Buying or Selling a Home/Lease Buyout Program

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Expert: - 5/27/2011


Question
My wife and I are purchasing a new home that is being built. During the initial contract before building I listed a real estate agent (office) in Houston. The real estate agent did not show us any homes, or help us out a bit. They are only listed for lease buyout.

We are about two weeks away from closing. We were suppose to close by the end of May 2011, but it has been extended out.

Since we are moving past the original closing date the real estate agent will be giving us less for lease buyout. The real estate agent does not have to be present at closing, they just have to sign a few papers and get a fat check...sending us a small portion of it.

My question is can I change real estate agents for the lease buyout on the final closing contract? I have found a real estate agent that easier to work with, much more cordial, and would be giving us much more for our lease buyout.

Answer
Hey, Phillip.

My initial response is a no, you're stuck with that agent, but I have no idea what is in whatever contracts you might have signed.

If you don't have time to consult a real estate attorney, at least contact the broker/head of the office where that real estate agent works and let him/her know of your dissatisfaction. However, don't do that until you've also let the agent know of your dissatisfaction and have tried to work things out with him/her. The broker will want to know that you have tried to work things out and have not been able to.

Hope that helps some.

Russel

Buying or Selling a Home

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Russel Ray

Expertise

Through home inspections, I provide an education about real estate. I'm one of those rare home inspectors who has been involved in real estate in many different capacities: as a Realtor (in Texas), as a property investor/flipper, as a teacher, and as a marketing expert (for Realtors and home inspectors). I believe that my experience as a Realtor and property investor provides me with a different viewpoint about home inspections in that I work for my Clients, but when there are other people involved in helping my Clients, then I firmly believe in helping them, too. That includes Realtors (both the seller's and the buyer's), repair professionals (e.g., plumbers, electricians, etc.). If I can get all the players (seller, seller's Realtor, buyer, buyer's Realtor, and repair professionals) playing in the same sandbox together to accomplish goals as a TEAM (Together Everyone Accomplishes More), then I believe I have succeeded in my job as a home inspector. My profession is, in my opinion, much more than simply documenting the condition of a property and then take the money and run. I am also a rare breed in that I don't believe that one inspection fits the needs of all Clients, and I have led the industry in understanding that fact. For example, the goals of a property investor are far different than the goals of someone buying a property to live in. The goals of a seller (a pre-listing inspection) are far different than the goals of a buyer (a pre-purchase inspection). To that end, I offer 14 different types of inspections, e.g., STANDARD, LIST, RENTER, BASIC, MAINTENANCE, SPOT, and more. I believe in giving the benefit of the doubt to all professionals in whatever industry they represent until they prove me wrong.

Experience

Over 42 years in all aspects of real estate--building homes, renovating homes, inspecting homes, Realtor.

Organizations
National Association of Certified Home Inspector, Better Business Bureau of San Diego

Education/Credentials
Graduate of Texas A&M University; College Station, Texas

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