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We don't have legal review periods per se in Florida so I'm curious...when you say you had a contract, does that mean that both you AND the seller signed this contract and each party had a fully executed copy?
I'm wondering if you really had a binding, enforceable contract or if you had a document, signed by you but not the seller, outlining the terms and conditions you both negotiated.
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Originally Posted by FalconheadWest
Same here, no attorney review in Texas. I don't understand why there would be an attorney/legal review if there is already an executed contract. It seems it would need to be reviewed while it's in an "offer" state before two parties have signed and executed something to then say the terms are unacceptable. Signing something into a "contract" means all sides have already agreed.
The OP sounds like a Long Islander, with the attorney review stuff.
Of course there are jerks out there and no one likes getting jerked around.
But, what is your end goal?
Are you working to own a home or to offer unwanted remedial instruction in ethics and manners to jerks?
Usually, you are just as far ahead to cinch up your britches and move on.
I say, "Go for the house," unless you have an irresistible higher calling to reform society.
As someone in sales I'm just appalled at what's happened. We REALLY wanted this house, we're in Chicago and the market is extremely heavy on the demand side. Homes in the area we want to live aren't being listed longer than just a day or two before being taken off the market. This could set us back a whole year in finding a home because of the competitive market. We really got screwed here, we jumbled up our lives to make this happen and they pushed us in negotiations to agree to terms they demanded....now they're pulling this crap.
It costs me nothing to report this agent to associations, licensing agencies, and his employer for his behavior. If I did the same thing in my job I'd be fired instantly. I'll gladly take steps to ruin this guys career. Buying a home is important to people and you're messing with people's futures. This guy shouldn't be allowed to work in real estate again and I'll take whatever steps necessary to make that happen.
As someone in sales I'm just appalled at what's happened. We REALLY wanted this house, we're in Chicago and the market is extremely heavy on the demand side. Homes in the area we want to live aren't being listed longer than just a day or two before being taken off the market. This could set us back a whole year in finding a home because of the competitive market. We really got screwed here, we jumbled up our lives to make this happen and they pushed us in negotiations to agree to terms they demanded....now they're pulling this crap.
It costs me nothing to report this agent to associations, licensing agencies, and his employer for his behavior. If I did the same thing in my job I'd be fired instantly. I'll gladly take steps to ruin this guys career. Buying a home is important to people and you're messing with people's futures. This guy shouldn't be allowed to work in real estate again and I'll take whatever steps necessary to make that happen.
It would seem that you have found your calling. Let us know how it works out.
No one here can really weigh in with any material input, having not seen all documents and communication.
MiddleAgedMom is a great agent in the Chicago area, and a somewhat frequent visitor. She probably has more of a grasp on your local stuff than anyone else.
Same here, no attorney review in Texas. I don't understand why there would be an attorney/legal review if there is already an executed contract. It seems it would need to be reviewed while it's in an "offer" state before two parties have signed and executed something to then say the terms are unacceptable. Signing something into a "contract" means all sides have already agreed.
We do have various contingencies within the contract (financing, inspection, etc.) plus we can add contingencies on top of those via a number of state-provided addenda including an attorney review. So, for Florida, it is not unusual to have a fully executed, enforceable contract that would still be subject to an attorney's review to the satisfaction of the buyer. I almost never see them but I have used it before. Our MLS allows us to take back-up offers as long as there are contingencies open on the contract.
I have to agree with the OP that it sure seems like they had a contract and that the seller defaulted but there could be a lot more to it. That's what they make real estate attorneys for and why agents shouldn't offer legal advice or interpretation.
To the OP, unless I am missing something, you are making a rather large assumption. Do you know that whatever is happening here is a direct result of the agent's initiative? Are you certain of that? Agents do not call the shots....sellers do. Agents have an obligation to do what their seller or buyer wants them to do (as long as it is legal and ethical) or withdraw. At this point based only on what you have written, it's unclear if this agent has done either. My advice is to ask your agent's broker to contact the seller's broker (not agent) to discuss the situation and get an explanation.
Don't put the cart before the horse. Ultimately, you might be right and the agent might deserve to be skewered. Personally, if it is deserved, I'm all for it but be sure that you have all the facts first.
To the OP, unless I am missing something, you are making a rather large assumption. Do you know that whatever is happening here is a direct result of the agent's initiative? Are you certain of that? Agents do not call the shots....sellers do. Agents have an obligation to do what their seller or buyer wants them to do (as long as it is legal and ethical) or withdraw. At this point based only on what you have written, it's unclear if this agent has done either. My advice is to ask your agent's broker to contact the seller's broker (not agent) to discuss the situation and get an explanation.
Don't put the cart before the horse. Ultimately, you might be right and the agent might deserve to be skewered. Personally, if it is deserved, I'm all for it but be sure that you have all the facts first.
Good point, we don't know for certain. My Real Estate Agent is a very close personal friend and has been in real estate for 10 years....he's never had this happen before. His opinion in his interaction with the listing agent is that this is the agent's doing.
It's also illegal to continue showing the home after a contract is signed, let alone accept offers. His responsibility as an agent is to tell the sellers that he legally cannot continue showing the home while under contract and recommend they finish the legal review process. If they didn't want to sell the home to us they had MANY opportunities to walk prior to this.
People need to be accountable for their actions. I'm sure there's many benefits to being a real estate agent. But it's his job to protect himself and his clients by not engaging in unethical and illegal behavior. I have no sympathy for anyone on their side of this.
Good point, we don't know for certain. My Real Estate Agent is a very close personal friend and has been in real estate for 10 years....he's never had this happen before. His opinion in his interaction with the listing agent is that this is the agent's doing.
It's also illegal to continue showing the home after a contract is signed, let alone accept offers. His responsibility as an agent is to tell the sellers that he legally cannot continue showing the home while under contract and recommend they finish the legal review process. If they didn't want to sell the home to us they had MANY opportunities to walk prior to this.
People need to be accountable for their actions. I'm sure there's many benefits to being a real estate agent. But it's his job to protect himself and his clients by not engaging in unethical and illegal behavior. I have no sympathy for anyone on their side of this.
This is an interesting local phenomenon. I show them until they are sold, or the seller wants no more showings. And, I write back up offers, or receive back up offers.
"Sold" is when the deed is recorded after settlement and funds are deposited in the attorney's trust account. All legal and ethical.
That is one thing I really enjoy about CD; the ability to learn about other regions and practices.
And, this is another illustration of how inadequate any inter-state discussion may be.
This is an interesting local phenomenon. I show them until they are sold, or the seller wants no more showings. And, I write back up offers, or receive back up offers.
"Sold" is when the deed is recorded after settlement and funds are deposited in the attorney's trust account. All legal and ethical.
That is one thing I really enjoy about CD; the ability to learn about other regions and practices.
And, this is another illustration of how inadequate any inter-state discussion may be.
Yeah, I'm sure it varies. In Illinois my lawyer told me they can't show the property or take offers.
Once they sell the property it will be public knowledge and the sale price, it's it's higher than what we agreed on we'll have our evidence to file actions against them.
If I were you, cdubs, I'd ask my attorney why, if what they have done is illegal, you can't sue to stop the improper sale and force them to complete the sale to you, especially given the market conditions you've described? I would also expect that in your suit, the seller would have to pay your attorney fee and any other damages or costs you incurred as a result of their actions. I have no legal insight here...just curious why your attorney would suggest waiting to see what they do with the illegal sale first. Makes no sense from here. Either you have a contract or you don't, and if you do, either they can sell to someone else or they can't. Unless the attorney is saying you have to be wronged first by their selling to the other party but that doesn't help you get the house, really.
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