Questions: Did you sign an Agency Relationship with your agent? Did you receive a fully ratified contract when seller accepted your offer? Did you receive a written preapproval from your lender?
In any event, from what you've described, I see no reason why you could not write your agent and request that he cancel your offer & issue a Cancellation form for you to sign. I would also recommend you find a good, highly recommended Realtor to serve as your Buyer's Agent (I'd be happy to refer you) and notify your current agent in writing that you are hereby terminating your Agency relationship with him. Then, go out & find a better, cleaner deal--they're out there!
It may not be the answer that you want to hear, but your case is precisely why realtors advice that buyers should get an agent to represent them. You are now experiencing that going with the listing agent is not always the best option. The listing agent represents, foremost, the sellers.
Check your contract offer. Has it been signed by the sellers? If yes, does it have dates by which you can back out without any penalties? Most contracts have certain dates by which a buyer can cancel the contract.
Talk to an attorney, or contact a local realtor that may be able to assist you.
Realtor, Certified HAFA Specialist (CHS)
Coldwell Banker Residential
It seems either you were not listening or the agent failed to review the short sale process with you.
What should have been, and most likely was, shared with you is, you, as the buyer, are the least significant participant in the short sale transaction.
Short sales are highly complex and are at the mercy of the banks or servicing companies involved. The fact that the seller accepted your offer means NOTHING! You would have been advised that a short sale is like negotiation with a black hole, everything goes in, disappears, and nothing comes out.
It will not matter how often you call or how many messages you leave with your agent. When the bank responds, you will be informed. Until then, there is nothing to discover. You don't even know the real price until the bank responds. You really have no PRODUCTIVE alternative but to WAIT.
You seem to be a poor candidate for a short sale. If you are impatient with a 2 weeks of lost hand holding,, you will boink when the rest of the abuse becomes a reality.
What was disclosed to you regarding the short sale process, (and you actually signed those documents) has proven to be true. Be aware, your purpose, the role you play, the event you triggered is all that was needed. You can accept the reality of the short sale process or bail out. You may lose your deposit if you bail out before the bank responds. This is called skin in the game. If you are not vested in the process, you will, very much like 70% of all short sale purchase offers, ultimately waste everyone time. No one wants their time wasted. So relax and wait for the bank to respond.
Relax now. Your agent will contact you when the bank responds.
Relax, take a deep breath. Be prepared for the banks counter offer or their formulaic "highest and best' reflex. Have a strategy. Trust it. and relax.
There is nothing to share with the buyer...nothing...until the bank responds! No volume of phone calls or messages will change this reality. What such calls do produce is better call screening.
If you do jump ship, 70% of offers on short sale fail due to 'overboard' buyers, be aware that short sales may be incompatible with your DNA. Stick with traditional sales.
Agency Disclosure shows that you are represented by this particular agent -- and specifies for which property.
A critical piece of the Buyer Broker Agreement specifies for how long you are bound to be represented by the agent -- for example, it could be for a year. If you asked another agent to represent you on another transaction, this particular agent holding the buyer broker agreement may be entitled to be paid the commission instead.
Have you attempted to speak with that agent's broker regarding the lack of response.
Now you are figuring out that the agent is working for himselfâ€¦not you and not the seller but himself because of the fat commissions that he plans to receive.
Your agent should be able to tell you if you can cancel. Ohâ€¦rightâ€¦your agent is not talking to you.
It appears that you are open to making a real estate investment. If you take your paperwork to another agent who perceives the opportunity to help you make this investment, perhaps you can get some advice on your current transaction. You have an agency relationship so a new agent who is introduced into this ongoing transaction will have to be careful not to tread on that relationship. I believe that, on your request, another agent can get involved.
Depends on varying factors including... what you signed, what they signed and terms... keep in mind your offer and your prequal are not one in the same... they're separate deals... (even tho the listing agent handled both)... its not unusual for Buyers to back out of their offers... its happens more than you know... Based on your initial info... all you need to do is send in a brief note withdrawing your offer, date and sign it.... include a cc to the broker of his/her co or if you've found a great new realtor have him/her do it for you... Good Luck and Thanks for the Question...
If you are uncomfortable with the agent....have you at least tried speaking to the agent's broker to express your concern?
Do you still like the condo, or would you prefer to move on? if you want to move on you can institute a cancellation of contract and to also notify the agent that you're no longer going to use him. Either way, make your feelings known, and not just on this forum.
Wishing you the very best!
As much as they try to represent both sides; most agents would be loyal to the first client.
Can't blame them.
Yes, you can jump ship: Just don't get involved in the Commission Split; it is None-Ya.