Newbie need help -Terminate buyer Agent

6 Replies

I am from Houston and new investor. We recently liked a house and put offer under brand new LLC. The offer didn't get accepted but then i realized later that my real Estate agent made me sign contract with her for a year. I didn't realize then but now as i am working with her more. I realized she has no experience with investment property. I am worried two newbie can create a disaster. Also, she is not available and doesn't put any effort to help me out. I am really need of experience real agent. We opened up LLC before we put offer in our first house. We signed agreement under LLC name. My husband is sole member in the LLC. Now, We decided to purchase our 1st and 2nd properties under my husband name and then move it to LLC. Am i still legally bound with her? On my contract we just have LLC name (My husband sole member) and my email address. Can we use different agent when we buy the properties under my Husband personal name?I am so ready to purchase my first property. Trying to get hold of her to terminate her. Thoughtful suggestion will be appreciated. 

welcome, it is a good idea now to closely read the contract that you signed. 

There may be a out clause you can use, or if there is mutual agreement, you might be able to add an addendum to the contract in regards to exclusivity. 

I would not try to dance around the contract. 2 wrongs doesn't make it right. I am not an attorney, and this is NOT legal advice.

Consult an attorney if you're not comfortable. 

You can use the termination of a buyer/tenant representation agreement (TAR-1503) is the form number.  You can find this on the Texas Association of Realtors site or the TREC website.

@Mamata Sharma . I'm not an Attorney and this is NOT Legal advice, but IMO, if the LLC Signed the Representation Agreement, and you are now buying in your personal name, you are probably TECHNICALLY not bound by the Buyer Representation Agreement.

Here is what I suggest you do: If you are unable to contact Agent / Agent is not responding in a reasonable time frame (whatever reasonable time frame means) contact the Agent's Broker and tell them you want to terminate the Buyer Representation Agreement. 

Originally posted by @Mamata Sharma :

I am from Houston and new investor. We recently liked a house and put offer under brand new LLC. The offer didn't get accepted but then i realized later that my real Estate agent made me sign contract with her for a year. I didn't realize then but now as i am working with her more. I realized she has no experience with investment property. I am worried two newbie can create a disaster. Also, she is not available and doesn't put any effort to help me out. I am really need of experience real agent. We opened up LLC before we put offer in our first house. We signed agreement under LLC name. My husband is sole member in the LLC. Now, We decided to purchase our 1st and 2nd properties under my husband name and then move it to LLC. Am i still legally bound with her? On my contract we just have LLC name (My husband sole member) and my email address. Can we use different agent when we buy the properties under my Husband personal name?I am so ready to purchase my first property. Trying to get hold of her to terminate her. Thoughtful suggestion will be appreciated. 

Go to the broker, take it seriously.

I got burned for $5K plus attorney fees on this one.

EVERYONE will tell you they wont do anything, that no one has ever heard of anyone enforcing those agreements etc.  Well, I am the one. 

 My realtor who was a complete idiot and kept us from aggressively bidding on properties because she didn't know what she was doing (IMO), couldn't give us decent comps on rentals, or repairs etc.  So we were losing out on tons of properties.  Anyhow, she gets sick, disappears for several months, then calls me after we got a property (that she had nothing to do with) under contract and demands her realtor fee.....

Get a release, if your realtor ahs disappeared, get a sign off from the broker.

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