I am not defending this agent if this was truly was stated to you as above, but I do think that sometimes people write things down with some creative flair at timesâ€¦ That being said, I cannot imagine in todayâ€™s litigious and so god awfully politically correct world that an agent would jeopardize his/her license to get both sides of a foreclosure property and I seriously doubt the conversation transpired as stated.
I am not by any means a supporter of exclusive buyers agreements.. I think they are bad business. But, that being said, in this particular case I can see that the agent may be just protecting his interest in getting the deal done on this property properly, and as you state, he said only wanted it on â€œthat property".
What happens sometimes on short sales and foreclosures is that people do not truly understand that it can be 3 weeks or 9 months to get the deal done. Sometimes these people leave the agent that made the original offer thinking that maybe another can get it done faster. ..and then THAT GUY looks to get paid. So, he may just be protecting what he is getting involved in, although I would not have this signed, maybe he has been burned before by a buyer client.
Regarding all this other stuff about dual agents and getting your â€œownâ€ agent.. in this particular case you just may be better off dealing with the listing agent, if he knows what he is doing you should be fine. There is absolutely nothing that another agent will be able to do to get you a better price or more information. Absolutely no benefit in going to another agent on this foreclosure property.
Regarding YOU owing 2.5% if you do not use him.. yup, it is a typical buyers agency agreement just making sure you stay with this agent on this particular house. if you try to jump ship and buy this property with another agent, he would get paid the 2.5% that your â€œnewâ€ agent would think they were getting..
I say go with it.. talk to the listing agent in detail and really understand what is transipring.