ca_lexa, Home Buyer in Boca Raton, FL

What can I do about a possible FREC violation committed by the listing agent?

Asked by ca_lexa, Boca Raton, FL Sat Aug 24, 2013

I was under contract for a place in Boca Raton (submitted deposit and everything). The appraisal came in a lot lower, so both the seller and I were working out a new price. However, the listing agent never took the property off the market (still remained "Active"). This considerably hurt my negotiations and eventually I ended up backing out of the contract. It turns out another buyer was 'on deck' with a better offer. The very same day I backed out, the property went to "pending sale" status and the property will close next week with the new buyer. I'm so upset because I really liked this place. What can be done about this?? Isn't this a violation?

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Answers

6
Lewis hit it right on the head...pick up and move on, don't waste a lot of time lamenting over the one that got away. Best of luck...
0 votes Thank Flag Link Sat Sep 14, 2013
This may not help but sometimes things happen for a reason....remember that when one door closes another better one is often opened.

As explained, up to the point when you withdrew your interest in the property, you were in the hunt...you state, the property remained "active." Was this "active" or "active with contract?" There is a big difference, with "active with contract" allowing continued buyer interest until all contingencies are satisfied.

Best wishes,

Bill
0 votes Thank Flag Link Sat Sep 14, 2013
Short answer, probably nothing. I feel your pain. Hopefully the next place you find will be even better. Good luck. :-D
0 votes Thank Flag Link Sat Sep 14, 2013
I would go back and read your contract. And...what does your REALTOR say??? If your contract fell out of contract due to appraisal, then the seller is able to accept any back up offers at that point. Most listing agents & sellers continue to list the property as "active/ backup" (or "under contract" or "pending" but still accepting backups) -- indicating there's a contract in place, but they are accepting back up offers. Each MLS and state handles this status differently.

At this point if the new buyer is under contract and scheduled to close, there's really not much you can do at this point. They can't be under contract with two buyers. So it sounds to me that your contract fell.

Keep in mind the listing agent is looking out for the best interests of the seller. That means continuing to market the property in case the first contract falls through due to whatever reason (inspection, appraisal, loan, etc.). But the seller can't accept a new offer until the first contract has fallen through. Again, talk to your REALTOR!
0 votes Thank Flag Link Sat Aug 24, 2013
Dear ca_lexa,


Have you and the seller signed a Release and Cancelation of Contract before another offer
was accepted?
0 votes Thank Flag Link Sat Aug 24, 2013
Read the Fannie Mae addendum carefully.
0 votes Thank Flag Link Sat Aug 24, 2013
It's not a Fannie Mae property.
Flag Sat Aug 24, 2013
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