I stand by original suggestion that you speak with the broker. Despite Mr. Hintzâ€™s unfounded accusation that a broker does not have your interests in mind, I can assure you that is not the case. He states that because a broker is compensated via commission split, you are smart enough to predict the outcome. Every agent on this forum can take equal offense to Mr. Hintzâ€™s ill founded accusation. Nearly every agent on this forum is paid by commission, and many agents every day advise their buyers and sellers to walk away from transactions or take positions in negotiations that might cause a transaction to fail. Agents do this every day, despite the fact nearly all agents on this forum are paid on commission and the failed transaction means they will not be paid. Agents build their business based upon gaining the trust of the client for whom they work. Brokers carry a responsibility for an office and almost every brokers will put the interests of the client and the goodwill of the office first. While there may be rare exception, the overwhelming majority of agents and brokers are passionate about protecting their clients.
My first suggestion is that you contact the broker manager of the buyers agent (your agent) and the second step, if necessary would be to contact the broker manager of the listing agent. I would have a few questions, if I were the broker. Itâ€™s not important that you come back online to answer my questions, but the broker you speak with will most likely ask: Do you have a contract that bears the signature of both the bank and buyers? Did you ever receive a bank addendum to review? Where was your buyers agent through this? You mention that lenderâ€™s loan officer and the listing agent were the individuals who communicated with you about the acceptance. Do you know what company (brokerage) represented the buyer? Did this other buyer have any information about your offer that provided them an advantage over you? Where and how did they get that information? Or, did another buyer simply come in at a higher price and better terms?
I suggest that you first reach to the broker of your buyer agent, and ask this person to research the details and find out what went awry. If the information and support your receive does not answer your questions, I suggest you take your questions to the broker of the listing agent. Once you have more details and explanation, you can evaluate whether there was wrongdoing, and if so, on the part of whom. I suggest you solicit the assistance of the brokers first in your research. If the results indicate disciplinary action is in order, discuss this with the broker(s).
You can contact the local association, if the agents were Realtors. Ask the local association what the procedure is for filing a complaint. The most serious of violations should be reported to the state. If the details suggest this is warranted, by all means, do proceed to that level.
I am unable to provide an opinion here with the information provided if your heartbreak resulted from poor communication and pure coincidence of a higher bidder or if your loss occurred as a result of intentional behavior and ill conceived actions that sabotaged your offer. Either is possible, and you are entitled to pursue and gain an understanding. Start with a phone call to the managing broker of your buyers agent, and proceed from there. Best of luck, and again, I am sorry to hear of your disappointment.
Deborah Madey - Broker
Peninsula Realty Group - New Jersey
our agent came to our house and told us that if we bought it he would purchase it from us so we didn't have to pay the capital gains taxes.
is this ethical for an agent to do this ? we signed the contract with him under much duress.
I hire the reality, he promise my brother2 who sold me his share of the house that I would pay him more money when the house got sold because the county wasn't going to get as must as the lawyer and myself and brother number1 thought the county was getting.
But once again when my brother sign his share over to me, i feel he had no interest in the house any more. He took me to court, and the reality I hire was in court with my brother. he also told him what I got for money, what my brother number 1 got and what the county got. The county got part of it because mom and dad were on the county for help.
Was he allow to go to, court with my brother, and give out how the money was diveded when I was the one that hire him?
If you use that to post your question/concerns then many agents will see it and I'm sure will help you.
Just be open, provide some details and you'll get responses.
This question will soon cycle out as many will see the date it was asked and pass by.
Good luck, Dunes
she has eanest money on my house but i have not been approved for a loan to get another house.
can i cancel the contract? i dont want to live on the street.
This REO had a loan agent working on the other end of it as well. The loan agent on the other end told us the bank was going to accept our offer because it was the strongest all the way around (higher credit scores, asking price, etc...) if we would give them in answer in 30 minutes to a question. The question was that they couldn't go FHA loan because the deeds weren't processed for months after the bank was actually repoed and you know the FHA 90 day house flip rule. They didn't say anything to us until a week later and then she told us they were making the decision in 30 minutes and the house was ours if we could get conventional funding. Our loan agent, who is thest best, scrambled and we were able to go conventional by cashing in my retirement etc.... So we rushed and sent it over (this was after not hearing anything for a week of them know of the FHA problem and not calling and telling us). So the house was ours... or so we thought. We never got official word that we went into escrow and that everything was signed. My agent called and called and the listing agent never called back. Finally my finance lady called the finance lady for the bank and she said something isn't right here let me call the listing agent you should be in escrow right now. She calls the listing agent and then calls my loan lady back. She said that the listing agent told her someone came in with a much higher offer than ours so we were out of luck. Our agent called the listing agent and the listing agent left a message on his phone saying that the loan lady pushed for the other people and that they had a little more money for a down payment and agreed to a 20 day escrow (which we would have done no problem BTW). So someone is lying. If our offer was even given to the bank from teh listing agent is highly doubted. We know she did something like this before to some other people in the same town we live in (it's a small town where everyone knows everyone). I'm leaving out details but you get the general idea. The listing agent sabatoged us in some way. Right now I'm in the process of getting proof that the loan loady for the bank did not lie because she I'm going to report her if it turns out she lied and pulled some kind of stunt (put I would put all my money on the listing agent being the one). Hope that helps give you the basics.... The bad part is we are first time home buyers and this was my wife's dream home when we found it and now it's gone and there is nothing we can do about it. All we want to do now is stop this lady so she crush the next young couple that's looking to buy their first home.