Sohail A. Salahuddin | Founder
IPC Group | Sales and Leasing | Residential and Commercial
Jameson Sotheby's International Realty
425 W. North Ave
Chicago, Il 60610
312.437.7799 | cell
312.335.3235 | office
847.805.6030 | fax
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Find an Exclusive Buyers Agency through http://www.naeba.org Stop looking for a home until you untangle this mess and the agent cannot claim she is the procurring cause of your home purchase, as she will always get the commission under those circumstances.I have buyers sign broker agreements all the time. They are only for 90 or 120 days. If you signed one just wait it out.
The local Board of Realtors might be helpful. This is an ethics issue the way you are explaining it. If the agent and her managing broker did not disclose to you that she was a licensed agent and the home was in your local MLS it should state that the seller is a licensed agent, but it sounds like you saw it in writing somewhere along the line? You don't need another attorney, your attorney did you a favor and stopped the contract, correct?
Why do you want this house so much?
As several others have said, consider walking away, or if you want the property, accept the fact the road to this as your home is through the agent you have now and work out the issues.
You can sort out the alleged brokerage issues after the closing, the outcome will not change the facts of what the agent did in terms of her responsibilities.
I forgot to mention this deal has an issue with it being an "arms length transaction" and again still recommend that you just walk away . You are going to have nothing but trouble with this deal closing as I have done many shirt sales and this sounds very shady.
Did you sign a buyer broker agreement with the broker that is representing you? If so you may be bound to continue to work with your broker. If not you are free to do whatever. That said, since you are already under contract and if you want to continue with this transaction then you are pretty much stuck for this transaction only.
Secondly, why not ask your attorney to seek a way to get you out of this mess, provided that is what you want to do? It sounds like the deal is being cancelled. Again, check with you attorney to determine the status of the transaction. He/she should be advocating in your best interest.
Phillip- Can I have another attorney was a typo, I explained that immediately after in another post.
All others, I do realize my mistake with not immediately finding another realtor, as I am a first time homebuyer and got caught up in her terminology when she stated it was "her" property, I thought she meant she was the listing agent.
She still had paperwork to turn in to the lender before the negotiations even started. We agreed at 140, 500 with seller paying 3% towards closing costs. I just feel a disconnection with her and realized I made a mistake, obviously, that's why I am seeking advice to rectify it! Appreciate all advice!
FYI I did contact my attorney and he stated that she was in violation of her brokers license.
Your issues with this process are concerning. I would question why you did not have a broker representing your interests in the purchase of this short sale and chose to use her managing broker in representing you in this transaction. I specialize in short sales and these are complicated transactions depending on the banks that are being dealt with, how many loans are on the property, if there is a contribution being asked of the seller by the banks, etc.... The list goes on so to speak.
I would be happy to help if you have terminated your agreement with the broker/agent representing you in this transaction. As agents we must be careful in soliciting another brokers client.
I am sure you have learned thru experience that these types of transactions require a true specialist.
My best to you and hope it has not deterred you from purchasing, it truly is a great time to buy!
Broker, Short Sale Specialist
212 E. Ohio Street
Chicago IL 60611
see my short sale listings and more about me at http://www.atproperties.com/laurameier
Short sales can be very difficult to understand for many 1st time buyers. If the list price has been 'approved' by the lien holder then, depending on how long it is been at that approved price, it might not be negotiable...................but you should have dealt with that price a long time ago.
Once the contract is agreed to on price and terms and signed off by both you and the seller it goes to the lien holder for approval which can take 2-4 months. During that time you cannot ask to add credits or make other changes. However, the lien holder might not approve the price and ask for more $$ and/or ask for other things. The you can agree or not agree or make counter offers. Your agent can explain it or have your attorney explain it since it is unclear if, or who, your agent is. If you refuse to accept the changes Wells wants then the deal 'usually' is over and from what you have said in this and other questions, perhaps that is a good thing. Get your maney back and start over.................but you need to speak with your attorney as these are legal issues. I would not try to switch attorneys in the middle of this seemingly complicated transaction. Your attorney is your best/only hope of getting out of it in one piece.
With short sales, misunderstandings are common. Especially with individuals that are not familiar with the complexity of the short sale process.
If the "asking price" is a bank approved price, the lender will likely not receive offers below their asking price very well. Thus, negotiations may not be a realistic option.
As a short sale the owner/agent cannot be involved in the selling process and must remain at "arm's length" making certain to steer clear of involvement. This is a commonly accepted regulation that governs these sales.
Now let's be realistic....a short sale can only exist when an owner demonstrated a financial hardship to their lender. To request and expect seller contributions to closing expenses, etc. may not be something the seller can financially handle.
With short sales you actually have two entities that are experiencing a herdship...the seller and their lender. For buyers seeking to expand their opportunity beyond what is reasonable may be an effort that meets resistance. Knowing the facts, understanding the process, and being reasonable and fair could make the difference between success and failure.
I hope this answered your question! If you have any further questions, please feel free to contact me by the ways below.
Wishing you all the best,
De Vonte Williamson , LSA
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