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Question:

Can I terminate a contract w/ real estate agent?

I am a buyer, I live in California, my real estate agent ask me to sign a "Buyer Representation Agreement" (Form BRE from California Association of Realtors) with her. I am afraid I will be ripped off by the contract, so I would like to know:1. For buying a house, is it normal to sign a contract w/ your agent?2. My agent ask for a 6 month contract, is it too long?3. If I sign the contract then later I am not satisfied with her service, can I terminate the contract before it's expired without penalty?4. She said by the contract, I can't buy any property from any other agent which she's showed first. Does that mean I can still ask other agents to show me houses those she didn't (or unable to) show me?Thank you very much for your help and answers.

Answer:

Before you sign a contract like that you need to determine if this Real Estate Agent is someone that you would want to work with. I have been a Real Estate investor for over 40 years in the State of California. I have never used Real Estate Agents because I do not consider them to be adequately trained and they certainly are not sufficiently competent to represent me. Instead I recommend that you contact a Real Estate Appraiser who is a Member of The Appraisal Institute and tell him that you will pay him a fee to advise you on Fair Market Values of Real Estate in the area where you want to purchase. You will get much better results that way. That is what I have done for all of the real estate that I have purchased over the past 40 years.
May 11, 2017
1. For buying a house, is it normal to sign a contract w/ your agent? 2. My agent ask for a 6 month contract, is it too long? 3. If I sign the contract then later I am not satisfied with her service, can I terminate the contract before it's expired without penalty? 4. She said by the contract, I can't buy any property from any other agent which she's showed first. Does that mean I can still ask other agents to show me houses those she didn't (or unable to) show me? First of all, not all people sign with an agent to find a house, but she wants to make sure she gets credit and payment for all the hard work she does for you! Secondly, that is a long time to sign a contract. You can terminate the contract but read the fine print, what does it say about termination? I am sure it addresses that somewhere in the fine print. Why are you asking if other agents can show you a house? Is there some reason why you cant have her show you all the houses you want to see? That is why you hired her in the first place, so she can show you all the houses you want.....unless you are looking at houses that are for sale by owner? Are you unhappy with her for some reason? It sounds like it. Sounds like you are regretting that contract with her. If you don't like her, see if the agency will substitute another agent for her.
May 11, 2017
In this market I would tell your agent to take a walk, read the fine print but highly likely this agreement would tie you into the agent for six months, most likely she would be entitled to a commission on any real estate purchase that was procured during the six months no matter how you find the deal, There are plenty of agents desperate for a sale and will forgo signing the buyers agreement, by not signing the agreement does not mean they do not get a commission on a house they show you, it just means if while they are showing you places, you come across a FSBO or such and buy it you do not have to pay her a commission,
May 11, 2017
I was a realtor. I hated it when i took people out to see houses, spent hours and hours looking for houses for them, only for them to blow me off, ignore my calls, and buy a house with someone else (sometimes the one i suggested). i make no money but spent hours with them. the buyers agreement just gives you, the buyer, and the realtor a defined set of responsibilities. they have to represent you honestly and fairly, and you should be loyal to them. you can terminate the contract at anytime, as long as you do it in writing and both parties are in agreement. my advice is to have some morals and don't buy a house from someone who didn't first introduce you to the property. if you want to use someone else, write a small check or give a gift certificate depending on the amount of time and effort they put in with you. i would be delighted if people did that for me. as a buyer, it doesn't cost you any out of pocket money for your realtor's work. i stay stick with the realtor you chose unless they are not doing anything at all. even when you want to look at property or have questions, call them first. there is really not that much to being a buyers agent, just help them find a house and get through the process. no need to jump from realtor to realtor, maybe you are being an unrealistic buyer (that's hell for realtors, everyone wants something but doesn't want to pay for it).
May 11, 2017
Six months is a bit long in the tooth for tying up your house after at least three months I would ask to get out of this contract I would explain that you are not satisfied with their company as your house is not selling~so keep the pressure on them until they let you off of this contract. you are not the first nor last person to be disstisfied with agents who love to list homes but don't follow through with proper marketing you house. Good Luck~~just be as firm as they are and they will finally get the message. This agent sounds very *pushy* when she lies down the law about who you can and cannot buy from. Myself I would call her bluff and tell her you have no intentions of her getting the commission if you buy as you have either going to buy from a home owner who is directly selling the home to you (private sale) or you just don't care for her business ethics and high handed manner Threaten to go to the Better Business Bureau if she continue to give you a lot of trouble. Talk to some real estate agens who are competetors of this agen. I am sure they will give you some good advice TOO Don't Sign again until you are satisfied Sin in haste and repent at leisure. Good luck~~we all suffer from Buyers Remorse~~sooner or later.
May 11, 2017

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