put offers in 6 mos @ max w/no luck. Can I be penalized ($) by agent for putting buying on hold due to change in living sit?

Asked by Mj, Rancho Cucamonga, CA Wed Aug 29, 2012

Can I be penalized by agent?

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Kawain Payne’s answer
Kawain Payne, Agent, Seal Beach, CA
Fri Aug 31, 2012
Mj,

Sorry to hear you had no luck at getting an offer accepted.

This summer was very hard for buyers. With low inventory and an army of well qualified buyers
most properties had multiple offers. Bidding wars became common again.

Not to mention the ever present CASH buyer.

Your agent can not penalized you in any way for deciding to put the home buying on hold.

Best of luck to you!!!!
Kawain Payne, Realtor
0 votes
Sona Gallatin, Agent, Santa Clarita, CA
Thu Aug 30, 2012
What did you agree to when you started out? Best to communicate with your agent and let them know that you have to put buying on hold.
Better to be prepared financially now rather then go into an escrow only to find that it will not work for you financially.

Good luck
0 votes
Dorene Slavi…, Agent, Torrance, CA
Thu Aug 30, 2012
Dear Mj,

You should contact your Realtor immediately to let them know you can no longer purchase. That would be the best thing you can do under the circumstances. There will be no penalty and hopefully when you are ready to buy again, you will consider using the same person.
0 votes
Ken Dorfman, Agent, Los Angeles, CA
Wed Aug 29, 2012
No. Unless you agreed to a penalty clause in advance, no. Anyway, any offer would be contingent on funding. Depending on your change in living situation, you might not be able to buy anyway. Might want to think about a new agent when you're ready to start again.

Ken Dorfman, Broker
Kenneth B Dorfman Real Estate
Los Angeles CA
Ken@TheRealEstateOffice.biz
Phone 888-846-0688
0 votes
Marilyn Jenne, Agent, Los Angeles, CA
Wed Aug 29, 2012
What they said. And if your agent is pressuring you, consider that this would also be the time to explore someone new for the future.
0 votes
Janey Bishop, Agent, Calabasas, CA
Wed Aug 29, 2012
Not unless you have an agreement that states a penalty. Conditions are pretty good right now - low prices, low rates. Don't get frustrated. Find one you like and go for it. As long as you plan on being there 2-5 years you are very likely to be glad you did.
0 votes
Sang and Son…, Agent, Los Angeles CA 90069, CA
Wed Aug 29, 2012
Not unless you have something in writing.
0 votes
Alyssa Fry, Agent, Studio City, CA
Wed Aug 29, 2012
No..that is just the risk buyer agents take.
0 votes
Kathleen Bec…, Agent, Santa Monica, CA
Wed Aug 29, 2012
Hi Mj:

Did you sign any agreement with your agent stating a penalty? If not, then NO!

Good luck!

All the best,

Kat
0 votes
Jane Peters, Agent, Los Angeles, CA
Wed Aug 29, 2012
You are under absolutely no obligation to buy. So no, you cannot be penalized by your agent.
0 votes
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