Expert: Karyn Foley - 6/9/2009

Question
I have a Realtor that was working for Coldwell Banker.  We placed a bid on an REO property and went into Escrow 4/18/09.  We have had to extend escrow 2 times because of repairs the seller needed to complete in order for us to get the FHA loan.  The escrow ended on June 4th and the seller has not completed repairs.  The realtor stated the seller had not responded to any previous time extensions so what was the point of submitting another extension.  We have not withdrawn the offer.  Shortly after this conversation, the realtor has informed us that she is no longer at Coldwell and has started her own company.  She has encouraged us to put bids on other properties and "do nothing" with the first property.  She would inform them that we are still interested and see if they make the needed repairs.
1.  We have the cashiers check with the Escrow company on the first house.
2.  We have submitted 2 regular checks  made payable to the other two properties we made offers to this week.
Question, since the realtor is no longer working for Coldwell Banker and the original contract  was written while she was an agent for Coldwell, can she continue to represent us on this property? OR Is that why she has stopped actively pursuing this property?
If we want to continue with the property, is it too late for us to pursue now that we have dropped out of escrow?


Answer
Dear Colleen, I thought I had sent my response but aparently you did ot receive it.  I would suggest that you immediately set up an appointment with your former agent's manager or office owner and explain the situation in which you have been placed due to one of their former agents.  They could either offer guidance, or suggest another, more professional agent who could be of help.  The important thing is that you extract yourself and your money from a deal that was problematic, and will probably continue to be problematic.  I do not have copies of your contract, so cannot comment on who was right or wrong.  I do know, however, that you should get your cashiers check back ASAP.  Once this deal is over, then you can feel comfortable in seeking another home.  It is still a buyers market, and most sellers will go out of their way to attract and keep a qualified buyer.  Move forward in a positive direction with a new representative and a new property.  You may even find that once you do that, the seller of the first property may seek you out finally realizing that a good buyer got away.  Good luck, Karyn Foley