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Getting "Dumped" despite an exclusive buyers broker agreement

let me paint the picture, the market sucks, i am working myself to death trying to get my deals to go through, and battling with lenders, appaisers, underwriters, sellers and everybody else!!

all of a sudden one of my buyers decides to walk from a deal - go behind me and buy a FISBO.

OK - i can handle this, i am professional. i have enough business going on to carry this one, no problem.

about a week later, a school teacher with whom i have been working really, really hard, i had educated her about the local market, i had found her financing, i had taken her all over the state to see properties, i had spent a fortune of time with her, made an offer, the seller countered - she rejected and then went behind me and bought the FISBO next door to a property we had seen together

OK - i can handle this one as well, i am professional. i have enough business going on to carry this one too, no problem? MMMM not sure about that - anyway, i am tough i survived!

and then, a goof friend of mine - had his son under contract, requested some repairs after inspection, seller refused, he pulled out and went and bought a FISBO without me ...

OK - i can handle this, i am professional. i have enough business going on to carry this one, no problem.

but hey - what rights do i have?

if i was a plumber - this could never happen - i could file a lien etc

as an agent, i am afraid to do anything as it would destroy my reputation - i have been told that nobody has ever sued on a buyer borker agreement

i think this is wrong, it is unfair

we are professional people, add value and then get shafted - it happens all too often

anybody else got any ideas??

Posted by Tony du Preez on 09/14/2007 12:51 PM

Comments (9)

buyer broker agreements, buyers going around you, not getting paid

9 Comments on Getting "Dumped" despite an exclusive buyers broker agreement

Tony - Life is unfair - It happens move on. NEXT

You can't let this get you down you now have 2 transactions to make up for. Go get em!!

09/14/2007 12:54 PM

by Rebecca Savitski NC Real Estate Listings (NC List for Less Realty Incorporated)

If there are no repercussions, why even have a buyer-brokerage agreement. I think as long as you have educated yourt clients about what they are committing to, you should hold the accountable.

09/14/2007 12:58 PM

by Al Maxwell - Real Estate Agent - (Coldwell Banker)

agreed - but is that not exactly the attitude that has caused people to "know" that real estate agents dont mind being shafted?

maybe its time we educate the market or something - i have already moved on but wonder if that attitude is one that shoots our indutry in the foot??

09/14/2007 12:58 PM

by RESE Realty INC.

i must agree with max - and even though i go to pains to explain to my clients, i have still never taken legal action - has anybody? what happened?

09/14/2007 01:00 PM

by RESE Realty INC.

Friends and neighbors are the worse, You are better off getting ones you do not know. Even though you have wrote about two you did not know first then a friend. I try to keep friends out of it unless they come to me then I will and only then I will help them.

09/14/2007 01:04 PM

by Susan Trombley Re/Max Broker Raleigh NC & Surrounding Areas (Re/Max Hometown)

I have not done any legal action. I have showed and showed and still gotten no where when they decide to change. I have thought about putting in the exclusive right to represent a $$$ amount to be given back only at their closing on the HUD-1, but nobody in this area does it and I believe clients would walk.

09/14/2007 02:02 PM

by Susan Trombley Re/Max Broker Raleigh NC & Surrounding Areas (Re/Max Hometown)

you are probably right about that - but would it not be better for us to set the standard? i am not sure why i want to bo the guy that sets the standard though - sounds pretty lonely

09/14/2007 02:10 PM

by RESE Realty INC.

I would be very interested to find out if there are any agents or brokers who have added protective language to their buyer brokerage agreements. Or, if there are any cases where agents have sued clients for going around a buyer brokerage agreement. Maybe this would be a good question to post in the EBA groups.

09/16/2007 01:51 PM

by Dana Hollish Hill, GRI (Buyer's Edge Company, Inc.)

agreed - i will do a new entry right now and lets see what feedback we get

09/17/2007 09:24 AM

by RESE Realty INC.