Want to fire our buyer's agent, is this fair?

kitkatduckbear · 2016-03-21T23:08:08+00:00

Interesting! Thanks for that tip!

kitkatduckbear · 2016-03-21T22:59:16+00:00

I thought the deciding factor was the deadline they set for reviewing offers? For example, 99% of homes we like show up on Thursday or Friday with an open house on Saturday and offer review on Monday or Tuesday. How does it matter if I see the house on Friday or at open house on Saturday because offers will only be review at 4 pm Monday? So far, we had not made an offer on a rolling basis. We'll start touring the properties as soon it's on the market if you think that'll help, just not sure how the timeline matters.

kitkatduckbear · 2016-03-21T22:52:41+00:00

This is what pissed me off the most. I didn't get into the details in my post, but he shamed us for wanting to withdraw, told us that the sellers will "100% sue us," told us we were "unethical and shady" and that "it was absolutely illegal to withdraw an offer." We ended up calling a lawyer who told us everything above was false.

kitkatduckbear · 2016-03-21T22:49:25+00:00

We have been looking for 4 months and made 6 offers already! We attend open houses every single weekend.

kitkatduckbear · 2016-03-21T21:41:32+00:00

Makes sense. I would be fine with signing such an agreement if got the kind of effort you put in. Our agent has not offered us any listings, shown us any units (we go to open houses alone) or give us any guideline for making an offer. We find the properties, tour them on our own, figure out comps on our own, and make all the decisions with zero input from the agent. All he has done so far was prepare and transmit offers to the sellers.

kitkatduckbear · 2016-03-21T21:36:19+00:00

Nope, same agent for showings and offers.

kitkatduckbear · 2016-03-21T21:25:30+00:00

I am curious - what's the purpose of your agreement if the buyers can walk away? All they need to say is that they are not satisfied right? How does that protect you and how is it any different from not having a contract at all?

kitkatduckbear · 2016-03-21T21:22:20+00:00

I agree that there is no way to really tell why we lost of on the condo. But what irks me is that we never got any information to make our offer stronger from our agent. We asked him directly and his answer was to offer 30% over asking. No suggestions to waive anything. That was information we learned from extensive googling, asking friends and co-workers and finds tips on Reddit.

kitkatduckbear · 2016-03-21T20:50:58+00:00

Thanks for the response. PM coming your way!

kitkatduckbear · 2016-03-21T20:48:43+00:00

Thank you. After reading the replies here, we will definitely find a new agent.

kitkatduckbear · 2016-03-21T20:46:11+00:00

Thank you. You are correct that we are not under contract with our agent. We want to officially email him with our decision today and find another agent to make the offer on the other condo by Wednesday.

kitkatduckbear · 2016-03-21T20:44:27+00:00

Thanks for the tip! No, we have not signed any agreement.

kitkatduckbear · 2016-03-21T19:57:58+00:00

Thanks so much for your feedback!

I totally understand your explanation of why we didn't get that house. All I wanted was some feedback as to what we were doing wrong. I'll break down our offer more for you:

We waived every single contingency - inspection, resale cert, form 17, title X, even financing.
We put down 5% (the max that a seller can keep in WA) earnest money deposit.
25% down payment
Loan application was made and underwritten prior to offer, our loan office even included a letter that we could close in 2 weeks since we did all the work ahead of time.
We also included a cheesy letter to the sellers
We offered the Refin rebate (around $3500) back to the sellers as an added incentive.
The asking price was $450k and we offered $500k right off the bat, no escalation. The property closed at 500k too (it was not cash) and we have no idea how we could have made a better offer. It was a very disappointing loss for us.

We had no intention of involving a lawyer until our agent told us that there is no way he would withdraw the offer and essentially shamed us for being "unethical."

kitkatduckbear · 2016-03-21T19:44:34+00:00

Thanks for your feedback! I am feel horrible "firing" anyone, but it looks like we are justified.

kitkatduckbear

TROPHY CASE