What you should do it interview three different realtors. Have the house staged, have great pictures and try again. Someone will buy your home and soon you will be back on your feet,
Let me know if I can be of any assitance. I was born and raised in Ludlow and that is where my business is out of.
Paul m Miele
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When you enlist another agent, listing to what they say about the house. You'll want to relaunch it on the MLS with new pictures, cleaned and freshened up. A new Broker Open will re-introduce it to the local agents.
It's hard to get enthused again, but that's what you and your (new) agent need to do.
I am very confused as to what reasons you were getting from your list broker to allow extensions without a commitment or at least a conditional commitment ... something, anything. Where was your attorney during this advisement as well?
Again, sorry you are going through all of this, especially the financial burden of carrying 2 mortgages.
Paul M Miele
1. Why would a realtor allow 4 extensions without a bank commitment?
2. As a seller...Allowing extensions is one thing in this market allowing 4 without a bank commitment or a clear understanding of why they cannot issue a commitment is another.
I certainly would not use the same agent going forward...whatever the excuse is. At some point the agent needs to accept some responsability for the deal falling apart.
I see nothing wrong with a listing agent requireing a buyer to be pre-approved by a lender they suggest...particularly when they are asking for multiple extensions. A good loan officer may have known when the applications was taken that a commitment would be difficult. Agents have argued that they do not want to scare a buyer away by doing this. If the listing agent had made that a condition of the 1st or 2nd extension....would the seller be better or worse off if the potential buyer was scared off then?
Sorry to hear about your situation.
First a realtor should never promise you a property would be sold within 1 month. There are so many places where a deal can fall apart - no buyers, home won't appraise out, buyer can't get the mortgage, home inspection etc... There are good and not so good realtors out there. I'm sorry you had a bad experience with your realtor. I hope you were communicated with, during these 4 extensions.
I am a local realtor, let me know if I can do anything to help you
I would imagine the buyers had a pre-approval to begin with. Nowadays with all the upheaval in the mortgage market it's unfortunately more and more common for even a pre-approved buyer's loan to fail to close.
I also wouldn't be too quick to hold it against the agent because the attorney made the call. It's not uncommon for the news of the sale's demise to be delivered to the attorney. You're his or her client - it makes sense for the attorney to make the call. I'm sure the agent was very disappointed too - it sounds like this has been a long haul.
The good news is that we're heading into the spring market. In an ideal world I would consider keeping your property off the market for 91 days so the days on market clock in the MLS could reset. But it sounds like the cost of carrying the house might make that impossible. You do want to make sure that the house is showing its best - even though it's now empty. Make sure it sparkles inside and out.
Good luck. This process can be a real roller coaster especially nowadays.
The matter of deposit forfeiture may be best advised by your attorney. You have certainly suffered economic loss which the deposit may redress. But whether you can depends upon the exact wording our your contract and other details which quite naturally I do not know but are ones which you can go over with an attorney.
Others will point out that your agent should have made sure at some point in the process (the sooner, the better) that the buyers were pre-approved or at least pre-qualified.
Unfortunately, it's virtually impossible to force someone to buy your home. And though it's not a pleasant thought, your best prospect is still the #$%$# buyers.
However, you also might want to re-examine your relationship with your Realtor. I obviously don't know the details, so I can't make any suggestions. (And even if I did know the details, the Code of Ethics would severely limit what I could say.) But perhaps there is reason to believe that another agent might have handled the process differently. Just something you may want to think about.
Hope that helps.