Home Buying in Austin>Question Details

Apsies, Home Buyer in Austin, TX

Unsatisfied realtor client

Asked by Apsies, Austin, TX Mon Mar 23, 2009

Hi, I am currently working with a realtor buying a foreclosed home which i really like, but it seems like she does not have any expereience dealing with banks, and I'm scared of losing the house or wont get a good deal on it. Can I go to another realtor that is more experienced (on the same house) or is that unethical?
Thank you!

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Hello. Well, it depends on several things. If you are currently the client and not the customer of your current realtor, then no you can not secure another realtors services. If you are the customer and have not signed any buyer's agent agreement, then you could be represented by another realtor, even if your current realtor showed you the property already. Procuring cause is more than showing a home to a customer. For a more detailed description of Buyer Agency, visit us at http://www.buyershouserealty.com/What%20is%20Buyers%20Agency%3F.

Also, keep in mind that with foreclosures the process is not a typical real estate transaction and all the banks have their own processes for negotiating an offer. Most are inefficient and timely. So, ultimately your frustrations may be directed at the wrong person. I have closed foreclosed transactions that have taken 3-4 months to close. A standard transaction typically closes within 30-45 days, with offers being negotiated in less than 48hrs. I hope this helps, and good luck.

0 votes Thank Flag Link Mon Mar 23, 2009
If you have a buyer's representation agreement with that agent, you will need to work it out with that agent as it would be unethical on OUR part to try to jump in. I think a phone call and a lunch appointment with the agent would be my advice to try to get any concerns cleared up. Best to you........
Web Reference: http://TopKWGroup.com
1 vote Thank Flag Link Mon Mar 23, 2009
Take care not to confuse the experience level of a real estate professional with lack of cooperation and inconsideration of the lending institution. Frankly, no level of experience is going to change the speed or direction a lending agency has charted for itself.....

It's our feeling that your frustration may be misdirected and could be more accurately represented if pointed in the direction of the bank. Changing agents could find a different face dealing with the same frustrating issues.

Good luck
0 votes Thank Flag Link Wed Mar 25, 2009

Why don't you ask your realtor or their broker for additional assistance. You might meet with the broker and express your concerns. They may be able to partner you with another more experienced realtor or change realtors all together. These transactions can be tough even for the best realtors. Banks don't always respond, sometimes they respond slowly, some of the REO agents they're dealing with on the other side aren't always responsive and there can be a host of other issues.
Web Reference: http://www.teamlynn.com
0 votes Thank Flag Link Wed Mar 25, 2009
Bruce Lynn, Real Estate Pro in Coppell, TX
Buying foreclosures and bank short sales can be frustrating for many buyers because lenders motivations are much different than regular sellers. Response times from lenders can be very long as well. Often banks are dealing with multiple offers (or are waiting to get multiple offers) for their properties. These properties are often being sold for 50 to 80 cents on the dollar so banks often negotiate and process these transactions very slowly to make sure they are not leaving any money on the table.
0 votes Thank Flag Link Mon Mar 23, 2009
Actually, there's not really enough information provided to properly answer your question. If you are unhappy with YOUR agent (someone who is working on your behalf as a buyer's agent), it would depend on whether or not you have already entered negotiations on this property.

It sounds like you may have already done this with a buyer's agent, in which case the current agent will probably be entitled to receive a commission. Procuring cause (i.e. who gets paid for representing you) is not established merely from the showing(s), but it is much easier to prove when negotiations have begun.

I wouldn't necessarily call it "unethical" to change agents, but it may not be wise or easy to achieve without some headaches. I like the suggestion below to speak with the agent's broker. Also, as Josh mentioned, it may have nothing at all to do with the agent. We have a short sale that was supposed to close in December that is STILL not fully approved with Countrywide.
0 votes Thank Flag Link Mon Mar 23, 2009
As an aside, if you are working on buying a foreclosed house, there is
a significant chance that you won't get it or that you won't get a good
deal on it no matter WHO you are working with.
0 votes Thank Flag Link Mon Mar 23, 2009
TU for you Tim Moncrief.

I would also suggest that you discuss with your Realtor to get her broker who should be very experienced to help with the process. That way you keep it in-house and she will have the opportunity to learn from her peer.

Good luck, Keep us updated.

0 votes Thank Flag Link Mon Mar 23, 2009
I undertstand your frustration with working with banks and a realtor who may not have expirence. I think Gary Jerome is the bast agent for dealing with a bank but I wanted to share a funny and real story about what you are going through... His contact email is gary.jerome@gmail.com

My REO manager friend likes to joke about all the “first timers” who continue to drive up the bid when they don’t hear anything from the bank. Every time I see the “how come I haven’t heard from the bank about accepting my foreclosure bid after 30+ days” on trulia, I have to let out a chuckle because he’s so right. For those newbies, this is real. They know that when you don’t hear from them that a large percentage of people drop a second or third offer higher than the previous one. So don't expect a reply from the bank.... **WARNING, YOU ARE BEING TAKEN ADVANTAGE OF HERE**

You want a deal on a property right, everyone wants that…. So the moral of this story is:
1. the 60 days you have to wait to hear from a REO, you could have made 2 or 3 better deals with a property that has been on the market for a long period of time. A good realtor will drop an 80% offer on a property and get one accepted.
2. You are attempting to make a deal in a house covered in a cloud of bad energy, don’t be surprised when it rubs off. Personally I stay away from these for this reason entirely.
0 votes Thank Flag Link Mon Mar 23, 2009
You may have an issue with the other agent not being able to get a commission. Please know though that the agent that you are working with is most likely dealing with the listing agent who works with the bank. Your agent does not work with the bank unless she is also the listing agent. Offers are presented pretty much like normal offers, homes are normally sold AS-IS. All offers MUST be presented in a timely manner, and a response can take anywhere from 1 day - 14 days, normal right now is within 72 hours. If you have questions, I would be happy to help, as I list a lot of REO's.
0 votes Thank Flag Link Mon Mar 23, 2009
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