patrick.net

Realtors are Liars.

(sorry, I couldn't resist)

wthrfrk80 says

Realtors are Liars.

(sorry, I couldn't resist)

+1

Nomograph says

Sounds like you either got outbid or someone else presented a stronger offer (i.e. all cash or bigger downpayment).

This is the way business works. Frankly, she sounds like the kind of agent you want on your side. The kind of agent you DON'T want is one who shows the other side all your cards.

No this is not the way the business works. I wouldn't want to be on her side. A cheat is a cheat. She would never work in your interest.

Offcourse she got a higher offer but then she should not have said that we have accepted our offer. She should have said that "WE WILL REVIEW YOUR OFFER ON SUNDAY".
Getting outbid is not new or something that happened to me for the first time.

interesting story here, have same sort of sitch going in SLC

anyone have suggestions for a 'sure fire' way to get out of a buyer's agent contract?

with the jerk we've been dealing with, my sense is that i cant trust a word that comes out of his mouth - it started with the statement "in all my years in RE (all 9 of em, apparently) there's never been a better time to buy"

i mean really - havent they all been saying this like forever?
(esp since 2007, even more emphatically during the tax credit boondoggle a couple years back)

how do i get out of the buyer's agent contract?
would sooner pass up the chance of a 'buy of a lifetime' than see this jerk collect a dime on a commission

any help or ideas on this greatly appreciated - am sure this topic is of interest to lots of others lurking here at pats place (best source of RE knowledge seen anywhere online)

I agree with Nomo. This is the way the system works. Sure, she may have "accepted" your offer, but obviously she accepted a few others as well. You don't say whether or not you had written a check for the realtor to show ernest money either. It sounds like this realtor is taking the best offer she can get for her client and that's what she's supposed to do. From reading your rant above it sounds like this is your first house buying experience, so maybe this will have you more prepared if you decide to make another offer in the future. The one with the most cash, least contingencies, shortest escrow wins, and that's how I play the RE game.

Your first mistake was to believe what she was saying. I mean,you are so naive.

lurking says

I agree with Nomo. This is the way the system works. Sure, she may have "accepted" your offer, but obviously she accepted a few others as well. You don't say whether or not you had written a check for the realtor to show ernest money either. It sounds like this realtor is taking the best offer she can get for her client and that's what she's supposed to do. From reading your rant above it sounds like this is your first house buying experience so maybe this will have you more prepared if you decide to make another offer. The one with the most cash, least contingencies, shortest escrow wins and that's how I play the RE game.

Lurking, I would disagree. She is a cheat. Taking best offer is understandable. That is her right and in the best interest of her client. But if you read my post clearly, she DID NOT say that she will be reviewing the offers. She told us that ours was the only and the best offer and they have ACCEPTED IT. I had even given the check for earnest money. She kept us in dark on purpose while accepting and waiting for offers.
I have made other offers as well and agents never did this. They tell they have other offers and they will review offers on such and such date. I have lost bids many times. So it is not new to me. What she did shows her character.

bubblesitter says

Your first mistake was to believe what she was saying. I mean,you are so naive.

You are right. Probably my mistake but when she kept saying "she is sending the contract anytime" and did not send, I had suspicion on her motives...

69c3 says

how do i get out of the buyer's agent contract?

You should consult a lawyer for a "sure fire" way to get out of a contract, and with that said and out of the way, I'm assuming that you have an interest rate lock and an inspection contingency. You need to read the contingency language very carefully to double check what you and your realtor put in the contract. You may have put other items in contingency as well. Either one of these contract items are probably going to give you some sort of out. I have purchased many properties and just about every one of them either had some defect of some sort that needed to be repaired and that could have been an out per the contract, but I always went through with the purchase anyway because I liked the property and it was a fair deal.

Well this is the outcome of using a buyers agent.
Next time contact listing agent directly so they can flush the other offers in order to double dip commission. Its SOP in RE to do this.
They WILL let a buyer with a buyers agent buy thier listing (the owner doesnt own the listing the agent does, its in the listing contract) but this will happen if there are zero other offers AND/OR its a high offer.

Live and learn.

You want to buy something and add 3% to the price by including an extra unnecceary agent? You will have to pay at least 3% more.