue Apr 9, 2013
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