Getting out of buyer's agreement - Posted by Bill(PA)

Posted by Bill¶ on December 13, 2001 at 22:45:16:


Getting out of buyer’s agreement - Posted by Bill¶

Posted by Bill¶ on December 12, 2001 at 22:35:52:

Hi all,

I’m about to submit my complaint on the agent I just had a bad experience with. Before I do that, though, I want to make sure that I am not bound to him in any way.

As he was steamrolling me through paperwork, I believe I signed a buyer’s agent contract for 1 year. Although you can’t even see me, I’m thoroughly embarrassed to admit that I agreed to sign this when it happened. Don’t ask why. I must have been smoking crack. Regardless, I’m fairly certain that I did.

I remember reading a post somewhere where someone mentioned a buyer could get out of their contract with written notice. Is this true? How would I go about checking to make sure it has been terminated?

Thanks for any help in advance,

PS-By the way, I’ve since found another agent who has been very accomodating and never mentioned an agreement. I’d like to start business with him ASAP once this is finished.

Re: Getting out of buyer’s agreement - Posted by Dave Holls

Posted by Dave Holls on December 14, 2001 at 24:27:06:

Well, you are most certainly entitled to copies of any paperwork you signed. Just call up the company he worked for and ask to talk to the Broker/Manager. Tell him your situation and explain you want to know if you signed a Buyer’s Agency agreement, and if it is still in effect. If it is just ask to be released from it, there may be a release from they will want you to sign. There should be no problem getting out of it if you talk to the Broker/Manager. They absolutely don’t want any bad publicity. That sticks around for a long time.

Now, I certainly don’t know your experiences, but I would say that a Buyer’s Agency agreement is only as good as the Realtor you sign it with. I mean if the Realtor is not going to put forth the effort than it serves no purpose. If you’re not sure if the Realtor will, maybe just sign for 1 month. If the Realtor really does want your business he will definately work hard. If for nothing else, he will want you to resign with him next month while he trys to find what you’re looking for. After all, he gets paid nothing if he can’t find you something.

Besides, it is important to remember, and may be pertinent to your situation, that when you enter into a Buyer’s Agency agreement that Realtor owes all of his fiduciary duties to you. He has certain responsibilities that are spelled out in the contract. If he is not following them, than you have no problem getting out of it.

It’s unfortuante that Buyer’s Agency gets a bad rap, but much of it has to do with agents that don’t really understand how much differant it is. A majority of agents working today were around before Buyer’s Agency was formed in most states, so they just do business as usual. The only way they will learn is either they get in trouble by not living up to their responsibilities, or they get left behind and eventually leave the business when the customers go to more competant Realtors. It is unfortuante because Buyer’s Agency can be a great tool when made with a hard working, trustworthy Realtor.

Well, enough dreaming, I hope this helps. If you want some more info, just let me know.

Re: Getting out of buyer’s agreement - Posted by Nate(DC)

Posted by Nate(DC) on December 13, 2001 at 01:22:47:

If you signed a buyer agent agreement it was probably the standard local board of realtors agreement (if this first agent is a realtor).

If so, ask the new agent to give you a copy of that form. You’ll be able to see what the termination provisions are. Then follow them.


Re: Getting out of buyer’s agreement - Posted by brian

Posted by brian on December 13, 2001 at 24:06:23:

when i first began looking at properties i ran into an agent who wouldnt show me anything w/out signing an agreement, i thought this was typical so i too signed it.

luckily i signed my personal name, not my corp. name. so i just made sure that any paperwork i filled out w/ the new agent i began using had my company name and not personal.

good luck

Re: Getting out of buyer’s agreement - Posted by Bill¶

Posted by Bill¶ on December 14, 2001 at 01:13:31:

Thanks for the advice. I will contact the broker in charge and make sure I can get released from the agreement. The agent really is a sleazy guy and I don’t want any ties to him whatsoever.

Thanks for the help,