Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
The buyers agent could contact the other side and just be honest and tell them what happened, that a mistake was made, and ask if they will let you cancel. Never hurts to ask. The cousin will look and feel like an idiot, but that's OK. If I were a seller and it was very early on in the deal I would let them cancel.
Can't blame the seller for not wanting to give up 3000 dollars.
I was referring the buyers quote saying they were losing the 3k PLUS......
As if the 3k was worth more coming from the seller.
And nope you can't blame the seller, nor did I - I blamed the agent, and suggested the lender may have not helped much either.
Depends on the contract. In ours, doesn't matter if inspection is perfect, you can still cancel for any reason within the contingency period.
And in ours, even finding something really really bad in the inspection is not automatically grounds to get out of the contract. Unless specific wording to the contrary is written in, the buyer has to give the seller the chance to remedy the problem. Only if the seller says no can the buyer walk. For that reason, many agents are now writing in that the sale is contingent on buyer's approval of the inspection findings.
Basically, what was supposed to happen was we would offer full price on the home with all closing costs to be paid by seller. We love the home and were going to make another more "traditional" offer, but the day we decided to do that, its price was reduced by 15%. At that price, we knew it would go fast and we didn't want to lose it. So, we offered full price w/ closing paid by seller. Anyway, yes I signed and ultimately it is my fault. Fine. Understood.
Back to my original question: is there anything I can do now?
Sounds like you are paying 15% less for the place than you were expecting to do had they not dropped the price. Were you expecting to get cash out of the transaction?
In terms of what you can do....have you spoken to your family agent about the mistake? Does she acknowledge your instructions? Did she forget? Was she confused? Did she assume I not a good move) that asking for more than closing costs wold put the contract into jepardy given the 15% price drop and that you really wanted this house?
Last edited by middle-aged mom; 12-19-2011 at 04:04 PM..
To me this is a no brainer. I would call your cousin and tell her that the LO says that she didn't include the $3k in closing costs and she needs to make that up. If your state allows rebating that seems the easiest way for her to credit it to you at closing. Her mistake, her loss. Welcome to the world of business.
Sounds like you are paying 15% less for the place than you were expecting to do had they not dropped the price. Were you expecting to get cash out of the transaction?
In terms of what you can do....have you spoken to your family agent about the mistake? Does she acknowledge your instructions? Did she forget? Was she confused? Did she assume I not a good move) that asking for more than closing costs wold put the contract into jepardy given the 15% price drop and that you really wanted this house?
She didn't want to ask for more than the closing costs. I think the way the OP is worded is confusing some people.
To me this is a no brainer. I would call your cousin and tell her that the LO says that she didn't include the $3k in closing costs and she needs to make that up. If your state allows rebating that seems the easiest way for her to credit it to you at closing. Her mistake, her loss. Welcome to the world of business.
That is a good solution, but don't think she wants to do it because it is her cousin.
I hope this doesn't make people not want to ask relatives to represent them. I not only take good care of relatives, but their closing gift is extra extra good.
That is a good solution, but don't think she wants to do it because it is her cousin.
I hope this doesn't make people not want to ask relatives to represent them. I not only take good care of relatives, but their closing gift is extra extra good.
I get that, but it is awkward regardless. Backing out of the contract and getting another agent doesn't help her cousin get any money either. Hopefully the compensation is more than $3k so she'll at least get something.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
