Home Buying in 85086>Question Details

Az Home Buyer, Home Buyer in 85086

Signed buyer’s agreement with one agent to make an offer and another agreement with a different agent to view a better house.Can we bid on the?

Asked by Az Home Buyer, 85086 Tue Apr 26, 2011

second? I signed a Real estate Agency Disclosure and Election contract with one agent when we put an offer on a short sale two weeks ago. We are still actively looking for homes. Went and saw a better home that we would prefer to have, however we saw it with the selling agent. My wife signed her agreement just so she could see it right then. The reason being is that these sorts of homes are going fast, and our first agent we signed with wasn’t responding to our inquiries about this new home. The last thing we want to do is screw people out of money, but we also do not want to lose a home because of an agent’s lack of response time. By signing two agreements, one being with a house we made an offer on and the other just to get in a home to view it sooner than later, are we now not going to be able to bid the sale?

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Moira Huss’ answer
Great answers from others, being this was back in April 2011, if you still follow this question, I'd be curious to know what your outcome was.
It is important to know that you were signing a Real Estate Agency Disclosure and Election form for either, and if your offer was accepted on the first home. Yes if you did not withdraw and had money in escrow, you would lose that earnest deposit.
If you were signing a real estate agency disclosure and election, it would've needed additional signing that you did not have full representation.
If you work with one agent, they're representing you.
If you're working with the listing agent, as the buyer, you have limited representation.
I sure hope you're following this so you can answer as to the outcome of your question?
0 votes Thank Flag Link Thu Apr 4, 2013
You need to get your priorities straight.

When you want an agent to be acting fast and advocating for you, you need to work with an exclusive buyer agent. That person will consult with you, negotiate for you, and oversee your transaction to closing. A true buyer agent will be actively working for YOU in the same way a seller agent work for the seller. You can set up MLS alerts so you don't miss out. You can also ask them to research pre-MLS home possibilities for you. See if they have relationships with the local listing agents to try to see homes before they hit the MLS.

However, keep in mind you are "leading on" these other two agents, who likely are assuming you now have a relationship and may be wasting time looking for homes for you.

It's like a marriage-choose the best one for you, but only choose one. Here's a link with some helpful questions to ask an agent: http://goo.gl/jeaai
2 votes Thank Flag Link Tue Apr 26, 2011
Funny, it isn't the last thing you want to do, "screw people out of money".
It seems the first thing you want to do.

You're not taking money away from anyone, just not paying for their time.

That being said An Agency Disclosure and Election form is not an employment contract.

The fact that you don't know this means you need to find the right agent and stick with him/her.
Tell the other agents that you found the right one for you, so they can work (yes it is work) for someone that will be loyal to them (that seems fare right).

You are getting defensive comments, becuase agents risk time (they can be spend with family and loved ones) for a pay check.
Everyone does this, it is called WORK. So many people do not look at Real Estate Sales as work, it is.

If you aren't intending to be loyal, let the agent know upfront, so at least they can gage the risk and maybe tell you "No" next time you ask to see a home "immediately".

I hope this comment sheds some light for you,
Good luck in the future. I am sure you will find the right property one you commit to the right agent.

Web Reference: http://goo.gl/MVkEk
1 vote Thank Flag Link Fri Apr 29, 2011
An Agency Disclosure and Election form is NOT an employment contract (see the top of that form). It really only discloses to you the resonsibilities of the agents involved and acknowledges your undertanding of the role of that particular agent. It is NOT an Exclusive Buyer-Broker Agreement, which is the employment contract.

Instead of working with multiple agents, including the seller's agent, who was hired by the seller to help the seller and to sell the property for as much money as possible, you owe it to yourself to learn how an Exclusive Buyer's Agent can be your best choice.

---
PAUL WELDEN, PLLC
Exclusive Buyer's Agent Realtor®
HomeSmart Realty
480.241.0081
1 vote Thank Flag Link Tue Apr 26, 2011
That is a sticky situation. I would try one last time to reach your first agent with the message that if she cannot respond to you by a certain day and time, then you will be forced to view the property with the listing agent. If that happens and you want to make a bid on the second property, then you need to withdraw your first offer. The last thing you want is to obligate yourself to purchase two homes, which in reality you couldn't do but you may lose your Earnest Money that you put down.

Honesty is the best policy.
0 votes Thank Flag Link Fri Apr 29, 2011
Are both of the "agreements" you signed Agency Disclosure and Elections? Or was one or both of them a Buyer Broker Agreement? If it was an Agency Disclosure, that form informs you about the agency you are due. The Buyer Broker Agreement, depending on the terms you signed and agreed to, may obligate you to pay a fee to your agent when you buy a home, whether or not you used that agent. Read carefully the agreements/ disclosures you signed.
0 votes Thank Flag Link Tue Apr 26, 2011
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