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As buyers, the inspection failed on a new property purchase. We went to fill out WB-41 notification of defects (with a dual agent) to cancel the contract, however they had us sign a WB-45 instead, which seller hasn't signed yet. We now realize that doesn't protect us us AT ALL, as it is not effective unless all parties sign, and may put us PAST our inspection contingency period. Can we still submit the notice of defects form in the meantime? And, if not, can I report this agent since they clearly put us in a VERY bad position, when we are supposed to be clients as well?
I just can't explain all the bad decisions that keep happening on this (bad) deal. I'm so untrusting of this agent but I don't KNOW what's right or wrong or "normal" for real estate, and keep making mistakes. We went in to the office to submit our notice of defects and somehow ended up signing mutual release of cancellation of contract. only issue? the SELLERS hadn't signed it yet. I told the agent that if it's not signed first thing tomorrow that we are submitting a notice of defects, which he said "sure", but now I don't know if we even CAN? I mean, I think so, since the release isn't effective unless all parties sign (wb-45 if anyone is familiar)...
Why on earth didn't you have your own agent or lawyer? You aren't buying a toaster. This is important stuff.
I just can't explain all the bad decisions that keep happening on this (bad) deal. I'm so untrusting of this agent but I don't KNOW what's right or wrong or "normal" for real estate, and keep making mistakes. We went in to the office to submit our notice of defects and somehow ended up signing mutual release of cancellation of contract. only issue? the SELLERS hadn't signed it yet. I told the agent that if it's not signed first thing tomorrow that we are submitting a notice of defects, which he said "sure", but now I don't know if we even CAN? I mean, I think so, since the release isn't effective unless all parties sign (wb-45 if anyone is familiar)...
Sorry, that post was more of an emotional rant of mine (wish there was a delete option sometimes!). I actually did consult an attorney this morning who said that form is fine, and who has drafted us a notice of defects as well 'just in case' we don't get anything back from the Realtor.
As stupid as some of the mistakes I've made this last week are, it's been a huge learning experience. I now know that I'll never do another real estate contract without the assistance of a good buyers agent, and real estate attorney review. Of course, I don't think I'm allowed to even mention the words REAL ESTATE to my husband for at least 12 mths after this fiasco, lol
Anyways, I did learn a lot and get some very good advice on this real estate forum, so thank you everyone!
I actually consulted a real estate attorney this morning, and am feeling much better. He said the form the Realtor provided was valid, however he also provided a notice of defects form 'just in case' we don't get the countersigned form back from the seller by noon tomorrow. So, at this point we are covered, even if the Realtor doesn't follow through (which hopefully they will). I will never use a dual agent again though, there is just too much distrust in this situation. Live and learn, I guess!
I just can't explain all the bad decisions that keep happening on this (bad) deal. I'm so untrusting of this agent but I don't KNOW what's right or wrong or "normal" for real estate, and keep making mistakes. We went in to the office to submit our notice of defects and somehow ended up signing mutual release of cancellation of contract. only issue? the SELLERS hadn't signed it yet. I told the agent that if it's not signed first thing tomorrow that we are submitting a notice of defects, which he said "sure", but now I don't know if we even CAN? I mean, I think so, since the release isn't effective unless all parties sign (wb-45 if anyone is familiar)...
I don't know where you're located, but in my neck of the woods (MA) it's quite typical for buyers to sign a form/contract first and then for the sellers to countersign afterward.
Quote:
Originally Posted by dblackga
It's a learning experience. :-) You don't learn this stuff overnight, and even after years, we all learn something new all the time.
Sounds like walking away is a good option for retaining your sanity. Don't let the listing agent bully you.
I find even after years of doing this that I learn something new on almost every transaction. Sometimes it's a small lesson like how to deal with a particular personality type and sometimes it's a larger lesson like how to deal with a mold infestation.
unless you want to buy a fixer upper...................run, don't walk , away !
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