"We have been working with a realtor for over a year to buy a house. Inspite of giving the realtor a fair chance (we put in 4 bids, clarified our budget etc), nothing has worked out for us."
Is it the Realtor's fault four of your offers were rejected, or was it the current market at the time? Did the Seller(s) receive a "better" offer than yours (not necessarily price; contingency timelines might have been shorter, larger deposit, 100% cash, etc.)?
"Certain advise we received from him (waiving appraisal contingency on an overprices house, preference over his mortgage contact over credit union even if its a little more expensive etc) was not what we felt was right for our famil we decided to change realtors."
Were the properties over-priced or were you under-funded for the market targeted? Did you ask your Realtor to go back and look at the final sales price of the four homes?
Most all Realtors have a preference for where their Clients obtain funding. This is because we like to work with seasoned mortgage professionals to reduce our Buyer's risk and be able to have clarity regarding the exact status of a Client's loan.
For example, there are 2 types of loan conditions we need to stay on top of to meet contingency timelines of the purchase contract: 1) Prior-to-doc (PTD) conditions are those that must be satisfied before the lenderâ€™s underwriting department will generate and send loan docs for you to sign at escrow. 2) Prior-to-fund (PTF) conditions are those items that must be satisfied before the investor will â€œpush the buttonâ€ to send your new loan funds to escrow. To be proactive regarding #1 & #2, I ask for the lender-specific list of PTD/PTFs generated by the Underwriters and go over it to get ahead of any potential issues that may affect funding, which could place your good faith deposit at risk, and/or lead to the money spent on appraisal/credit report/property inspections to be wasted.
Additionally, while some may believe "all lenders are the same"; in fact, the opposite is true.
"We did not feel we were getting the right advise, negotiations skill or guidance needed to get a house quickly and its been 1 year of looking already."
Did you bring up these concerns to your Realtor? Communication is a two-way street......
"The old realtor now contacted us and wants us to ask any new realtor we sign up to give him 25% of the commission in leui of his efforts spent (on failed past bids). I do not think this is fair to any new realtor since we are changing relator for professional reasons and it was a performace based agreement where we did not get success."
If you honestly believe your Realtor is 100% responsible for not successfully obtaining a home within the year I suppose you would have a point. However, I believe the likely reality is the market played a bigger role than you want to acknowledge and/or your opinion of value did not match that of the Seller's; and hence, your offers were not accepted.