Home Buying in Buckeye>Question Details

lkmbeachinmo…, Home Buyer in New York, NY

Hi, I'm in contract for YES, a short sale. The bank has accepted. Now Agent and Seller are coming back with "Counter 2".

Asked by lkmbeachinmoney, New York, NY Sun Feb 24, 2013

I went straight to the listing agent because it had an offer and I wanted to do a backup. The original person backed out and we submitted our offer and paid the Escrow deposit. In the mean time the Listing Agent sent someone in from his office to be my agent. Had I known he was gonna do that I would have used my own agent who knows about short sales and is really one my side. It turns out that the agent that they sent me actually gets the commission and also gives the Listing agent a finders fee if the deal closes. They did not have us sign a Dual Agency Agreement. Now, the bank has accepted our offer. They did not send me the Lenders Acceptance letter how ever I have a copy through my Agent who has contacts. Here is what it says from the Lender; 3. The purchase contract may not be amended without Wells Fargo Bank, N.A. prior written approval. In addition, the seller acknowledges that the buyer is not related to the seller, and any relationship between... Please advise.

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Russ Ravary’s answer
BEST ANSWER
Stick yo your guns. Send them the approval letter and let them squirm. I think you have a valid contract at this point. Seek advice from areal estate attorney and let both agents know you are going to if they don't straightened up their act
0 votes Thank Flag Link Tue Mar 12, 2013
I am reading this with hopes of helping, but I cannot understand what it is you want? The bank accepted your offer, you played the game, went around your Realtor, because you thought you knew better, could beat the game and now you are worried that the procuring broker is double dipping? Limited dual agency is that, limited, you should have used the Realtor that was probably trying to help you and provide a service...now you have the home you wanted and egg on your face.

In the acceptance letter from Wells Fargo, Item # 3 pertains to a relationship between buyer and seller. As long as you are not a relative and don't have any other undisclosed terms, you have no worries, but you probably owe the Realtor that you were working with. The big lesson to take from this is you really aren't represented by anyone fully...that's not a good position to be in when making such a big purchase! Work with a pro, appreciate their work and make sure they get compensated...then rinse and repeat!

http://www.AndrewKnowsTheValley.com
http://www.MLSGoodyear.com


Congrats
2 votes Thank Flag Link Sun Feb 24, 2013
Did not go "around my agent"
Flag Sun Feb 24, 2013
Clearly it was a mistake to come here and ask Professionals for help. Assuming that I have "screwed" an agent out of commission and telling me that I made my bed now lay in it etc... has nothing to do with my question. None of you know me. If you did then you would know this. I would never have even done this had my agent and I discussed it. The last thing I would do is put money over friendship. I have done other things for my agent, I got her a listing and I am working with her to get her some more listings. So, acting as though I screwed her and I deserve this is simply not true. You have no idea of the dynamics between us and our relationship. I withdraw my question. I will get my answers else well. Funny, an agent called me on the phone the other day and wanted me to do business with them. One of the answers he gave me to a question I asked was, Do you think they will tell you the truth. I started to answer and then thought twice. Anyone who's immediate reaction to anything is to advice you that someone else is lying, in my opinion is themselves a liar. At that point I told him that we would never do business together and thank you for the call. I find it disgusting that everyone automatically assumes that I have cheated someone or deserve something because I am dealing with the listing agent. Instead, shouldn't you, Real Estate professionals be more concerned with the professionalism in your chosen industry and that the public is treated right. I more then you know, understand that many of you have been screwed over by buyers many many times before who don't appreciate or understand how hard you work and that it is commission based. In this situation you are dealing with someone who understands that, respects it and for that reason made sure that I made it up to my friend by getting her already one listing and am working on others for her. That's just who I am as a person.
1 vote Thank Flag Link Sun Feb 24, 2013
You are not a victim.
You are not without fault.
You tried to do this without your own agent; why?
At this point, maybe talking to the Agents' Broker would simplify things:
Understand that who get some commission and who doesn't, is really none-ya.
The fact that you did not sign the "DUAL" agreement is significant.
The fact that you already have a CONTRACT is significant.
No one can force you to AMMEND the Contract.

Good luck and may God bless
1 vote Thank Flag Link Sun Feb 24, 2013
I would have signed the Dual agreement had it been provided. The Listing agent says I have to sign the "counter 2' by the 26th or the original deal is canceled. That is is the problem...
Flag Sun Feb 24, 2013
HOA will most likely not negotiate any amounts due other than late fees...they don't have to and the transaction cannot close without them. Realize any offer to a short sale is subject to all lenders approval, so an offer is just that until agreed upon by both lenders. It is often a pain to get an answer from one lender without the approval of the other, kind of a standoff. As far as being a place for info, this is a great forum, but sometimes the answers you get isn't what you wanted to hear.
0 votes Thank Flag Link Sun Feb 24, 2013
You said, "Actually, to point out to everyone. I did not "go around my agent. My agent knew what was happening and told me to go ahead. Also to help you understand. I have worked on commission my whole life and was a licensed agent in WA State."

End of story for me, you are well aware of what should be done and how it is to be done. I do not believe your other agent did not care and so go ahead, or you are not telling us something. You made your bed, enjoy it.
0 votes Thank Flag Link Sun Feb 24, 2013
Really, well, that's your issue. She is a friend of mine and is more concerned with that then getting a commission. Friends do that. I also was an agent over 15 years ago. Was not trained in Short Sales. Your an ass
Flag Sun Feb 24, 2013
Actually, to point out to everyone. I did not "go around my agent. My agent knew what was happening and told me to go ahead. Also to help you understand. I have worked on commission my whole life and was a licensed agent in WA State. When I called the listing agent they were aware of all of these things. The comment about who gets a commission or who doesn't and whether or not that is my business. It is my business if I am not being represented correctly as the agent listing or not does have an obligation to the board of Reality and myself to provide me with the correct information. Now, to further my question because there was no room to include it in the initial question; There is a 2nd mortgage on the property and I and my father, who is giving me the cash to pay for this upfront, were told by the Listing Agent and my Agent, now, through the same company, that we would offer the 2nd mortgage holder $1500 to start but up to $3,000. The HOA fee's are $2800. The Lender has agreed to pay $380. The HOA has agreed to take $400 off right away and told me to submit an offer to the board to take off another $1300. He told me that they often accept such offers in order to get new buyers in and get the account current and paid. Meanwhile the Listing Agent sends me a Counter Offer saying the Seller is frustrated because it is taking so long and he can't sign contracts because he doesn't have a printer etc... The Counter says the Buyer agrees to pay no less then $3000 towards the 2nd and that the Seller and Lender will not make any contributions towards the HOA past due Fee's and Fines. My letter from the Lender specifically states that they will pay $338.00 so I am amending that to say, The Seller will not make... towards the HOA... What I am upset about is that I was told 1., that an offer to the 2nd had already been made for $1500 and 2. the fact that they are acting like the Lender didn't already agree to pay $338 towards the HOA. Also, that the Seller at this point is trying to do a Counter Offer and it states that if I don't sign it then the original offer is void. I should say that the time it has taken to do this is no fault of ours. We have signed every document they have given us within a max of 24 hours. It is the Seller that takes so long and doesn't have the means. The house is scheduled to foreclose on April 11, or go to auction on that date. To start with a new buyer the seller has to start all over and sign more documents again that they say they are already frustrated with signing... It makes no sense. While I don't want to loose the deal I also don't want to be lied to and bullied. I also am more then happy for anyone to get paid a commission and it may not have been any of my business before but I think it became my business when they started telling me that offers to the 2nd had been submitted for an amount and that I would have an answer on Monday only to then get a counter offer from Seller stating something different and finding out that what I was told wasn't not the truth. If you are going to come back with a hirer price fine but don't tell me that it can be done for less, not do it when you say you have and expect me to not be upset and questioning the motive.... So again, I want the house but I am not going to act like an idiot and be lead around by the nose when certain things they are doing are not right... So I am asking for advice.
0 votes Thank Flag Link Sun Feb 24, 2013
Also, why is there a counter #2 if lender has accepted your offer?
That your "Realtor"has a copy of the approval letter is unimaginable---how could someone without any
ties to the transaction get a letter of approval from the sellers lender/title co. If I were the seller or sellers agent, I would have a problem with that. Why hasn't the sellers agent delivered the approval letter to you?

Interested to know how this pans out...and that your "Realtor" is trying to help you still is pretty good of him/her.
0 votes Thank Flag Link Sun Feb 24, 2013
It sounds like this may be standard Arm's Length verbage but your explanation is a little tough to follow. How many agents are you working with? It must be hard to keep track of this!
0 votes Thank Flag Link Sun Feb 24, 2013
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