Home Buying in Troy>Question Details

Dbac22, Other/Just Looking in Troy

Disclosing why a deal fell through

Asked by Dbac22, Troy Wed Jul 18, 2012

If a multiple offer deal falls through and the party that was outbid goes to write an offer on the same home does the listing agent have to disclose why the deal fell through?

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It is good idea as a buyer to do inspection, so that it would make you feel comfortable to purchase. If the price makes sense to you to purchase, you can make offer at that price. Bank also does appraisail, hence, if there is appraisal issues, that could possibly be worked out between buyer and seller.

Good luck
http://www.TheBestMIHomes.com
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0 votes Thank Flag Link Wed Jul 18, 2012
As everyone has said NO a listing agents fudiciary duty is to the seller of the property. Unless it's a material defect discovered during an inspection. Most deals fall through due to financing, but if it comes back on the market within the first 10 days of it going pending I would think it's more to do with inspection results.

Good Luck,

Karen Paytas, GRI, CMS
Realtor
Real Living Kee Realty
586-709-8465
kpaytas@mirealsource.com
0 votes Thank Flag Link Wed Jul 18, 2012
In general, No, a listing agent does not have to disclose why a deal fell through.
0 votes Thank Flag Link Wed Jul 18, 2012
We have to disclose material facts and if an inspection was done and something material was found they need to disclose it. If the appraisal came in low or they had bad credit or they got cold feet, then they would not have to tell you, but I think most tell you why.
0 votes Thank Flag Link Wed Jul 18, 2012
Simply NO, they do not have to disclose why the deal fell through, there are quite a few that may tell you but some may not. You should ask specific questions regarding condition as they do have to disclose that if you ask.
0 votes Thank Flag Link Wed Jul 18, 2012
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