On the other hand, it could be that the real estate person involved played poker and lost. That seems like an idiot move in a market such as ours, as evidence of the fresh "short sale" down the street that you describe.
I hope it's the former, although it would appear that the "lesser of two evils" is hardly a comfort.
Yes you should always have a lawyer. Yes there is a painfully low barrier to entry in the profession and a bunch of yahoos get in the business. BUT just because the property is still on the market doesn't mean there weren't other offers. I have 2 properties that have gotten into competitive bid situations lately only to have the winning bidder not perform - the fact that you didn't get a call from the agent to say " hey still want to buy? the thing fell apart" is not good salesmanship but is not unethical.
Clearly you should have had some notice about the seller being short but the fact is sellers aren't always upfront with their problems. Sometimes they aren't even organized enough to know they have a problem. And sometimes their just too embarrassed to say anything, people are people.
Count on it being a pretty wild ride out there for a while. Be patient. Buy smart.
I am talking about Realtors or licensed real estate agents of Realtor or no.
The past few years saw a flood of people join the profession. The barrier to entry is low, too low in my opinion. In Mass you can take a weekend course then a test and you're in. It wasn't any harder for me in CT, or NH either. The ease of entry has allowed a bunch of dummies in the business. I'm not saying nobody is any good....I am in the business myself after all... and I do know a number of excellent agents but overall quality control is low.
Sorry to hear of your experience, hope this is helpful
Brecht, I had to go back and re-read that. I thought you were talking about Realtors â„¢.
First did you have your own agent represent you?
Second, this happens a lot in a case of a multiple offer situation. The listing agent goes back to all the parties and tells them that they have offers and they cannot disclose the terms of the other offers unless they have the written permission from the seller. This gives the chance to everyone to go back with their best and final offer if they wish.
It is better than if you found out that they accepted another offer and you were not given the opportunity to raise yours.
The fact that it's still on the market doesn't mean that there were no offers. If you have solid evidence that the agent was lying, then I urge you to file a complaint with the broker and the local board.