The District Chronicles

Issue date: 7/20/08 Section: Business

Media Credit: Freddie Allen

Dear Ms. Mortgage Maven,

I have been working with my realtor for two months. She is very nice but I feel like she is too caught up in recent changes in her life to give me the time and attention I need to find a home. I want to cancel my agreement with her. How can I do this?

Thanks!

Paula

Dear Paula,

First things first - you have to look at the buyer/broker agreement that you signed. Although your realtor presented it to you, it is actually between you and the realtor's broker. Does the agreement have an expiration date? Are you near it? Does it say how to terminate or make changes to the agreement? The clauses in the standard real estate contract vary state by state, so there is no one standard answer I can give you without seeing the contract.

To help answer your question, I contacted realtor Karen Keith with ReMax Specialists in Upper Marlboro, Md. She reviewed the Maryland and Virginia buyer/broker agreements and said that the Virginia agreement does not clearly state that it can be terminated early. The Prince George's County agreement, on the other hand, is clearer, and states that if there is a change, it must be in writing.

"My experience as a realtor is that everything must be in writing, and if (she) is very dissatisfied, she should state her discontent in a letter," explained Keith. "Send the letter to the realtor and the broker at the office where the realtor is licensed. The realtor may not respond, but the broker must respond to the buyer. Real estate transactions are negotiable. (She should) draft a simply worded letter, short and to the point.  I recommend emailing the letter, faxing it and sending it via U.S. Postal Service.  Ask for a prompt reply from the agent and the broker. If the realtor knows the letter has gone to his/her broker, the buyer will probably get a faster response."

Additionally, you should refrain from working with another realtor until this issue is resolved or your agreement has expired. Otherwise, if you purchase a property, you may end up owing a commission to both realtors.

Once the broker receives your letter, he or she may suggest another agent within the office for you to work with, or you may find that the fire gets lit under the feet of the first agent so that she gives you the time and attention you feel you are currently lacking. Best of luck to you!

Jessica White, also known as "Ms. Mortgage Maven," is a senior mortgage consultant with Tenacity Mortgage. Call or email her to discuss your home purchase or refinancing needs, including FHA and VA loans. She can be reached at 202-607-4449, Jessica@msmortgagemaven.com or jessicawhite@tenacitygroup.com. You can also apply online at www.msmortgagemaven.com.

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