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#461594 - 06/02/18 12:05 PM Closing on a Home and Our Agent Left the Agency
bmark Offline
Junior Member

Registered: 06/02/18
Posts: 4
Loc: CO
We are closing on a home and when I called our agent today to discuss the inspection report, we were told our agent is no longer with the company. I spoke with a manager for a few minutes and he said we will be working with the owner of the company. Will this complicate the process and any advice? How can we make it easier for our new agent and will our old agent get the commission?
Thanks.


Edited by bmark (06/02/18 12:23 PM)

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#461595 - 06/02/18 01:04 PM Re: Closing on a Home and Our Agent Left the Agency [Re: bmark]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7950
Loc: Vermont's North-East Kingdom
Unless there are aspects of the Inspection Report that only your Agent knows about, it would seem that most of the heavy lifting is done; but it sounds like the transaction was left in capable hands.

You may not know; but the circumstances of your Agent's departure are a bit odd; and I would expect him/her to contact you with reassurances that is the case.

The Agent's Commission "should" not be an issue for you.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#461596 - 06/02/18 01:37 PM Re: Closing on a Home and Our Agent Left the Agency [Re: Vermont]
bmark Offline
Junior Member

Registered: 06/02/18
Posts: 4
Loc: CO
Thanks Vermont,I feel a bit better. The whole situation was very odd right from the beginning of the buying process and I should have not ignored some red flags. I'm actually relived in a way, but a bit nervous at the same time that something might fall though the cracks between the lender and the new agent. I want to give the new broker a few days so he can get everything in order and will try speak with him early next week, but we trust him and it now feels like we have an agent who is on our side. The listing agent works for the same company as our new agent, so I'm sure it will be OK, but this whole process has left me a bit pessimistic and I'm just waiting for something else to go wrong. It's ironic, my wife said last night that she doesn't think our original agent will last long, but I didn't she meant 8 hours later.


Edited by bmark (06/02/18 01:50 PM)

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#461597 - 06/02/18 04:56 PM Re: Closing on a Home and Our Agent Left the Agency [Re: bmark]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7950
Loc: Vermont's North-East Kingdom
Originally Posted By: bmark
". . . listing agent works for the same company as our new agent . . ."

That could be an issue; obviously they (the Brokerage) represented the Seller BEFORE they could represent you and your Wife. Seldom can the same Agency represent BOTH Buyer and Seller.

Did you consider the relieved Agent to have been a Buyer Broker for you ?
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#461598 - 06/02/18 05:43 PM Re: Closing on a Home and Our Agent Left the Agency [Re: Vermont]
bmark Offline
Junior Member

Registered: 06/02/18
Posts: 4
Loc: CO
Yes we did. Is this not common practice to have the listing agent and buying agent work for the same firm? Sorry, very new to all of this.

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#461599 - 06/02/18 07:45 PM Re: Closing on a Home and Our Agent Left the Agency [Re: bmark]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7950
Loc: Vermont's North-East Kingdom
Originally Posted By: bmark
". . . Is this not common practice to have the listing agent and buying agent work for the same firm? . . ."

No; that would constitute Dual Agency which is prohibited in many jurisdictions. Colorado may allow it; I don't know.

Legally, you were probably classified as just a "Customer" and NOT a "Client"; which means your interests could not be placed above that of the Seller or the Brokerage. That's a traditional real estate relationship; but you should know that you have no one who's bearing a contractual fiduciary responsibility to you and your Wife . . . . and cannot refer to or think of anyone as being "My" Agent.

Colorado should have required that these Agency relationships be disclosed "in writing" so that you knew who had your back legally, and who may only have appeared to have your back.

This untimely change of Agents may give you a comfortable opportunity to get these matters clarified so that you know who's on your side going forward . . . . and who's on the Seller's side.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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