Texas realtor - unethical?

Question

Found an awesome property, but it was listed as "pending, continue to show". Called about it, was told that there was a good chance the buyer would be unable to close. Viewed the property. Was basically stonewalled until the last minute, the seller's realtor waiting for the actual closing date (ignored requests for additional info on the home, etc.)
Last minute, we were advised that it would not close, and invited to make an offer, with no official deadline. Scraped together an offer, only to get EMAIL (no calls) from the seller's agent saying that they could wait no longer and would extend the original buyer a week. Faxed the offer anyway, NO response.
The next week 2 days before close the agent called my agent saying that it was 100% certain to close, but NO word since! Tax site still shows original owner, property is still listed on all sites, sign still in yard, so signs of any change. We have no way to know if our offer was even shown to seller! Illegal, or just UNETHICAL?

Answer 1

The senario you describe happens too often. The problem is this - the seller has the house off the market (it's under contract, so he can't just sell to someone else), and the current buyer is telling them "I know it's past the contract closing date, but just give me until next Tuesday and we'll have it all together....."

Sometimes the buyer DOES get it all together and close, and if they do, it's better to wait a few extra days than to start new with a new buyer. Sometimes they don't, and the seller ends up pretty angry that the first buyer dragged it on..... First buyer spent $ on inspections an appraisals already, and maybe the seller already spent $ on repairs to try to make this first deal happen, which adds to the pressure to continue with it.

Here's what you need to do. Have your agent submit your offer again, and include the TREC Addendum for "Back-Up" Contract. This form basically says..."If the first deal dies by ______ (date), then this contract takes effect."

You do need to actually negotiate the terms, price, etc. as if the house was available to you right now. Both buyer and seller SIGN the contract and addendum, and the earnest money and option fee get delivered. Title companies are hesitant to receipt another contract once one is already there, so maybe the checks and contract need to be held by the listing broker.

The seller still has the right to extend the first deal as much as they're willing to keep trying, but if your offer is better, then the seller would be wise to stop giving the first buyer so much time.

Good luck, hope this helps. Tell your agent he can contact me if he wants, but probably his broker would tell him a similar strategy.

Oh yeah, also put a time limit for a response from the seller. And make sure you've got a really good pre-aproval leter from your lender.

Answer 2

It is not ethics because the seller already had an offer before you. The fact that it is delayed has no bearing on ethics but there is a definite breakdown in agent communication. The sellers agent should have been significantly more upfront with the information.

Here is some additional info. Hope this helps.

Answer 3

Sounds unethical. Many realtors play games, which I learned the hard way when I bought and sold property in 2005. There are so many realtors out there, but so few who are ethical, and work in their clients' best interest.

Since this realtor represents the seller, and not you, there's not much you can do.

Answer 4

you want a clean agent. This one is only making up an excuse to push his own listings. occasion of why it is stupid: in case you have been merchandising a paid-for living house of equivalent or greater beneficial fee, or gained the lottery, or inherited funds or have been only undeniable rich, this could be a funds sale. in case you pays funds, you does not be getting a private loan, so there could be no pre-qualifying letter. could the real belongings industry relatively create a rule that made it unethical to artwork with funds purchasers?

Answer 5

Could be both. File a complaint with the State agency that regulates real estate brokers.

Answer 6

Where isYOUR agent? He/she should have been on top of this for you. I see no mention of your agent participating. They are the one that should be complained about not just the seller agent.