Still makes me wonder about the shadiness of said original realtor...guess I will never know! But, we love our house! :) Thanks for all the answers everyone!
The consistent issue in your question is your distrust of your agent. Not all agents act in similar ways. I'd rather talk a client out of a bad house and find them another then have someone stuck in a situation we could have avoided. I often write here in Trulia that a good agent is worth more than their commission and a bad agent will cost you more than just a commission.
Every agent reports to a managing broker. Find out who your agent's broker is and set up a meeting tomorrow. Hash out all of the issues with them and proceed in the way that protects and preserves your needs the best. The inspection issues sound serious. If they are not now, they will be later if not addressed.
If this deal doesn't come together interview some agents before you proceed with your next purchase & sale. There are good agents with strong backgrounds that will really be an asset to you rather than a challenge.
Your list of issues is serious and deserves to be understood and considered. The LP siding, if failed is a major expense. If it's not failed, the maintenance is something you need to become familiar with and stay on top of. Read up on the issue and get accurate information. Not all LP needs to automatically be replaced, but it does take monitoring.
Decks rot, if it's a 10 year old house then it's no surprise. Puddle in the crawlspace needs investigating to discover the source and diagnose possible fixes. This can be simple and cheap or complex and expensive.
The toilet may need a new wax ring or the supply valve may have failed, these are inexpensive repairs.
With all of these items, contact the inspector for their detailed explanation and rough idea of what repairs may cost. Of everything you mentioned the siding may be the biggest if much of it is failing. If it's only a few boards on one side of the house, this may be manageable.
Meet with the managing broker and discuss your concerns. Go over the inspection with your inspector and the managing broker and decide how you wish to proceed. Don't buy a house you are not fully satisfied with because of a back up offer. Make your decision based on what's best for you and your family.
Suppose that your agent didn't inform you of the other offer...you asked for the moon...and lost the home?
The home can be still on the MLS in a pending status and offers can and do still come in. Not uncommon.
In my area homes stay on the mls until closing, the status will change at each stage of the process. It begins with "Conditional Contract" , once the contracts are fully signed by both sides, then "Pending", once all contingencies have been met and we are waiting to close, then "Closed.
As for getting a new agent, I wwould contact the agents manager or principle borker for that. Explain to them your concerns and issues and they will handle it accordingly.
Two issues come to mind. First, most "non-AS IS" purchase contracts include a clearly defined "Repair" clause that outlines the inspection process, scope & extent of repair, time frames, and amount covered by the seller. Our recommendation is to review your document relative to this, becoming very clear about your contract's wording. Your purchase agreement was agreed to and signed by both parties...if a repair clause allows for repaire and you have followed the outlined procedures, one would assume repairs should be made to the extent covered in the agreement.
Secondly, taking a back p offer may not be illegal but to use it as leveage to prevent what buyers are entitled to is inappropriate to say the least. It's difficult to know what is going on behind the scenes but your purchase agreement should clarify the matter.
As always, issues that may be questionable may best be processed with an attorney.
1. LP SIDING SWOLLEN
2. STANDING WATER IN CRAWLSPACE - LOOKS LIKE PIPES LEAKING.
3. DRY ROT IN DECK
4. UPSTAIRS BATHROOM LEAK.
WE WANT THIS HOUSE BUT, we already did full price offer with closing costs. VERY FAIR. IMO. considering our realtor kept cramming the 97% what homes sell for, garbage, down our throats. *more feeling like he is on their side* Even though we are the ones with the upper hand in our market of homes that are over $300000
A moment ago - Delete this answer
This is a frightening situation, for sure. First....if your agent has not actually read the back-up offer, then he doesn't know positively how "good" that other offer is and is making you aware that there is competition. There are a lot of variables between different offers. A back-up offer goes into place if the first sale falls apart. I suggest that you proceed with your contract, have your inspection, and proceed as you would if the back-up offer were not there. Just because a back-up offer has been submitted, that doesn't mean that it has been actually accepted, or that it's a better offer than yours. The seller would have to start all over with that other buyer, even if your sale failed. So you do have the advantage, and I hope you get the house.
Jean Bradford, SFR, CRS,CRB,GRI,ABR
Managing Broker Associate
John L Scott
Good luck, Jirius
Have a good evening!
Only an attorney reviewing the contract signed can advise you with any certainty if you can change agents. I don't believe you can, but I haven't seen your contract, and I'm not an attorney.
That another offer appears seems fishy, but I've had it happen to me on both the buyer's side and the listing side. Some people who see a home but aren't motivated to write an offer suddenly see another offer appear and gain the motivation.
Again, some of my suggestions will depend on the nature of the issues uncovered in the inspection. Again, if they are minor issues, there is little your agent can do to assist or mess up the deal at this point. You are through 80% of the agentâ€™s responsibility once the inspection is done.
If the issues are major, either walk away or tell them they need to fix them or reveal them to the subsequent buyer now that they know this.
One last option is to sit down with the managing broker and discuss your concerns. Every agent, other than the owner has a boss who is responsible for their actions. They could possibly assign another agent to finalize the transaction for you if you have no confidence in the agent you started with.
There are a few things to think about. First and foremost, your agent is supposed to represent YOU. What is in YOUR best interest??? To me it would matter most what you wanted to ask for. If there are major issues, it may be best to let the house go and keep looking.....It just dependson many variables....offer price, condition, type of loan you are getting......in defense of your agent that you currently have, legally, when there is another offer, we are not supposed to know what the other offer is....but we are supposed to know the value of the property that you want to buy and we are supposed to advise you on what you should be willing to pay for it and in what condition...Please let me know if I can be of any further help...
The first question that comes to mind, is this a short sale? Generally when a seller accepts an offer the home is in a Pending or Pending Inspection status. If the other offer came from someone who had already seen the home and was surprised by your offer, they may have come in pretty strong which can limit your bargaining power at the inspection.
The next question is, did the inspection uncover any major issues. If there are minor issues, your agent may be doing you a favor and protecting your interests. If they are in the same office, they may have gotten word of the other offer where if they were from another office chances are they wouldn't know.
My suggestion is if you like the home and the issues are minimal consider living with them and/or make minor requests. If they accept your requests good, if not decide if you really want the house.
If the issues are major you need to decide if you want the house in that condition or are willing to call their possible bluff. There is no way for us to know, but I don't believe changing agents at this point would be in your interests, at least on this property. If things don't come together, there may not be any reason not to unless you signed a buyer's agency agreement. Best of luck.