We lost a purchase due to a problem with financing; do we need to keep using the same buyers agent for further searches?

Asked by Kleiler, Wausau, WI Mon Jun 27, 2011

We engaged a buyers' agent in Madison at the recommendation of our listing agent. We looked at several houses with him before putting a bid in on one--which was accepted. He strongly encouraged us to use local financing, which we began to suspect was to throw a buddy some business. Later we learned that the school is terrible and the surrounding neighborhoods are crime-ridden; luckily, our financing did not go through. Are we obligated to keep working with him even though his hard sell methods have made us uncomfortable?

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layth abbasi, Agent, Clifton, NJ
Mon Jun 27, 2011
If you signed a buyer agency agreement with him then get it cancelled first. If you did not sign anything then you have no responsibility to stick with him.Its extremely important to work with an agent that makes you feel confortable but guides you towards the right decision at the same time. good luck.
1 vote
Jean Slaktos…, Agent, Schofield, WI
Wed Mar 27, 2013
Buyers have the power to revoke a buyer agency contract at any time. This is because an agency contract, such as the WB-36, is a personal service contract based upon a special relationship of trust and confidence in the broker. When a buyer directs a broker to stop searching for property, the broker must obey the instructions. In the WB-36, the buyer can terminate only by delivery of written notice. See lines 197-204.
0 votes
Gerard Carney, Agent, Spring Hill, FL
Mon Jun 27, 2011
First off, the local lender is more forgiving, since their bank is in the community and they have faith in the community they do business with. You get to meet a bank owner or president, try doing that with Bank of America. The Realtor is not throwing any friends a bone or the business, they are trying help you, but your are sitting back getting some good advice and you think they are pulling the wool over your eyes. It's okay it has been a terrible 4 or 5 years for Real Estate, but had more people used local banks they might still have their homes! As far as his hard sell methods, just kindly ask him to back off a little. As far as being lucky you finance didn't go through, what is up with that, didn't you do your homework before submitting an offer, what are you 5 or something, the Realtor didn't warn us! You have eyes, you have ears, you have the ability of searching online and you are old enough to know a bad neighborhood when you see one. What does this have to do with the Realtor!. You need to grow up if you are going to put a lot of money on the line, It is your money and your responsibility to make sure you buy right!
0 votes
Anne Oliver, Agent, Charlottesville, VA
Mon Jun 27, 2011
Hello Kleiler,

If you signed a buyers agent agreement you can ask your agent to cancel the agreement. If that's not comfortable for you, inform him and his broker in writing that you no longer wish to use his services. Either way, be sure to ask for a written confirmation from the agent or his broker. Find a licensed real estate professional you're comfortable working with. That's your right.

Also, read your agreement. If you decide to make an offer on any of the properties he showed you, he may be entitled to a 3 percent commission.

Best of luck to you,
0 votes
Team Teal, Agent, Wausau, WI
Mon Jun 27, 2011
Shanna is right! Are you looking in the Wausau Area or Madison?
A local lender is always a good choice, maybe not the one you were working with.
What were the financing problems? Was it related to the house or to your current situation?
Those are also some things to think about.

If you are looking in the Wausau Area, I would LOVE to help you.
Lana Stollenwerk
Web Reference:  http://WausauAreaHomes.com
0 votes
Shanna Rogers, Agent, Murrieta, CA
Mon Jun 27, 2011
Hi Kleiler,

Since you have no accepted offers with him, no, you do not have to keep working with him. If you have a signed buyers agency contract with him, you will need to cancel that (in writing) before you can hire a new buyers agent. Now, if you decide to submit an offer on a property he showed you, he may be entitled to the commission since he would be considered the 'procuring cause' of you purchasing the property.

Shanna Rogers
SR Realty
0 votes
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