**This is not legal advice, and you should seek legal advice and counsel only from a licensed law professional. I can not and do not provide legal advice.
Is your offer past the expiration date for the acceptance? If yes, your offer is no longer valid. Did you sign an buyers contract & an agency disclosure? If you did not sign a buyers contract then you are free to go with another agent.
I would count it a priviledge to interview with you so see how well we would work together.
You can check out my recommendations on one of my websites & also check out my linkedin profile
I wish you the best!
I would like to meet with you and explain how a true expert can be an advocate for you, protect your interests, and make the process convenient and less cumbersome. You may use the link below to a short video so you can get a glimpse of how I handle buyer representation.
If you would like to schedule an in-person or phone conversation with me, please email me at Derek@DoorToDreams.com or call my office at 248.419.3146. My assistant will likely answer and can then get something on my calendar.
Hope to speak and/or meet with you soon. Thank you in advance.
Derek Bauer, Associate Broker
Real Estate One
Our agent told us the offer we made cannot be presented until the other buyer signs the release form. We wouldn't have made the offer if we knew about the need for a release form. What if it isn't signed?
Apparently the buyers agent isn't giving any information either. I'd rather look at other properties instead of being tied up in this waiting game. We made a cash offer, not the full asking price, but good after looking at comps on similar properties in the area (that were not bank owned) and the house has some issues with the roof, etc. We just don't know if we should wait or move on. Any suggestions?
This is a textbook case of why buyer's should have a buyer's agent. I'm not saying that to be flippant, rather you are VERY LIKELY working with someone who solely is looking out for the best interests of the bank. Many people throw around the term (both in-general and in this post), "dual agency," when in-fact it is highly unlikely that there is dual agency in this case. Just because 1 agent is controlling 2 sides does not make it a dual agency ... and controlling 2 sides does not mean an agent is trying to control the best interests of each individual.
Here is an interesting question ... was the offer that this agent seems to be working so hard to protect also written by him/her??
In order for true, "dual agency," to exist, an agent must have a prior and binding relationship with each party. Thus, the agent had a listing in-place with a seller, and a buyer agency in-place with a buyer, ALL PRIOR to the two coming together. Thus, if you met this agent AS A RESULT OF THIS LISTING IN QUESTION, dual agency by definition and license law in Michigan can not exist.
Now that is all great and wonderful, right, so what now?
It is hard to believe that a bank would allow a buyer to burn through THREE lenders who have all said no, yet they continue to wait. Regardless of the premium they may be willing to pay ... if they can't pay it ... who cares!
Your offer CAN and SHOULD be presented even though there is a pending transaction ... it just CAN'T be accepted until there is either a.) a release on the other contract, or b.) your offer is written contingent upon that other contract being released.
Hopefully I haven't completely confused you ... but hopefully you now see that the person you reference as, "our realtor," may just well be, "their realtor who is trying to juggle your paperwork." Buyers should always have their dedicated agent.
Again, best to you and hope it works out.
If the agent is representing both Buyer and Seller of the transaction she should be a dual agent and does not have a fiduciary to either party. Make sure you understand that. The agent at that point is pretty much only a transaction agent.
It sounds like your offer will be presented after the release is received. They are just be extra careful not to be in a law suit. the broker might be asking for the release as well.
Hang in there. Your agent wants to sell this expecially since you mean double commission to Him
It seems that at the moment they still have a binding contract? And possibly an open escrow? The bank is simply making sure they are not contractually obligated to sell to two different buyers at the same time. It shouldn't take very long....hopefully....to get the signature.
Good luck with the purchase,