Home Buying in 59102>Question Details

Michael Leo, Home Buyer in 94611

We had an offer accepted at 388,500 and then gave inspection notice of a few things to repair. The seller's

Asked by Michael Leo, 94611 Fri Feb 29, 2008

agent has come back with 402,000 as the new price. And by the way, they also have a back-up offer. Is this ethical?

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5
this question was asked almost SIX years ago......don't you think this person worked out their issues already?
0 votes Thank Flag Link Thu Jan 2, 2014
If the offer was contingent upon the inspection, then you have the right to ask them to make repairs, but the seller also has the right to say no. In this case, it appears that the seller is wanting you to essentially pay for the repairs by including them into the asking price of the home. It is not unethical for either party to negotiate, but you must decide what you are willing to give or not give.
0 votes Thank Flag Link Thu Jan 2, 2014
if you look under the question, in the lite gray font, you will see the date the question was asked
Flag Thu Jan 2, 2014
This is absolutely UNETHICAL and a shame. I am hoping that it wasn't the same agent acting as a dual agent and representing both the sellers and you the buyers??? Either way you have every right to contact the Board Of Realty Regulations here in Billings and file an ethics complaint against the selling agent.
Their phone number is (406) 248-7145
0 votes Thank Flag Link Tue Nov 8, 2011
Michael,
I wouldn't say this is unethical, maybe a little devious though. The seller(s) most likely have a better offer in their back pocket. An offer that wouldn't require such costly repairs or an offer that reflects the repair prices. At this point you need to counter back with lesser requests or decide if the purchase is worth it "as is" for 388,500 without the repairs. I would advise you to talk to an area contractor to get an estimate of repairs before you continue with this transaction.
0 votes Thank Flag Link Mon Mar 3, 2008
No, it's not ethical. The better question is what can you do in this situation? I'm sure a realtor or attorney will chime in with an answer to that question. But, good ethics are playing no part in what they're trying to do.

I wish you the best of luck and, honestly, there are a lot of homes out there. We just had two fall through on us, but now we're buying a house we actually prefer. Remember, all you've lost at this point is the money for the inspection, which is small considering the investment you're about to make.
0 votes Thank Flag Link Fri Feb 29, 2008
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