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from what we've been told this agent has no business earning a dime "representing the best interest of their clients" for the rest of their lives. IMO.
Not being told of the back up offer is immaterial, as you were under contract to close at the time it was presented. The backup offer could be $100,000 over the contract you had signed awaiting closing, and it was in no way a valid contract as you could not accept it if you wanted to. You had already contracted to sell at a set price, and unless your contract fell through, the back up offer was not valid, and was just a piece of useless paper, until and if the other contract fell through. One of my sons bought a highway property with a former dairy barn he converted to an art gallery, and a huge metal building he converted to an art foundry. His contract was accepted, and when the backup offer came through the broker, did everything he could to cancel my sons purchase including messing up the mortgage, to stop his purchase.
At my advice, he filled a lis pendens notice at the courthouse which tied up the property for a year, waiting for the suit, and kept his contract valid even after closing date. The seller needed to close the sale to buy another farm he wanted, and his and my sons complaint to the real estate commission almost cost the broker his license. he was placed under RE commissions supervision for 2 years. My sons contract closed.
Not giving you copy of backup contract, is no big problem, as it was of no value until and unless the first contract fell through.
Not being told of the back up offer is immaterial, as you were under contract to close at the time it was presented. The backup offer could be $100,000 over the contract you had signed awaiting closing, and it was in no way a valid contract as you could not accept it if you wanted to. You had already contracted to sell at a set price, and unless your contract fell through, the back up offer was not valid, and was just a piece of useless paper, until and if the other contract fell through. One of my sons bought a highway property with a former dairy barn he converted to an art gallery, and a huge metal building he converted to an art foundry. His contract was accepted, and when the backup offer came through the broker, did everything he could to cancel my sons purchase including messing up the mortgage, to stop his purchase.
At my advice, he filled a lis pendens notice at the courthouse which tied up the property for a year, waiting for the suit, and kept his contract valid even after closing date. The seller needed to close the sale to buy another farm he wanted, and his and my sons complaint to the real estate commission almost cost the broker his license. he was placed under RE commissions supervision for 2 years. My sons contract closed.
Not giving you copy of backup contract, is no big problem, as it was of no value until and unless the first contract fell through.
First buyers never signed the original contract, so the backup offer was material. Agents are obligated to disclose ALL offers, even when the property is under contract but not closed, since, as OP stated, it can make a difference on repair allowances, etc.
Not being told of the back up offer is immaterial, as you were under contract to close at the time it was presented. The backup offer could be $100,000 over the contract you had signed awaiting closing, and it was in no way a valid contract as you could not accept it if you wanted to. You had already contracted to sell at a set price, and unless your contract fell through, the back up offer was not valid, and was just a piece of useless paper, until and if the other contract fell through. One of my sons bought a highway property with a former dairy barn he converted to an art gallery, and a huge metal building he converted to an art foundry. His contract was accepted, and when the backup offer came through the broker, did everything he could to cancel my sons purchase including messing up the mortgage, to stop his purchase.
At my advice, he filled a lis pendens notice at the courthouse which tied up the property for a year, waiting for the suit, and kept his contract valid even after closing date. The seller needed to close the sale to buy another farm he wanted, and his and my sons complaint to the real estate commission almost cost the broker his license. he was placed under RE commissions supervision for 2 years. My sons contract closed.
Not giving you copy of backup contract, is no big problem, as it was of no value until and unless the first contract fell through.
While the example of your son's closing may be interesting, it has little relevance to the OP's situation. A person who is serving as an agent--representing the best interests of their client--is under an obligation to disclose the existence of a backup offer, and may be required to do so under state law. Do you mean to say that if you were the client, especially in a situation where a contract with contingencies had not closed, that you would not want to know that a better offer had been received?
what was the difference in net proceeds, including additional interest and HOA dues (if applicable) between the closing of deal #1 and deal #2.
these are the reasons y'all should be vetting agents a lot better than you do ... especially beyond "what's your fee?"
It's hard to vet an agent that feeds you total BS while you are interviewing them.
If I would have given in to the first buyers' request for $15k off the agreed upon $410k price, then the difference in net would have been at least $25,000.
Not being told of the back up offer is immaterial, as you were under contract to close at the time it was presented. The backup offer could be $100,000 over the contract you had signed awaiting closing, and it was in no way a valid contract as you could not accept it if you wanted to. You had already contracted to sell at a set price, and unless your contract fell through, the back up offer was not valid, and was just a piece of useless paper, until and if the other contract fell through. One of my sons bought a highway property with a former dairy barn he converted to an art gallery, and a huge metal building he converted to an art foundry. His contract was accepted, and when the backup offer came through the broker, did everything he could to cancel my sons purchase including messing up the mortgage, to stop his purchase.
At my advice, he filled a lis pendens notice at the courthouse which tied up the property for a year, waiting for the suit, and kept his contract valid even after closing date. The seller needed to close the sale to buy another farm he wanted, and his and my sons complaint to the real estate commission almost cost the broker his license. he was placed under RE commissions supervision for 2 years. My sons contract closed.
Not giving you copy of backup contract, is no big problem, as it was of no value until and unless the first contract fell through.
Not being told of the back up offer is immaterial, as you were under contract to close at the time it was presented. The backup offer could be $100,000 over the contract you had signed awaiting closing, and it was in no way a valid contract as you could not accept it if you wanted to. You had already contracted to sell at a set price, and unless your contract fell through, the back up offer was not valid, and was just a piece of useless paper, until and if the other contract fell through. ...
Not giving you copy of backup contract, is no big problem, as it was of no value until and unless the first contract fell through.
Stunningly poor and completely wrong advice in this day and age. I don't know when they changed the Code of Ethics, but we must communicate ALL valid offers to our party. Now, one could argue - but as a Realtor possibly lose - that a random incomplete and verbal offer need not be communicated. But, I and every good Realtor I know, would communicate such an offer - and do so in writing to my client.
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