Home Buying in Chino Hills>Question Details

Kashif, Home Buyer in Irvine, CA

What should I do if a listing agent and her associated broker provided false info during an open house?

Asked by Kashif, Irvine, CA Fri Apr 3, 2009

I'm interested in purching this home. The listing broker/agent told us it was a regular sale, listed only for 30 days and there were no other offers. But upon making a full price offer (via an agent) I found out that was not the case, apparently after much probing and calling we learned it was short sale from 2008 and the home was on the MLS with incorrect status then removed as soon as we asked about it. When my agent called on the home, the listing agent asked how did you know about it - as it is not listed. My agent indicated that her broker was holding an open house and we went to go see it. The listing agent told us that the home is already in escrow but it is shakey. We are the first back up offer, however they will put the home back on the market at a higher price. Can they do this?

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Kashif:

A lot depends on the listing agreement and the information that was provided to them from the seller. As to weither or not they can raise the price, yes they can. Since it is a short sale, they may have found out that the bank would not accept the offering price.

When writing an offer it is always a good idea for the buyer’s agent to look up the history of the home and also the facts on the owner and the loan amount that is on the home so that they can help you determine if in fact the offer may or may not go through.

If the agent pulls the assessors data on the property they should know at that time (the time when you are writing the offer) if the home is in foreclosure and if it might be a short sale. Unfortunately not all agents do that when writing an offer and some fail to do it when they take a listing.

Your recourse, if you think you have been wronged would be to notify the DRE your agent can give you the information. I don't know if it would be worth all of the negative energy but the choice is yours. If you want to hold them to the price that it was orginally listed, you cann't.

Good Luck:
Diana 909-945-5763
Web Reference: http://www.dianam.com
0 votes Thank Flag Link Fri Apr 3, 2009
Thank you Kashif, for rating my answer. I enjoy answering questions on Trulia and it helps to know that you are helped by our answers.

Good Luck

Diana
Web Reference: http://www.diana@dianam.com
0 votes Thank Flag Link Wed Apr 8, 2009
! hope all works out well Kashif...Good luck
0 votes Thank Flag Link Mon Apr 6, 2009
Thanks Diana and Dunes for the guidance and insight.
I'll keep an eye on the property and do some additional research.

Best Regards,

Kashif
0 votes Thank Flag Link Mon Apr 6, 2009
Kashif, You might try here where you can ask your question, check their licenses or file a formal complaint to the state.....http://www.dre.ca.gov/

Good luck, Dunes
0 votes Thank Flag Link Fri Apr 3, 2009
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