We have been looking to purchase a home outside of Metro Detroit, and have been using a family friend as our Realtor. Through 4 months we have looked at over 50 houses and lost out on several purchases that we put PAs on. Lately the Realtor does not seem very motivated to respond to our inquiries to look at houses on the weekends when we have time, and most recently has been very slow at any correspondence.
We currently have a back-up offer on a short sale, but not sure if or when the bank could consider it. My question is that if we decide to change agents, will we be forced to rescind our offer, or can we talk with the listing agent and have the offer modified? I hate to change agents but I need someone more aggressive and willing to show houses at our availability.Can I change Realtors while I have an active purchase agreement on a short sale?You have a contract. You can change agents, but NOT brokers. The contract is with the broker. Callthem up and ask to be reassigned. It happens a lot and will not be a big deal.Can I change Realtors while I have an active purchase agreement on a short sale?You should be able to go ahead and switch agents without a problem. However, you should have your new agent contact the bank that you have submitted the backup offer to so that they know to contact the new agent, not the old one. It's possible that you may have to withdraw your current contract and fill out a new one with the new agent, but since your original one hasn't been accepted it shouldn't be an issue.
The only problem that you may have with switching agents is if you signed a contract with your current agent. If you did, you should read it carefully. Most agent contracts include a clause that if you purchase a home through a new agent that was shown to you by your old agent, you must still pay the old agent his/her commission. The same may be true for any home shown to you by the old agent. If this is the case for you, I would withdraw the backup offer. At least that way you won't owe anything to your old agent.Can I change Realtors while I have an active purchase agreement on a short sale?If you have been using a family friend as your Realtor, now is the time to be frank that you no longer wish to mix family and business.
Make it clear that he/she needs to follow up on the short-sale offer and if something cannot be decided in let's say, two weeks, then have your Realtor retract the offer. Have your Realtor also give you a release from your buyer's agency agreement, then find another Realtor.
YOU CANNOT (with any Realtor, family or not), cut someone out of the transaction. You can't cut your ties with your relative and then go behind their back and work out something with the listing agent for the short sale house.
1. That's dishonest.
2. You'll get screwed...the listing agent looks out for the seller, not you.
3. I would hate to have you give your relative grounds to sue you for their commission.Can I change Realtors while I have an active purchase agreement on a short sale?Are you only looking at short sales or foreclosures? I wouldn't blame the real estate agent for you *losing out* on your bids regarding those properties. They are probably either being left to go to foreclosure because the bank isn't accepting any of the offers, or they are being scooped up by investors who have cash.
Is your agent a specialist in short sales? You do know they take a long time to close, and I would say being a *back up offer* on a short sale isn't very close to being accepted. The chances of you finalizing that deal are probably 10 to 1, and not in your favor.
Have you signed any agreement with this agent? If so, you would have to ask them to release you from it. If not, you are free to work with whomever you like.
You can rescind your offer on that short sale, but if you submit it again under a new agent, you might be in trouble with agent #1.Can I change Realtors while I have an active purchase agreement on a short sale?I don't know what you mean when you say you %26quot;lost out on several purchases%26quot; - just because you wrote an offer does not mean you lost out. Your offers obviously have not been good ones if you have not had an acceptance.
What I suspect the problem is: You are unrealistic and your Realtor/family friend feels that you are going to continue to waste everybody's time. This is a guess, but if you have seen 50+ houses, wrote multiple offers and are still in the batter's box swinging away, you are probably not in touch with the realities of your market.
At this point, you should at least have a discussion with your current Realtor. If everyone decides to not work together any longer, so be it. But if you end up buying the house you currently have an offer submitted on, you are going to owe this person a commission as they are the precuring cause for you putting an offer in on the house. Even if you find someone you feel is %26quot;more aggressive%26quot; this person cannot make a bank accept your offer.Can I change Realtors while I have an active purchase agreement on a short sale?In response to Godged's answer below: %26quot;Your offers obviously have not been good ones if you have not had an acceptance.%26quot; If the purchaser has bid 17k over asking do you think this comment still applies? It's hard to know if your offer is good when it really is a guessing game - I just %26quot;lost out%26quot; on a home even though my offer beat 2 other bids! They looked at conventional vs. FHA plus the guy that got the house put a whole lot of money down.
