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yeah, unfortunately she is the "owner" of her own real estate company.
I guess we will just bite it and move on. Beats foreclosure.
Any advice on what I should do/look for next time?
Based only on what I have read in this thread(and I'm sure there is more as new details keep coming out with each post), it appears that not only are you being taken to the cleaners but that you are paying the cab fare. If what you have said so far is accurate then you have gotten excellent advice on here about getting an attorney to resolve this. At the same time, it appears that you have been somewhat lax in how you have handled the process, starting with the selection of an agent. You've been given good advice here and decided not to follow it, even though it appears that your agent is "screwing" you, and then you ask for more advice in the future. Will this agent be involved in any way with overseeing the property while it is under lease purchase? What guarantees do you have that this agent won't continue to take advantage of you in the future since she probably feels that she has got a pretty easy mark? At some point you may have to take a stand.
I know it's really hard to conduct business from a distance. And I know it's intimidating to think about possible legal fees. But you really should at least consult with a real estate attorney. It's possible that all he might need to do is review the contract and the write a "fear of god" letter to the broker with copies to the Real Estate Commission to get her to drop the entire thing.
I worry that, if you give in and let her keep the $2,700 she will then also demand her 7% commission if the transaction does eventually close in 3 years. Three years is a terribly long time and anything could happen in that time, so it's entirely possible the sale will never close. But, from what you've described, it doesn't appear that this agent can be trusted, so there's just not telling if it will be the end of it if you do give in on the $2,700.
At the very, very, least, you must continue with the real estate commission. Write them a certified letter detailing your complaints and follow up with a phone call.
Hiring an agent long distance is so hard because it's really important to interview several agents in person and get a good sense of them and their business.
If you have an agent in your current state who you trust, you might ask her/him to get your a good referral in the state where your property is located. That won't guarantee you 100% that the agent will be good, but it will give you a better shot. Also, there are checks and balances in most real estate offices. If your agent is lax, then you can go over their head to their broker. In this case, you don't have that. Try choosing a well-established agent at a respected brokerage.
It sounds like a terrible mess. I'm really sorry that you've had such a hard time and hope that it all gets sorted out satisfactorily.
Well, if what you are stating is true, since she hasn't earned the $2700, if you get an attorney in on this you can pay the fee out of the money she won't be receiving and probably still have money left over.
She doesn't want to wait three years for her money? Well, she hasn't earned the funds for selling the house. The house isn't sold yet...there's an option on it and there is nothing to force the tenant to exercise that option. She has not earned money for selling a house. She's earned money for bringing in an option. Those are quite different things. What if the house doesn't appraise at the price you've settled on right now and you have to lower the price to accommodate the market? Then you've over paid her...correct? In my neck of the woods, I get paid 35% of the option money, nothing on the lease because the two go together. When/if the house actually closes, I get my commission LESS what I've already been paid. Others get no funds until the deal actually closes and only get paid for bringing in the lease..generally a month's rent.
So, if you choose to let this go, allow her to do whatever she wants, the responsibility for that all lies on you. GET AN ATTORNEY.
Thanks to everyone for posting! No need to get an attorney now, the guy backed out of the deal because of the realtor not communicating between us and him. House is headed for foreclocure next month, so she pulled her sign and I am waiting on the letter stating the house is off the market and there are no obligations on either part as far as selling the house goes. We will see if this happens. Oh, and the earnest money that she had made out to her was returned to the guy - which she states she had every right to do.
Anyway... what a nightmare. If the deal was going to go through, I would have at least talked to a lawyer since it seems that was the only way to take care of the problem. And everytime I got firm with her, she would cut me off saying I had no idea what I was talking about - no matter what I said. Could have told her the sky was blue and she would have argued it.
Well, I appreciate all the help. Next time I will interview lots of realtors and do reference checks on ALL of them!
This is absolutely illegal. This is almost like a total different case if you remember. Larry Birkhead's lawyer held the money which was ment for Larry until she got paid. This is almost similar and that turned out to be illegal.
All the homes I sold, the minute a check came from the buyer it went into escrow and showed up in the contract as being held by the agent's office.
If you ahven't signed an agreement, get a lawyer and get rid of her. You can get another agent and you probable have some info from the buyer or can get it and explain to the buyer that you want to sell it but the agent isn't doing her/his job and solve it and don't loose the buyer.
Call a lawyer right away, you might up even doing a deal by using the lawyer and that cost maybe $ 500- and you can save on the whole commision. I feel like you get in life what you deserve and if the agent is dishonest she/he doesn't deserve the commision at all.
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