Home Buying in Eden Prairie>Question Details

cathyvs64, Home Buyer in Eden Prairie, MN

Working with 2 realtors.

Asked by cathyvs64, Eden Prairie, MN Thu Jan 31, 2013

I was trying to buy my current home I am renting. It was a short sale and my landlords agent became "my" agent. Kinda of inherited him. now that the deal fell though (landlord pulled out when we finally got approved) I feel obligated to work with him. He doesn't live in my city, (an hour away) and I worry doesn't know area or have relationships with people here. Also he is showing me houses I feel are way out of my price i want to spend. I have been talking to another agent, and he is willing to show me a couple of those cheaper properties. is this totally wrong

Help the community by answering this question:


If you have a buyer agent contract then you are obligated. If not, choose the agent you trust and feel comfortable with.
5 votes Thank Flag Link Sun Mar 10, 2013
We worked with Stevens & Manley and we highly recommend them. Very professional & very experienced.
Flag Thu May 23, 2013
When buying deal with an experienced buyer agent. It will save you money.
Flag Sun Mar 24, 2013
You are not tied to the listing agent of the home you are renting. You can choose the agent you like and trust and know the area. Then you can sign exclusive right to represent buyer agreement. Otherwise you will be tied with dual agency -- and it will be invalid without your specific permission. One other thing to keep in mind is just don't buy any home that your landlord agent showed you. You can give a notice to your landlord's agent and tell the agent that why you don't want to have any relation with them.

Another thing you should keep in mind. This time is the time of multiple offers. So pick a Realtor who is experienced and knows how to handle and offers in such situations.
Web Reference: http://www.HomesInMinn.com
0 votes Thank Flag Link Sat Mar 30, 2013
Hi Cathy,

Great advice below, I have worked with clients who have decided to part ways with their realtor. You most likely signed a contract. You are supposed to to put the offer in on a home.

Be upfront and honest with your current agent, I would start by asking for the contract paperwork if they didnt provide you with copies. Take some time to review that and then share with them your frustrations and concerns. Sometimes it just isnt a fit and good agents will understand that, sometimes it is taken personally. You need to do what is right for you, buying a home is something that you need to have a realtor working for you that understands your needs.

Good luck.

0 votes Thank Flag Link Tue Feb 5, 2013
Hi Cathy,

Chris is right. Seller's can walk on a short sale - they rarely do but sometimes the circumstances put to the homeowner by their lender are just not managable by the homeowner.

The big question for you is - did you sign a Exclusive representation contract with the "landlords" Realtor? If so you are obligated under contract to pay him if you purchase within the time frame and terms of that contract - even if you work with another Realtor. I would suggest you
1. Look for your contract and review it, and
2. sit down and have an honest conversation with him and figure out how to move forward.

That last think you want - and need - is to have to pay two Realtors for buying one property.

Vicki Schwartz
MN Real Estate Options
Broker/Owner/Short Sale Professional
Accredited Platinum Real Estate Professional
Phone: (952) 443-2056
Fax: (952) 236-6429
Cell: (612) 801-2355
Check out our website at http://www.mnrealestateoptions.com for great information on all aspects of real estate, for Buyers, Sellers and Investors
0 votes Thank Flag Link Fri Feb 1, 2013
Thanks, Chris! This is why I leave listing short sales up to the experts like you!!! I appreciate the knowledge~
0 votes Thank Flag Link Thu Jan 31, 2013
Yea Susan in a short sale situation the seller still has a right to back out of the agreement even if the lender OK's it. Lengthy discussion there but it is right in the contract.

I think you have a point on the area. I don't like working the south metro for that exact reason. I am a North Metro guy and that is where I know neighborhoods. If this is something that is important to you then getting the agent that can do this is important.

Ditto on the showings as well. I never can figure out how this happens because you should be pre-approved for financing if you are already looking at houses. Now, I have buyers all the time that still want to buy something lower than that approved amount just because the monthly payment is closer to what they are more comfortable. I simply set up an MLS search with list price at your limit and that way you don't even get higher priced properties.

As I always say our relationship is kinda like a marriage. There needs to be trust and excellent communication to make it work. If you feel that this other realtor will do a better job go for it! Everyone below me has given great answers on how to approach this.

Good Luck and Happy House Hunting!

0 votes Thank Flag Link Thu Jan 31, 2013
Hi, Cathy!
Well, that's just terrible that the other situation didn't work out for you! Not sure that the landlord could make the decision to back away if his bank said it was OK, but I'm sure I don't know the whole story. I just feel bad for you that it fell apart.

Now you're ready to just move on and make it happen. That's the GOOD news!!!!

Can you work with another agent? Good question. My first question would be did you sign a contract for that agent to represent you? That's going to be the deciding factor here. If you did sign a contract, it would be a good idea to approach the agent and just let them know you'd like to cancel the contract. The language on the MN state form contract says it may be canceled by "written mutual agreement". So, both you and the agent should sign something in writing if you want to work with someone else.

If you DON'T have a contract, it would still be a good idea to inform the other agent that you want to work with someone else. I know it's uncomfortable, but it would be best if you do that. Then, if you are feeling really comfortable with the other agent, I would make sure to sign a contract so you can make sure you know that the agent is working for YOU and only for YOU. That way you don't have to wonder if there's been a conflict of interest on who the agent is representing. Believe me, you'll all feel better if you do it this way.

Good luck, Cathy!!!
0 votes Thank Flag Link Thu Jan 31, 2013
Thanks Susan. Actually what happened with the short sale is, the lender wanted a new FHA offer, since mine was 6 months old. We started this in august. The bank drug their feet. So my agent was in the process of submitting that and my landlord called and said he didn't want to sell anymore.....I dont know what happend...why he changed his mind. I do know he was told the BPO amount, and it was higher than either one of us expected. and i guess he decieded to try and catch up his payments, and keep the place.

no, I do not have any kind of agreement with this guy. Just wanted to make sure ethically it was OK to choose someone else now. Thanks for responding!!
Flag Thu Jan 31, 2013
Thanks for asking this question and being concerned for your previous agent's welfare. The answer is, no it's not wrong unless you signed a buyer's agency agreement with that first agent. The fact that the landlord killed the deal was tough on you and your agent. That the agent loses you as a client is tough, but you've given them a fair chance.
Buying more than you can reasonably afford can be dangerous. Working with someone local that hears what you are saying and more importantly respects that is great. If you haven't signed a buyer's agency agreement then go ahead and change agents. Before you go with the next agent you meet however, do some homework, get some referrals and work with someone you can put your trust into. This is a huge investment of you money and your life for several years. Choose the best agent you can to work with and you'll be better off for it.
0 votes Thank Flag Link Thu Jan 31, 2013
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