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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.
Another good example of why using an agent who is acting as a buyer and a seller representative is a bad idea. How does the agent not automatically lean towards the first client, the seller ? Unfortunately, I speak from experience.
Buyers signed a buyer's advisory in ca of agent possibly representing 1 or more buyer clients on listing.
....
Sounds like a "California thing," and most folks hanging out here will have little clue what that document is.
But, it sounds like the agent's allegiance is to the sellers. No?
Buyers signed a buyer's advisory in ca of agent possibly representing 1 or more buyer clients on listing. ....
That wasn't the question. Has the agent signed anything stating they are the buyers agent? It sounds like the buyer is unrepresented and the agent is working for the seller based on what's written in your post.
Other than that, I can't really advise you. I don't know what's happening and I don't know if you have a contract. You may need to consult an attorney if you can't figure it out.
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?
Now you know. Dual agency is a load of crap. The listing agent is beholden (the other word was censored) to the commission and represents himself and the seller AGAINST you.
Walk away from this deal and next time don't fall for the dual agency scam. Either represent yourself or, if you aren't capable, get your own agent. Not much of an improvement but, at least, your own agent may have a statutory or fiduciary duty to properly represent you and not risk his license.
Now you know. Dual agency is a load of crap. The listing agent is beholden (the other word was censored) to the commission and represents himself and the seller AGAINST you.
Walk away from this deal and next time don't fall for the dual agency scam. Either represent yourself or, if you aren't capable, get your own agent. Not much of an improvement but, at least, your own agent may have a statutory or fiduciary duty to properly represent you and not risk his license.
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.
I was recently a seller who accepted an offer that went back to the buyer to sign. We got a better offer before they actually signed and we retracted the acceptance. They were not happy but it’s not final until both sides have signed. In my case those buyers ultimately got the house but had to go up on the price to beat the other offer.
If they had signed the original contract before we rescinded it, I would have been obligated to sell it to them for the first amount.
You may need to call your state regulatory board or contact a real estate attorney. Also might want to check with the realtor’s broker.
Now you know. Dual agency is a load of crap. The listing agent is beholden (the other word was censored) to the commission and represents himself and the seller AGAINST you.
Walk away from this deal and next time don't fall for the dual agency scam. Either represent yourself or, if you aren't capable, get your own agent. Not much of an improvement but, at least, your own agent may have a statutory or fiduciary duty to properly represent you and not risk his license.
That's excellent advice if your goal is to blow up the deal. OP, be careful. It's easy for folks to stand on principal when it's not their house and not their money. If you want the house, you need to find out what's up. But if you have a contract, you have a contract. Don't let them extort more from you if you are protected. If you aren't you'll have to decide how much you want the house. If this deal doesn't work out, please hire a buyer agent to help you avoid these issues next time.
Jack, you assume much. Hard to advise when we have so little of the story. Based on the info presented, there is no indication this actually dual agency. It seems to simply be an unrepresented buyer. I know you don't add a lot of value in these spots, but this advice is bad even by your standards.
Last edited by Brandon Hoffman; 07-27-2021 at 10:51 AM..
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