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.
Reread the original post. A dollar amount was not stipulated on the addendum.
For those suspicious of the OP or critical his actions, give it a rest. Except for encouraging the use of a Dual Agent, the OP has done nothing wrong through all of this.
You are right, I read that wrong. It did not list a price but it still does not mean the young cousin didn't think he misunderstood the earlier conversation and thought it turned out that the seller was the one who had to pay. Nor does it change the fact that even if the seller walks away he will still have to address the leak and possible frame rot. However.......
You mean other than trying to figure out how to make his young cousin the one responsible for paying the money? He has argued with everyone that tried to point out his cousin wasn't the one who had to pay that there was reason he had to pay. The bottom line is that the guy needs to get out of the advice giving business.
No matter what, this is a prime example of why dual agency is a mistake and I really wish it was against the law in more states.
__________________
When I post in bold red that is moderator action and, per the TOS, can only be discussed through Direct Message.
No matter what, this is a prime example of why dual agency is a mistake and I really wish it was against the law in more states.
I hear you but it does raise questions. Is it right to restrict buyers choices to hire the list agent for limited representation? If dual agency were banned does it now become buyer beware again if they don't want their own agent? That was the reason agency evolved in the first place.
The agent made a mistake, and placed Seller instead of Buyer would make the repairs.
If this was reported to the state agency over real estate brokerage, they would tell the agent and his office, that they were responsible to solve this problem. If the Seller refuses to pay as the contract states, and the Buyer refuses to pay wanting to have Seller pay. The problem was caused by an error done by the agency. This could also be taken to the State Association Of Realtors, who would hold a hearing, and they would tell the agency to pay up, using the commission to pay.
I know from experience this works, as I once went to the state Realtors association, they held a hearing and the other agent had to write me a check for $42,000 commission, on a grocery store she owned which was ran by her son, because he told her he would take his family and leave the state if she sold his store. I had sold it, and she called off the sale.
Tell those agencies that they would pay for the repairs as the agent made a mistake in the contract, and the buyer insisted on closing, and the seller will not honor the contract both signed. One or both will solve the problem for you, and the agent and agency will pay to get out of trouble.
Send a certified letter with return receipt, giving the agency 10 days to solve the problem or you will notify the state and Realtors of the problem and ask for their help to avoid going to court. I know from experience that this gets their attention real quick. I have never had a complaint against me, but I used it more than once and other friends in the business did also when problems were caused by the agent/agency.
This is a way to avoid bringing lawyers into it, and the lawyer can cost more than if your cousin paid for the repairs as he had agreed to do.
Quote:
No matter what, this is a prime example of why dual agency is a mistake and I really wish it was against the law in more states.
There is nothing wrong with one agent acting as a duel agency, if it is properly handled. In the type of real estate I was involved in, it was and is very common. I did many transactions as a duel agent. Sometimes the seller paid the commission, and sometimes the buyer paid the commission, depending on the transaction. And most of my transactions were 10% commission. I did not sell single family dwellings for personal use. And other type of property usually pay 8% to 10% commission. Especially multiple property exchanges.
I also acted as a principal on harder to handle multiple part exchanges, and took a profit and no commission. I also listed numerous properties owned by real estate brokers, who specialized in SFR, and needed help when it came to other types of property. I was also brought in to negotiate and write complicated contracts, when agents did not know what they were doing on non SFR properties, and exchanges.
There are many other forms of doing real estate transactions than the selling and buying a personal residence, and a rule forbidding duel agency would really mess up the buyers and sellers ability to move their property.
Seller is willing to pay for the repair but not an $8,000 repair. Seller wants to put in the most basic and cheap stuff. Buyer and seller are negotiating over it now. So yes, this is a step in the right direction. Not sure if the agent is chipping in the repair cost.
Seller is willing to pay for the repair but not an $8,000 repair. Seller wants to put in the most basic and cheap stuff. Buyer and seller are negotiating over it now. So yes, this is a step in the right direction. Not sure if the agent is chipping in the repair cost.
.
No surprises there, which is why my husband always wanted a set amount of dollars instead of a specific repair. But I am glad it worked out for him.
__________________
When I post in bold red that is moderator action and, per the TOS, can only be discussed through Direct Message.
We had the verbal and then switch thing too. The agent told us the buyer would pay for an inspection so I put it out of my mind and then the helper agent called to tell me I had to meet the inspector at the house with $600 cash to pay for an inspection. When we got the Hud statement it listed our paying the inspection but agent definitely told us the buyer would pay it.
Curious that the seller and agent decided that it was an error only AFTER the repair quote was received. It seems likely the agent advised the seller that this was the way to go, then the repair bill came in, and then the seller hit the roof and said "no way I am paying $8k!" so now the agent is trying to cover his/her butt.
The buyer can force the sale under the agreed-upon terms and should do so. He is under no obligation to pay a cent of that bill. Instead, he should take the $4K and hire an attorney.
You mean other than trying to figure out how to make his young cousin the one responsible for paying the money? He has argued with everyone that tried to point out his cousin wasn't the one who had to pay that there was reason he had to pay. The bottom line is that the guy needs to get out of the advice giving business.
Honestly, this reads like you're the one who should stop giving advice.
1. It is a sellers market.
2. This is not a done deal. Seller can walk.
So, clearly, if the cousin does not come to an arrangement, he loses out on the deal. That's why the OP here is trying to find an argument that might sway the seller and/or his cousin. All your advice about the buyer didn't do anything wrong, contract is executed, is use less because the seller can exit the deal w/o losing anything but time and whatever the seller has spent in this process which is probably minimal by comparison to $8000 if it's this big a deal. The buyer too loses nothing, except whatever has been paid for inspection and the opportunity to buy a condo that the buyer seems to really like, but not quite enough to cough up another $8k.
So as the topic here is soliciting advice for what the buyer should do, and given that the possible outcomes at this stage are either buyer comes to a new arrangement or seller walks, if you want to give advice, it should be something that helps the buyer keep the deal. Otherwise, what's the point?
Whether the Seller has any way out of the contract, depends entirely on The Contract.
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.
