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cpoctraverse, Home Buyer in Murfreesboro, TN

I have accepted the banks counter offer on a short sale.

Asked by cpoctraverse, Murfreesboro, TN Mon Jun 10, 2013

I have accepted the banks counter offer on a short sale. Now the Listing agent says he made a mistake in his calculation and now wants me to pay more for his fee. Or he may go with the backup offer. Is this legal and can i take legal action?

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something's not right. call to set up a meeting with the broker. if you're not given a satisfactory answer, let the broker know that you will be filing a complaint with local real estate board. and make sure when you file that the local board know a copy of the complaint letter is going to the state agency that regulates Real Estate.

Hopefully after speaking to the broker everything will be resolved.

good luck
1 vote Thank Flag Link Mon Jun 10, 2013
If the listing agent made a mistake, but the offer has been accepted by both buyer and seller, then I believe that the agent must accept what he gets. He cannot change the terms after the contracts have been presented and accepted. I would speak with the owner of the company. If he is the owner, then you may have to hire an attorney. Please let us know how this turns out.
0 votes Thank Flag Link Sun Dec 8, 2013
If the listing agent is not representing you, then he most likely is representing his seller (buyer's can have agents just like sellers can have agents). If his contractual obligation with the seller is to present all offers up until closing, then he may not be doing anything wrong. If he is working for the seller, then the seller most typically would pay his fee (not you). So if he made a mistake, then he should take it up with his seller as I don't see where it would be your problem? I would call his broker to double check the order of things. Hope this helps!
0 votes Thank Flag Link Wed Oct 2, 2013
It is entirely possible that you've misunderstood something. I would seek clarification from the agent. He can't just bump up his compensation from you because the bank has cut the commission unless there was something in the buyer's representative contract (if there was one) that allows him to do so. What he CAN"T do is change the rules in the middle of the game. Make sure you understand what's really going on. If you can't get to the bottom of that with the agent, talk to his broker and see if you can figure it out at that level. Best of luck...
0 votes Thank Flag Link Mon Jun 10, 2013
Is he the selling agent and list agent? Dual agency? It's possible the bank has reduce the commission and now he wants you to pay that reduction? "pay more for his fee"??? Did you sign something stating you would pay him something? I may not have all the details but something doesn't smell right. Contact his managing broker and ask for clarification. Interesting. Can you let us all know what happens?
0 votes Thank Flag Link Mon Jun 10, 2013
he is the selling and listing agent and owner of the agency. I have only sighned the banks counter offer. I did not sighn anything stating I was to pay his fee.
Flag Mon Jun 10, 2013
Do you have the fee in writing? Is this person the owner of the agency? If you have it in writing and they signed off you should be okay, just threaten them with a lawsuit. If it's a agent that works for the company, seek the owner and have a chat with them.
0 votes Thank Flag Link Mon Jun 10, 2013
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