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I made a full price offer on a home but have issues with the seller's agent. On two separate occasions he's prepared vague contract addendums that should have been written or at least reviewed by an attorney. When my attorney reviewed them, he advised I not sign.
A week after the offer was made, the builder initialed each page of the contract but neglected to sign the final page or the buyer's addendum. My (buyer's) agent pointed this out as we were eager to get under contract. So, the seller's agent signed the contract himself! When questioned, he admitted he doesn't have power of attorney but "does this all the time".
The seller's agent promised to have the builder sign the offer by Monday. But, I went ahead and withdrew my offer today. After we closed, my agent and attorney were going to report this man to theReal Estate Commission I suppose they'll proceed with that now.
There's still plenty of inventory in Durham NC. Still, I hoped there was a way to get the home without having to go through the incompetent agent. So CD'ers...is it possible to proceed without the seller's agent?
That's what I suspected; I'd just hoped there was an exception to those contracts for failure to fulfill fiduciary duty, or perform properly, or something.
Yes, he will be reported to the NC Real Estate Commission which licenses and regulates real estate agents in the state.
That's what I suspected; I'd just hoped there was an exception to those contracts for failure to fulfill fiduciary duty, or perform properly, or something.
I doubt the sellers agent owes you any fiduciary duty. If there was a breach of that duty - it would be up to the seller to make such a claim.
Can't your lawyer answer the question if you still own commsision when the agent did somethign illegal? Sounds to me that illegal things shouldn't be rewarded and IMO you should try to get a legal answer so you might be able to have the deal done.
Can't your lawyer answer the question if you still own commsision when the agent did somethign illegal? Sounds to me that illegal things shouldn't be rewarded and IMO you should try to get a legal answer so you might be able to have the deal done.
You, the buyer, have no right to interfere with an employment contract nor, do you have the right to determine compensation to the sellers agent.
The seller would have to be aware of the fraud and choose to terminate the agency relationship. The contract is with them. That agent will have their license quickly revoked for signing the docs for their client.
If the agent is not the principal broker, I would ask the principal broker to assign a different real estate agent to handle the listing. The listing belongs to the PB and not the agent so they can do that.
Many builder's agents operate this way. The agent may not even be a Realtor. If you want the house buy the house. Don't let something like this get in your way.
I doubt the sellers agent owes you any fiduciary duty. If there was a breach of that duty - it would be up to the seller to make such a claim.
When referring to fiduciary duty, I meant that of the seller's agent due the seller. Once breached, I'd assume that's grounds to terminate the contract (a.k.a. cut out the seller’s agent). Enter me, my full price offer, and a brand new competent seller's agent. No idea if that's feasible or how much time it'd take.
Quote:
Originally Posted by Silverfall
The seller would have to be aware of the fraud and choose to terminate the agency relationship. The contract is with them. That agent will have their license quickly revoked for signing the docs for their client.
If the agent is not the principal broker, I would ask the principal broker to assign a different real estate agent to handle the listing. The listing belongs to the PB and not the agent so they can do that.
I've no idea whether the seller is aware of the agent's acts. I'm not sure whether it's appropriate to communicate directly with the seller? We'll certainly contact the Real Estate Commission. I will inquire about the principal broker.
So your dealing directly with a builders in house staff? Or an agent of in individual seller?
Builder sales reps and builders always try to lock you into contracts that are heavily favored on their side. I'd be surprised if this agent is just an agent of an individual, not so surprised if your dealing with a builder. This is why I always recommend using an agent when dealing with builders, and also kudo's for getting an attorney involved after smelling something fishy.
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My (buyer's) agent pointed this out as we were eager to get under contract. So, the seller's agent signed the contract himself! When questioned, he admitted he doesn't have power of attorney but "does this all the time".
No idea if that's feasible or how much time it'd take.
