Home Buying in Eugene>Question Details

scottburri, Home Buyer in Eugene, OR

Is the seller's agent required to disclose to buyer's agent that an extension has been rejected when they have that information?

Asked by scottburri, Eugene, OR Wed Sep 18, 2013

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Not entirely sure what you mean by, "they have that information." Regardless, both agents must convey all formal responses, and any material information relevant to an offer to purchase, or existing sale agreement. As I am not an attorney, this is not legal advise—but rather my professional understanding of Realtor's Code of Conduct.
1 vote Thank Flag Link Wed Sep 18, 2013
I'm not sure what type of extension you are referring to. Is this regarding a short sale?
1 vote Thank Flag Link Wed Sep 18, 2013
If I understand what you are saying, the seller has the right to refuse to sign an extension requested by the buyer. That causes the deal to default or fall though. Since I presume that the extension was required for financing reasons, the buyer is entitled to the earnest money back as the failure for the purchase not going through was a lending failure. The proper person to deal with this is your buyer's agent. Most realtors check with the lender before setting up a closing date, but also sometimes something happens that requires unexpected time for the lender. Consider making the same offer again if you are not burned out on this home. Unless you really had a steal of a deal, it is unlikely that a new buyer will come in to replace you. Again, talk to your broker. And good luck! Take care Dohn Riley
Flag Wed Sep 18, 2013
Original offer was accepted, an extension to close 6 days past the original closing date was requested 14 days in advance of original closing date. Seller rejected this extension day before close. I was notified by seller's agent 3 days after original close. Seller's agent signed it saying he received it 2 days after the original closing date. The seller's agent wants a price increase now.
Flag Wed Sep 18, 2013
Anything negative, such as this rejection, must be disclosed to all parties. Anything else is going against the Real Estate Board of New York's (REBNY) rules for real estate licensees.
0 votes Thank Flag Link Wed Sep 18, 2013
I would assume that would have been done - but there is no guarantee.
0 votes Thank Flag Link Wed Sep 18, 2013
They are ethically required, definitely, according to the Realtor's Code of Conduct. I think if an extension was sent buy the buyer's agent and the buyer's agent had not heard anything or gotten it back signed by the time the deal expired the buyer's agent should call the seller's agent to find out what is going on.
0 votes Thank Flag Link Wed Sep 18, 2013
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