This is a strange one, My wife and I put an offer in on this house and requested the seller pays the closing costs as we need to sell ours but didnt want to put a contingency on it. The seller accepted the offer without a counter which was strange as we went in real low expecting the counter. She went to our Real Estate Agents office within 2-3 hours of the offer to sign the papers etc which she did. Then the very next day at 6am she calls my Real estate agent and states she only just read the contract and didnt realise she was paying OUR closing costs and thought we were offering $2,500 off the asking and paying $7500 towards her closing costs? To make matters worse she is an active real estate agent and failed to disclose that she is the owner/listing agent. She now wants to pull out and offered a counter after the contract was signed by both parties? We have also given $2k deposit. Any advice what we should do from here? We have 30 days to closing.
2007-08-19 15:59:16 · 11 answers · asked by Ashley L 1 in Business & Finance ➔ Renting & Real Estate
Well if she is a Real Estate Agent/Professional she should know how to read and understand a Real Estate Contract. Yes she violated Real Estate Law in not disclosing the fact that she is a lic. Real Estate Agent.
My advise, consult a Real Estate Attorney. In my opinion the Seller/Real Estate Agent has not leg to stand on. Unless she cancelled the contract in the legal time frame.
If the contract should fall apart because the seller is not performing you will get your escrow money back.
You could sue for damages accruing out of not closing the transaction and theoretically your Agent (your Agent's Company) could sue for commission.
With that said the seller/agent will loose probably more money than she would gain for breaching the contract on her end plus the consequences she will have for not disclosing that she is a Real Estate Agent..
2007-08-19 16:52:53 · answer #1 · answered by Monika Wilson 4 · 0⤊ 0⤋
Is she just talking about doing this, or has she actually taken steps to back out?
You or your agent might want to start with contacting her Broker. The Broker is not going to want any problems out of this agent. Let the broker know what she has done and is trying to do, and let the broker know that you are reporting the agent to the state real estate board.. That will probably knock her back in shape.
Reporting her to her broker and to the state board will hit her a lot harder -- and faster -- than getting a lawyer. Complaints with them threaten her ability to work. She will probably be called on the carpet by the Broker immediately, because what she has done has actually jeopardized the broker.
If not, then get a lawyer. Don't be so quick to sue!
2007-08-23 14:41:41 · answer #2 · answered by rochelletherealtor 2 · 0⤊ 0⤋
Well she has voilated her real estate rules by not disclosing that she is an agent related to the house.
Closing is tough, you can probably go to court and maybe get it resolved in your favor. What I would suggest is to go back and work out a better price since you were thinking there was going to be a counter offer and she didn't, which means she probably did misundertand the contract. I think that you will find that she will give in on the purhase price.
2007-08-19 16:08:52 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You need a real estate attorney to advise you. And like you said, she failed to disclose her status as a REA.
You have a written, legal, binding contract. If you really want the house, hold her feet to the fire and make her sell the house at those terms.
2007-08-19 16:19:05 · answer #4 · answered by Mike 6 · 0⤊ 0⤋
Given your discovery this savvy person with cold feet is herself a licensenced, active real estate agent--sounds to me like she's milking your contract for $$$$ in HER pocket....and she also might be seeking to damage your property's value in the process, too.
It's best to get an even savvy lawyer that can throw this snake charmer some really deserving legal burdens to play with.....and it's suggested you find such a lawyer ASAP and protect both your $$$$ and property.
2007-08-19 16:12:41 · answer #5 · answered by Mr. Wizard 7 · 0⤊ 0⤋
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2016-10-08 21:09:24 · answer #6 · answered by ? 4 · 0⤊ 0⤋
If you really want the house and are willing to deal with the stress and headaches, not to mention a deceitful seller, go for it and do whatever it takes.
For me, it is stressful enough when you purchase a home and definitely would walk away.
But, she should be reported.
2007-08-19 18:43:20 · answer #7 · answered by ROCKY 2 · 0⤊ 0⤋
She's either very stupid or very good. Probably the later. She's playing games with you and I wouldn't stand for it. Tell her that the contract stands as it was signed by both parties.
2007-08-19 16:08:22 · answer #8 · answered by hottotrot1_usa 7 · 0⤊ 0⤋
From your description, she is locked in and liable for a suit if she tries to back out. You may need to contact an attorney.
2007-08-19 16:11:08 · answer #9 · answered by Nothingusefullearnedinschool 7 · 0⤊ 0⤋
If she is selling the house at a lower price. why dont you pay your closing costs? She may forgot about disclosure of license, maybe she have difficulties, dont be so hard on her
pay your closing costs since you are paying cheap. Do you want to go to lawers for such little money,maybe you ll end up paying more... dont get headakes for so little it shows that sometimes licences dont mean you know...
2007-08-19 16:16:49 · answer #10 · answered by Anonymous · 0⤊ 3⤋