My mom is buying a condo and we ran into some shady mortgage people... we have finally found an honest company but we're afraid that we dont have enough time to get the mortgage approved by next friday may 25th, so we asked our realtor for an extension and she immedietly shut us down, saying flat out no without even contacting the seller's agent.... So since im not one to give up easily i called the seller's agent myself and asked for an extension and he said yes... so i want to know what happens if my agent refuses to put in the contract extension? Does the deal fall through and do they keep our $8500 deposit? What do i do next if she says no?
2007-05-16 13:31:43 · 4 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
First contact the Broker. This agent at the very least will be fined if you report her to the state licensing board. She quite possibly could have her license suspended. As an agent we are legally required to present any offer or terms a client wants even if there is little chance of acceptance. Your legally working with the broker not the agent so they can reassign the deal to someone else or take it over themselves. I would also make a report to the stat licensing board and the local REALTOR board if she is a REALTOR. However if you make these reports you may be called to give statements or testimony if the agent fights the complaints. It is these types of agents that give REALTORS bad names!
2007-05-17 09:51:39 · answer #1 · answered by darinalvarezrealtor 2 · 0⤊ 0⤋
I suggest you call your realtor's supervisor, there are many titles for this depending on area, but ask to speak to the supervising broker. If all went down as you said it did:
#1 - she should have steered you to reputable lenders
#2 - she should have swooped in to try to save the closing date with your new lender
#3 - Bare minimum, she should have called the selling agent, explained that there was a problem, and drawn up an addendum to extend the closing date.
Your agent should not refuse a contract extension, considering the circumstances. Go higher.
Good luck.
2007-05-16 15:35:31 · answer #2 · answered by godged 7 · 1⤊ 0⤋
Your realtor is YOUR agent. She is your employee and representative. If she refuses to put forth your requests to the other side, she has breached her fiduciary duties with you, but not the contract with the seller.
Fire her immediately and turn her in to the the agency in your state which regulates realtors. Instruct the seller's agent you fired your agent. Find a new agent immediately.
2007-05-16 13:46:39 · answer #3 · answered by mcmufin 6 · 0⤊ 0⤋
Your real estate agent is required by ethics and law to submit any proposal you suggest, even if the agent disagrees with it.
DEMAND that she submit your request in writing. If she refuses, contact her managing broker for resolution.
2007-05-16 13:41:11 · answer #4 · answered by acermill 7 · 0⤊ 0⤋