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Listing agent is repping both seller and buyer. The listing agent said the seller "flipper" wants $640k.
The buyers agreed to pay $50k over list price and made the offer with listing agent.
Listing agent asks if buyers can come up on price to $650,000 and if they do, they will replace windows. Buyers agree.
Listing agent says sellers want a non refundable payment of $5000 after inspections.
Buyers complete inspections in 1 day and counter seller non refundable payment after appraisal.
Sellers sign and agree to buyers counter.
Listing agent comes back saying she has another offer for $10k more. Can we come up another $10k dollars because it's not fair to the sellers. Listing agent said sellers did not have to agree to new windows and they are losing profit.
Buyers say no more money, seller agreed to contract. Dual listing agent says no seller has no signed contract and is not opening escrow.
Buyers show signed contract by seller and say yes the offer was accepted. No reply from dual agent.
What to do?
Have a real estate attorney review the contract pronto and, if legitimate, have the attorney send a letter to the listing agent/broker. A contract is a contract whether the listing agent was representing you or not.
Seller's profit is listing agent's problem; if need be, a commission reduction might be in order.
yes it's dual agency, it's in the purchase contract that the listing agent is representing the buyer and seller.
I think calling the listing agent's broker and letting them see the accepted contract is probably the way to go.
Too bad things like this have to happen in a seller's market.
Involving the broker in charge is a wise move. I hope it works out for you. Best of luck, and let us know how it turns out! So often we get left hanging.
Jack,
We don't even know if the OP is actually in dual agency.
I think not.
The OP says an "advisory" was signed. I believe that is a disclosure, not an agency agreement.
Quote:
Originally Posted by Brandon Hoffman
Jack, you assume much.
I took this at face value when I made my comment.
Quote:
Originally Posted by behindthescreen
Listing agent is repping both seller and buyer.
And here it is again:
Quote:
Originally Posted by behindthescreen
yes it's dual agency, it's in the purchase contract that the listing agent is representing the buyer and seller.
An agent might work even harder to improve the deal for a flipper because they mean repeat business.
My last agent didn't represent the seller, but tried to get us to give him a good deal (so he'd maybe throw future business her way) to the extent that she offered to clean the yard herself instead of insisting he do it as the contract specified. I had to be quite insistent about some things.
Too bad things like this have to happen in a seller's market.
They don't. Just don't ever agree to dual agency. It's already illegal in some states, and IMHO, should be in all states. (Strong statement, I know. And I expect to be slammed for it.)
Yeah, I know some realtors will disagree (I'm looking at you, MikeJ). And I'm sure that a handful of realtors have the ethics, morals and integrity to handle it fairly (I'm looking at you, MikeJ). But the average consumer won't know the good players from the bad players, and they probably shouldn't be expected to.
if the counter was signed by the Seller - that is a contract. If you have any questions, please direct them to a local to the property real estate attorney.
yes it's dual agency, it's in the purchase contract that the listing agent is representing the buyer and seller.
I think calling the listing agent's broker and letting them see the accepted contract is probably the way to go.
Too bad things like this have to happen in a seller's market.
Quote:
Originally Posted by Maddie104
Have a real estate attorney review the contract pronto and, if legitimate, have the attorney send a letter to the listing agent/broker. A contract is a contract whether the listing agent was representing you or not.
Seller's profit is listing agent's problem; if need be, a commission reduction might be in order.
Quote:
Originally Posted by Brandon Hoffman
Involving the broker in charge is a wise move. I hope it works out for you. Best of luck, and let us know how it turns out! So often we get left hanging.
Based on the information provided, this agent lied to you. You can start with an attorney, or you can start with their Broker-in-charge, but you're probably done with the agent themselves.
You can show an attorney the contract you have, and they'll give some opinion on its validity. Or you can go to the BIC and ask them "does this seem like a valid contract?" (in which case the attorney fee goes on their side).
They don't. Just don't ever agree to dual agency. It's already illegal in some states, and IMHO, should be in all states. (Strong statement, I know. And I expect to be slammed for it.)
Yeah, I know some realtors will disagree (I'm looking at you, MikeJ). And I'm sure that a handful of realtors have the ethics, morals and integrity to handle it fairly (I'm looking at you, MikeJ). But the average consumer won't know the good players from the bad players, and they probably shouldn't be expected to.
there are different types of dual agency though.
I would certainly agree that a Buyer who doesn't have a relationship with the agent before a particular house avoid dual agency.
They don't. Just don't ever agree to dual agency. It's already illegal in some states, and IMHO, should be in all states. (Strong statement, I know. And I expect to be slammed for it.)
Yeah, I know some realtors will disagree (1. I'm looking at you, MikeJ). And I'm sure that a handful of realtors have the ethics, morals and integrity to handle it fairly (2. I'm looking at you, MikeJ). But the average consumer won't know the good players from the bad players, and they probably shouldn't be expected to.
1. Eh.
I don't really disagree terribly. All my clients, buyers and sellers, sign off declining dual agency in the agency agreements. I have that choice highlighted in the templates.
We revisit if needed, but it is so seldom necessary that it hardly comes up. I wouldn't care if dual agency was illegal in NC.
I sometimes work with unrepresented buyers who come to my listings. They have to satisfy me that they are competent. I won't work directly with some people, but tell them to get an agent or attorney for representation. Language barriers, in particular, worry me.
I had buyers in the palm of my hand at an open house a couple of years ago, and asked my lender to find an agent for them. Nice folks. We closed.
It's often the best way to proceed.
2. Thanks for the compliment. I tend to agree. I think I could handle it fairly within the constraints of law and ethics. I just don't need to dance with the issues that come with dual agency.
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