I signed a Contract with a buyers agent And realized that she has NO CLUE about what she's doing. I want to Cancel. isn't there a 3day

Newhomeowner
Home Buyer
Rockford, IL

Yesterday, 16:17 - Home Buying in Chicago - 22 answers

window in IL She didn't give me my paperwork (Signed contracts or submitted offer on a Home that has been screwed up and I may have lost out on it now) .. She told me that she would be at work at 4pm today to fax or email me the paperwork but I believe she's buying time so that I'm forced to accept her as a Realtor. After she made a Sly call behind my back (after I left her office) then was caught in a lie about it. I know that I will not use her. Is there a fast way to cancel my buyers agent contract with her ( a 3 day clause or something) ? Also I still want this particular property. I will need to withdraw my origional contract that I realized now was written wrong. How will I be able to submit a more correct offer without any knowledgable agent being sued?

Newhomeowner, As I read your question I'm wondering did you sign an exclusive buyers agreement and signed a real estate contract. If you only signed one offer and it was a contract to purchase then you would need to rescind your offer in writing and move on. However, if you signed a buyers agreement and a contract to purchase you need to contact the listing broker because all contracts are between you and the broker of record (not the real estate agent) in addition the agreement is a unilateral agreement therefore it needs to be a mutual consent to cancel. To answer your question no there isn't a 3 day right to rescission unless you did not receive a Real Property Disclosure Report at the time of making an offer and once you did receive one the form shows defects. It might be advantageous to take your time with moving forward and insure you are not responsible for paying multiple agents in addition you do not want more than one agent to believe they are the procuring cause of the sale. All sales agents aren't REALTORS. REALTORS are licensed sales agents or brokers who are members of the National Association of REALTORS and adhere to the Code of Ethics. 1) Get a mutual cancellation of the exclusive buyer agreements. 2) Rescind your original offer. 3) For trained buyers agent check out: http://rebac.net/.

Honestly I'm reluctant to get preapproval at this point as I haven't begun looking and don't know if I will buy in the next 1-3 months. I would be happy to get pre-qualified or provide financial information to my agent so he can feel comfortable that I'm looking in the right range but right now I just want someone to show me the possibilities so we can feel confident about taking the next step. Am I better off just calling listing agents myself?

Bd,

Because you are seeking a "buyers agent" it is the duties of the agent to first discuss agency with you and their responsibilities including: obedience, loyalty, disclosure, confidentiality, accountability, and reasonable care. But more important they owe you honesty. Due to the fact that most REALTORS have no formal training in pre-qualifications, DTI, LTV or the likes it would be unfair to you for them to just show you properties to show them to you. Your FICO score often dictates your interest rate which is a huge factor in how much you can or can not afford. Do you already own a home? What are your reserves? What % of your income comes from commission? The list of questions go on and on and on.

Because I owe consumers, customers, and clients honesty, Honestly you need to get PRE-APPROVED.

Get APPROVED.