Sounds like you are in quite a pickle of a situation.
Your question is just one more example of how important it is to carefully select an agent with whom you will work. All agents are NOT created equal, and they certainly do not all have equal amount of experience, financial savvy and negotiating ability, just to name a few of their needed skills.
MAy I offer a few salient points to be considered in your situation-- which may be helpful to others as well?
1) Your contract is just that --a CONTRACT!.. Breaking the contract is both morally and legally wrong. Therefore I take issue with the answers that say it's no big deal, just ask to get let out of the contract.
2) You may have grounds to be released from that CONTRACT--that is an issue you will need to take up with the broker whom your agent works under. Even if the agent is new, the broker is not, and he/she is responsible for the agents whose licenses hang in their office ! (In PA a broker must have at least 3 years, and considerable actual experience, among other qualifications, to get a REAL ESTATE BROKERS license) Talk to them-- they will probably be very willing to get involved and help you .
3) Did you inform the second agent you referred to that you are under CONTRACT with another real estate agent? If so, then offering to 'help me to get the property I want' is not an ethical behavior, and you may want to consider whether that is really the agent you want to work with --when and if the original Buyers agency CONTRACT is no longer in place.
The bottom line is that the time to find out what qualifications an agent has is BEFORE you sign any CONTRACT, not after. Do what is the right thing-- it always pays off in the long run.
Just a thought.
Re/Max In Motion
Explain the situation to them and ask to be either 1) taken care of properly and to your satisfaction or 2) let out of your current buyer agency agreement.
If the broker declines to let you out of your Buyer Agency Agreement, your best bet will be to contact a local Real Estate Attorney for advise. Your situation is spelled out in your contract with the broker you're currently working with, but only a lawyer is qualified to interpret that contract for you. The couple hundred dollars you spend on the lawyer will be well worth it in the long-run - and will also serve to give you peace of mind that you are moving forward on the right path (invaluable when considering all the other stressors involved in purchasing a home!)
Based on what you wrote about your situation, it may very well get sticky - but the lawyer should clear everything up for you.
If there's anything else I can do to be of assistance, please don't hesitate to contact me at http://www.HernandoLuxuryHomes.com - I'm happy to help!
A word of wisdom to all - NEVER enter into an Exclusive Buyer Agency Agreement. If you enter into an agreement with a realtor, make sure that it is a Non-Exclusive Buyer Agency Agreement.
Buyer agency, in most areas, can be accomplished WITHOUT a contract.
Next time around, don't sign it. Let the real estate agent that completed a successful closing for you earn your business without these invisible "handcuffs", receiving compensation based on the closing, not the possibility of a closing. Just an opinion.
Keller Williams Real Estate
267 767 8558
As a REALTOR, you should not SOLICIT the business of another agent, but if the customer comes to YOU it's a completely different story and you can (and probably should) help the customer in whatever way possible.
"3) Did you inform the second agent you referred to that you are under CONTRACT with another real estate agent? If so, then offering to 'help me to get the property I want' is not an ethical behavior, and you may want to consider whether that is really the agent you want to work with --when and if the original Buyers agency CONTRACT is no longer in place."