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mikeandjess
LIF Adult
Member since 10/07 2278 total posts
Name:
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I think I hate my REA
I don't know if she's being real or negative. We sold our co-op, we're in contract, we have a mortgage commitment, our buyers have a mortgage commitment, we're approved for that FHA loan where you can put 3.5% down. The only thing that could go wrong is if our buyers don't get approved by the board b/c we're in a co-op. However, our board is so lenient I really don't think it'll be a problem. Our agent tells us that we can't put an offer on a house and we have to look for a place to rent first because no one will take our offer with less than 10% down and no one will want to sell to us contingent on the sale of our home. I get what she's saying but why can't we look and try to put in offers? What if someone does accept them? The thought of moving twice is really not appealing to me. If I have to I will but I'm really trying to avoid it. Does what she's telling us sound right? I'd hate to go by her opinion only especially since I don't fully trust her.
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Posted 9/15/09 9:46 PM  |
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Jessah
I love my dogs :)
Member since 2/08 1344 total posts
Name:
Jess
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Re: I think I hate my REA
Jess do you want to stay with her? our REA is amazing and he will work with you. He is actually a suffolk cop also and thats how we know him. He is awesome and has helped a few of our friends
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| Posted 9/15/09 9:49 PM |
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Re: I think I hate my REA
shes correct in WARNING you about the home sale contingency when you make any offers. but with that said, it shouldnt stop her from taking you out to see houses since you have an approval for an FHA loan. considering theres only 1 step left for your buyers to get your co-op, it sounds like a pretty solid deal.
if she insists on not taking you out, find another realtor. its still a buyers market, so for you to rent and not buy while rates and prices are still down would be silly. theres no harm in looking.
Message edited 9/15/2009 10:35:41 PM.
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| Posted 9/15/09 10:34 PM |
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mikeandjess
LIF Adult
Member since 10/07 2278 total posts
Name:
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Re: I think I hate my REA
Posted by TeamBurns
Jess do you want to stay with her? our REA is amazing and he will work with you. He is actually a suffolk cop also and thats how we know him. He is awesome and has helped a few of our friends
thanks jess but she wouldn't work with us unless we signed an exclusive agency agreement so we can't work with anyone else. I feel so suckered.
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| Posted 9/15/09 10:45 PM |
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Karen
Just chillin'!!
Member since 1/06 9690 total posts
Name:
Karen
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Re: I think I hate my REA
Honestly, I think she is being very realistic. With only 3.5% down and having to sell the co-op first, you are not going to be an attractive buyer to sellers. There are just too many variables that can cause your deal to fall through.
Do you have to sell the co-op to get your mortgage, or can you swing both?
If you really want to look, I would just start going to open houses, but letting those agents know you are working with someone already so that there is no trouble down the line. I can understand why your agent doesn't want to spend her time showing you houses.
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| Posted 9/16/09 7:34 AM |
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: I think I hate my REA
Posted by mikeandjess
Posted by TeamBurns
Jess do you want to stay with her? our REA is amazing and he will work with you. He is actually a suffolk cop also and thats how we know him. He is awesome and has helped a few of our friends
thanks jess but she wouldn't work with us unless we signed an exclusive agency agreement so we can't work with anyone else. I feel so suckered.
oh, you did get suckered. i am sorry!!!
did you sign a buyers broker contract?? if you only signed a contract for her to be your listing agent, then you are fine, you can use whomever you want. but, you can always ask for her to rip up the contract. i forgot the term they use for it.. unconditional release, or something with the word "unconditional"
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| Posted 9/16/09 7:38 AM |
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: I think I hate my REA
Posted by Karen
Honestly, I think she is being very realistic. With only 3.5% down and having to sell the co-op first, you are not going to be an attractive buyer to sellers. There are just too many variables that can cause your deal to fall through.
Do you have to sell the co-op to get your mortgage, or can you swing both?
If you really want to look, I would just start going to open houses, but letting those agents know you are working with someone already so that there is no trouble down the line. I can understand why your agent doesn't want to spend her time showing you houses.
Oh! and to agree with this... i sold my house and moved in with my parents to 1- save, 2- be a NON contigent buyer. it is unattractive.
i was a seller not too long ago and that would have been a deal breaker for me.
the 3.5% down is also risky, but i will be one of those buyers soon. but, i will not stop looking, and my agent will not stop taking me out.
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| Posted 9/16/09 7:40 AM |
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MrsFab
this is bliss.......
Member since 10/08 1234 total posts
Name:
Mb
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Re: I think I hate my REA
I dont see what the harm is in looking at houses even though you havent gotten formal approval... and honestly in this market- I think you have a good chance of a seller taking your offer seriously- the one thing that she is right about is that you will have to put in the contract "contingent upon the sale of the coop"
however, that is for the lawyers and that should not be presented in her offer anyhow- that would come in at contract
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| Posted 9/16/09 8:20 AM |
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Sparkyandang
LIF Adolescent
Member since 5/08 766 total posts
Name:
Ang
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Re: I think I hate my REA
The only time I had an issue with being an FHA loan buyer was when the other possible buyers were paying cash. Even though our offer was slightly higher they went with all cash. Can't say I blame them.
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| Posted 9/16/09 8:26 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: I think I hate my REA
Posted by mikeandjess
thanks jess but she wouldn't work with us unless we signed an exclusive agency agreement so we can't work with anyone else. I feel so suckered.
I am going through the same thing (sort-of) so I can help you.
I was working with a buyers agent, and I believe I signed one of these as well (stupid move - will never do it again).
Anyways my story: I started seeing houses with this agent. She lolli-gagged the entire process. Took forever to schedule houses. Cancelled appointments on me four times. And more importantly (like you) told me I "should wait" and "put my house search on hold".
My agent felt that I should "see what happens with my current house for sale" before I continue looking because like you said my agent said most sellers wont take houses on contingency, blah blah blah. But in my situation, I was pre-approved up to 450k to CARRY BOTH HOUSES at the same time. So any offer I made up to 450k wouldn't have had a contingency, but whatever.
She was really pissing me off. She actually had the nerve to get upset when I told her I wasn't giving her the listing to my house (mainly because well - she sucks as an agent).
The guy I gave my listing to... sold my house on the FIRST showing, on the FIRST appointment, to the FIRST couple that looked at it. He came on on Labor Day Sunday to take this appointment and show the house (something I KNOW my prior agent wouldn't have done). I am now using my listing agent to show me houses because well... he deserves it. So my prior agent now looks like a donkey's azzzzz because she never believed I had the money. My house is now in contract and i'll be putting 25% down on any house I see. She just lost a sale.
Anyways... now to the important stuff... this is what you want to do if you signed a buyer's exclusive agreement.
First off... stop dealing with the agent. Most likely the agent is only a broker associate. You want to speak to their boss at their company, the actual BROKER.
Tell the broker that you are not happy working with this agent and that he/she does not have your best interest. I don't care what situation you are in, any agent that says it's best to wait DOES NOT have your best interest. She is a real estate agent, not a financial advisor. If you want to see houses, she should be showing them to you.
Ask the broker for a "uncnditional termination to buyers agency agreement" faxed to you ASAP. Do you have emails / voicemails from this agent saying its best to wait? I did... and that pretty much led to her doom. The broker was actually surprised at her associate's conduct.
If the broker does not agree to this, get your real estate attorney to demand it (either by phone call or in writing). If they still won't give you this agreement, tell them you will report them to the State which will mess with their license. If you threaten to report them, they will most likely grant this.
Once you have this termination of buyers agency release, you will be good to work with another agent.
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| Posted 9/16/09 9:13 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: I think I hate my REA
Posted by Karen
Honestly, I think she is being very realistic. With only 3.5% down and having to sell the co-op first, you are not going to be an attractive buyer to sellers. There are just too many variables that can cause your deal to fall through.
The agent is being lazy and feels she is not "worth her time". Thats a load of BS.
The agent can't have it both ways IMO. She wants an exclusive agreement, but also only wants to put the time and effort in when its convenient (and financially lucrative) for the agent.
Either show the houses, or grant the buyer agency release.
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| Posted 9/16/09 9:17 AM |
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: I think I hate my REA
Posted by MrsFab
however, that is for the lawyers and that should not be presented in her offer anyhow- that would come in at contract
Not entirely true... when i was selling my house, this information was given to me when an offer was presented. the buyer would certainly have this information in the contract though ...
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| Posted 9/16/09 9:22 AM |
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Karen
Just chillin'!!
Member since 1/06 9690 total posts
Name:
Karen
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Re: I think I hate my REA
Posted by ave1024
Posted by Karen
Honestly, I think she is being very realistic. With only 3.5% down and having to sell the co-op first, you are not going to be an attractive buyer to sellers. There are just too many variables that can cause your deal to fall through.
The agent is being lazy and feels she is not "worth her time". Thats a load of BS.
The agent can't have it both ways IMO. She wants an exclusive agreement, but also only wants to put the time and effort in when its convenient (and financially lucrative) for the agent.
Either show the houses, or grant the buyer agency release.
I see what you are saying, but realisticallly, how successful are buyers going to be with only 3.5% down AND a contingency to sell? Now, if the OP said they could handle both mortgages, I would 100% agree with you. But if the agent has two buyers - one in this situation and one ready to go, where should she spend the most time? Why should the agent spend time (ie money) showing houses where there is little to no chance of an offer being successful??
I agree with you about the release, but I still don't think that's going to change anything. I doubt any agent is going to be super eager to show a house with so little down and a contingency, IMO.
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| Posted 9/16/09 9:30 AM |
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mikeandjess
LIF Adult
Member since 10/07 2278 total posts
Name:
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Re: I think I hate my REA
Posted by ave1024
Posted by mikeandjess
thanks jess but she wouldn't work with us unless we signed an exclusive agency agreement so we can't work with anyone else. I feel so suckered.
I am going through the same thing (sort-of) so I can help you.
I was working with a buyers agent, and I believe I signed one of these as well (stupid move - will never do it again).
Anyways my story: I started seeing houses with this agent. She lolli-gagged the entire process. Took forever to schedule houses. Cancelled appointments on me four times. And more importantly (like you) told me I "should wait" and "put my house search on hold".
My agent felt that I should "see what happens with my current house for sale" before I continue looking because like you said my agent said most sellers wont take houses on contingency, blah blah blah. But in my situation, I was pre-approved up to 450k to CARRY BOTH HOUSES at the same time. So any offer I made up to 450k wouldn't have had a contingency, but whatever.
She was really pissing me off. She actually had the nerve to get upset when I told her I wasn't giving her the listing to my house (mainly because well - she sucks as an agent).
The guy I gave my listing to... sold my house on the FIRST showing, on the FIRST appointment, to the FIRST couple that looked at it. He came on on Labor Day Sunday to take this appointment and show the house (something I KNOW my prior agent wouldn't have done). I am now using my listing agent to show me houses because well... he deserves it. So my prior agent now looks like a donkey's azzzzz because she never believed I had the money. My house is now in contract and i'll be putting 25% down on any house I see. She just lost a sale.
Anyways... now to the important stuff... this is what you want to do if you signed a buyer's exclusive agreement.
First off... stop dealing with the agent. Most likely the agent is only a broker associate. You want to speak to their boss at their company, the actual BROKER.
Tell the broker that you are not happy working with this agent and that he/she does not have your best interest. I don't care what situation you are in, any agent that says it's best to wait DOES NOT have your best interest. She is a real estate agent, not a financial advisor. If you want to see houses, she should be showing them to you.
Ask the broker for a "uncnditional termination to buyers agency agreement" faxed to you ASAP. Do you have emails / voicemails from this agent saying its best to wait? I did... and that pretty much led to her doom. The broker was actually surprised at her associate's conduct.
If the broker does not agree to this, get your real estate attorney to demand it (either by phone call or in writing). If they still won't give you this agreement, tell them you will report them to the State which will mess with their license. If you threaten to report them, they will most likely grant this.
Once you have this termination of buyers agency release, you will be good to work with another agent.
thank you, this was very helpful.
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| Posted 9/16/09 9:31 AM |
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MrsFab
this is bliss.......
Member since 10/08 1234 total posts
Name:
Mb
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Re: I think I hate my REA
Posted by rkoenke
Posted by MrsFab
however, that is for the lawyers and that should not be presented in her offer anyhow- that would come in at contract
Not entirely true... when i was selling my house, this information was given to me when an offer was presented. the buyer would certainly have this information in the contract though ...
sorry but it is true- I have been a rea for over 6 years. It is not necessary to put the coop contingency information in the offer- the seller may question if there is a property, but obviously when the agent presents the offer to the seller's agent/seller- they should talk about how she is pre-approved for a mortgage of x and that they can close within x- nothing has to be said about a property being sold- thats contract information.
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| Posted 9/16/09 9:37 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: I think I hate my REA
The downpayment, contingency stuff, and timeframe to close are three items usually presented with the offer.
But as the above poster (realtor) says, the contingency can be left out of the binder as it really is a contract item.
However I will say that if a realtor presented an offer to me and said there was no contingency, and then a contingency "popped up" in the contract, I would consider that a "slimey move" by the buyer's RE.
As a seller, I would make sure my listing agent found out at binder if the buyer had a contingency or not, definitely before I accept the offer.
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| Posted 9/16/09 10:59 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: I think I hate my REA
Posted by Karen
I see what you are saying, but realisticallly, how successful are buyers going to be with only 3.5% down AND a contingency to sell? Now, if the OP said they could handle both mortgages, I would 100% agree with you. But if the agent has two buyers - one in this situation and one ready to go, where should she spend the most time? Why should the agent spend time (ie money) showing houses where there is little to no chance of an offer being successful??
You are assuming the rest of the offer is apples to apples.
There are plenty of sellers out there in no rush to sell and are willing to wait to get "their price". Believe me I know as I am dealing with these unrealistic sellers right now.
So if the person offering 3.5% down has the highest offer, the seller could just be all about the money and wait it out.
This is exactly the reason why the RE in question is wrong for telling the buyer they need to wait. Lazy lazy lazy!
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| Posted 9/16/09 11:02 AM |
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: I think I hate my REA
Posted by ave1024
However I will say that if a realtor presented an offer to me and said there was no contingency, and then a contingency "popped up" in the contract, I would consider that a "slimey move" by the buyer's RE.
Right, and i would think that my listing agent wasn't really looking out for my best interest either.
Message edited 9/16/2009 11:17:21 AM.
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| Posted 9/16/09 11:17 AM |
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mandasue
LIF Adolescent
Member since 3/09 772 total posts
Name:
Amanda
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Re: I think I hate my REA
sorry you are dealing with this and i wish you luck in house hunting!!!!!
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| Posted 9/16/09 12:01 PM |
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headoverheels
s'il vous plaît
Member since 6/07 42079 total posts
Name:
LB
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Re: I think I hate my REA
Posted by mikeandjess
I don't know if she's being real or negative. We sold our co-op, we're in contract, we have a mortgage commitment, our buyers have a mortgage commitment, we're approved for that FHA loan where you can put 3.5% down. The only thing that could go wrong is if our buyers don't get approved by the board b/c we're in a co-op. However, our board is so lenient I really don't think it'll be a problem. Our agent tells us that we can't put an offer on a house and we have to look for a place to rent first because no one will take our offer with less than 10% down and no one will want to sell to us contingent on the sale of our home. I get what she's saying but why can't we look and try to put in offers? What if someone does accept them? The thought of moving twice is really not appealing to me. If I have to I will but I'm really trying to avoid it. Does what she's telling us sound right? I'd hate to go by her opinion only especially since I don't fully trust her.
this wasn't the case for us (as buyers) - our sellers waited until we were in contract, and then they started looking for a house and went to contract before we closed on the house they were selling.
it all worked out really well. but there was an overlap of about 10 days where they stayed in the house. i am assuming you could do the same in your co-op. i would definitely be looking at palced now - you're kind of running out of time if you don't want to rent 
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| Posted 9/16/09 12:10 PM |
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mikeandjess
LIF Adult
Member since 10/07 2278 total posts
Name:
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Re: I think I hate my REA
thanks for all the advice ladies. I appreciate it. I do have to correct some of the comments though. We were approved for the FHA loan but we wouldn't be putting only 3.5% down, it'd be closer to 10% but we can't quite swing 10% and our agent is detering us from making offers since she believes no one will want a buyer that puts down less than 10% down.
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| Posted 9/16/09 12:41 PM |
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: I think I hate my REA
Posted by mikeandjess
thanks for all the advice ladies. I appreciate it. I do have to correct some of the comments though. We were approved for the FHA loan but we wouldn't be putting only 3.5% down, it'd be closer to 10% but we can't quite swing 10% and our agent is detering us from making offers since she believes no one will want a buyer that puts down less than 10% down.
This is the exact reason that she should be canned!
Sorry you are going through this!!
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| Posted 9/16/09 1:02 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: I think I hate my REA
Posted by mikeandjess
thanks for all the advice ladies. I appreciate it. I do have to correct some of the comments though. We were approved for the FHA loan but we wouldn't be putting only 3.5% down, it'd be closer to 10% but we can't quite swing 10% and our agent is detering us from making offers since she believes no one will want a buyer that puts down less than 10% down.
that's just plain silly....even with 3.5% down if it's enough to get the loan approved- it's enough to look at homes
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| Posted 9/16/09 1:46 PM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: I think I hate my REA
Posted by mikeandjess
thanks for all the advice ladies. I appreciate it. I do have to correct some of the comments though. We were approved for the FHA loan but we wouldn't be putting only 3.5% down, it'd be closer to 10% but we can't quite swing 10% and our agent is detering us from making offers since she believes no one will want a buyer that puts down less than 10% down.
I have actually heard this too, but I too feel like its BS because the banks aren't going to accept 3.5% down if it wasn't enough. I don't get it. *supposedly* we didn't a house because the home owners wanted more then 3.5% down
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| Posted 9/16/09 1:51 PM |
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