Me and my partner are first time home buyers and everything has been quite daunting. We’ve learned a ton but it feels like there’s just so much we don’t know. So we were hoping to have an expert to rely on to help guide us but it hasnt really been the case.
For all of our bids the seller has requested a final signed contract, and multiple times now the contract our agent has helped draft up had several obvious errors. Which was fine whatever we are thorough readers.
But this last bid he was very confident we would win, we had an escalation clause going 25k over ask. But we had learned on our own, to some extent, the rule of the appraisal gap. When wee asked our agent if this needed to be in the contract he said if the gap was too high and we backed out we would lose our deposit. So when we asked what he meant by this he fully explained the rule and we were pretty stunned. He knew how much cash we had on hand for our deposit, down payment, closing etc. But somehow failed to mention we could be fully responsible for 10s of thousands of dollars of extra cash? I mean we were moments from signing this contract.
It just worried me that there could be similar issues out there that he won’t inform us about as well. It’s also scary that this only came up once we learned of it on our own, and after we had already bid on other homes.
In conclusion, i don’t trust him but he’s a decent dude and he brings his young daughter with him every time we see him. I would just feel so shitty to fire him after months of penniless work.
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source https://www.reddit.com/r/RealEstate/comments/163j8cw/is_it_immoral_to_fire_your_real_estate_agent/
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