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Fair enough, and I'm sure that's a lesson learned for them.
But that doesn't negate the poor performance of the agent. Shouldn't they be guiding their client and looking out for them? Isn't that the whole point? Most of us aren't experts in the process, procedures, ins-and-outs of a real estate transaction. So we use an agent to help us navigate. Would it have been too much to say "Nothing's official until we sign the counter and send it back to the bank. Let's do that before you guys start driving all the way here."
"nothing is official until we AND the Bank have signed."
based on OP's subsequent response, the agent failed by not getting this in writing quickly when they accepted the Bank's counter. Maybe the Bank had provided a signed counter that merely needed executing by OP, but it was just as (probably more) likely it was an email communication.
by thee way, you "contacted an agent" - where did you find them? Were they by chance the listing agent, or by team/agency related to the listing agent? Had you ever met this person?
The agent was from the listing agency. Never met her. The bank also did not or care that we had not seen the house yet. They only had a written cash offer signed by us with the contingency being a home inspection by a professional. Yes banks love investors who come in with a cash offer and quick close, especially friends of agents! Not sure how the bank responded because she only called once, said she would let bank know we accepted. If we knew it had to be in writing we would have done it then.
We've seen all sorts of shenanigans with realtors steering bargain REO's to their own buyers who are in league with them. One time, I even called the bank, to let them know that the listing agent (who was supposedly working for the bank), had sat on our above-asking, cash, no contingenies offer and not submitted it, and then submitted only their own offer from the guy they wanted to get it, for exactly asking price. The bank's fraud representative was VERY interested, especially since I had texts and emails backing it all up. But I doubt anything ever happened.
Sorry this happened to you. It's too bad. But no surprise.
The written offer was submitted to the bank, countered by the bank to a quicker close date, told our agent we accepted terms. She was supposed to notify bank we had accepted, do a contract for signing. WHEN she did not submit it for 2 days, they moved to next offer that had more contingencies. Had she done her job, they would not have moved on.
At the very minimum, it was 2 days, she could have received it earlier than she told us. She also was supposed to set up the home inspector the same day she was going to accept the counter, never done. That was our only contingency, other party needed financing and inspection.
Question: Were any of those 2 days on a weekend, etc., when the bank was not open to receive offers. No offers could be given to bank from closing Friday till Monday morning. She could not set up the home inspection till the contract was signed both sides.
Supposedly, the offer from the bank came in at 9 am on Wednesday, she did not call us, we called her. She finally told us details in afternoon. We accepted and she was supposedly going to let them know. By Friday the second person was already doing their professional home inspection.
As by Friday they were already doing the home inspection. As this takes some time to set up, the two offers were both under consideration at t the same time, and the one signed on both sides was accepted. In fact the counter offer by the bank you would both have to sign prepared by their legal department and it was not available to your agent for your signature with the other offer in hand.
IN fact, the other fell through, no financing. At this time we told the agent to take a hike and moved on. Interest rates are low but Covid has put a damper on many jobs.
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