Kathie, Home Seller in Bloomfield Village, MI

my agent did not provide accurate information

Asked by Kathie, Bloomfield Village, MI Sat Apr 7, 2012

about a second offer from competing agency in which I feel I was led to believe best offer came from her agency. Now I realize that is not true. One offer allowed me to stay in home for 90 days with substantial charge (her agency) second offer at no and higher higher price but told home may not appraise for that amount and stressed the first offer was a more "solid" offer.go How can I address this with the agency that is still representing me?

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6
Eric Michael’s answer
Call your agent out on this matter. He or she should be able to sit down and explain the pro's and con's of each offer and let you decide which one to accept. He's there to guide you, but you're the one selling the house. It's your choice.

If you think they're not acting on your best interest after the sit-down, talk to his broker or a real estate attorney.
0 votes Thank Flag Link Sat Apr 7, 2012
I have had many deals over the years fall apart because the house didn’t appraise for the sale price. How high above the comparable sales was the high offer? It doesn’t matter what the buyer is willing to give if they can’t bring the money to the closing table, good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time.
Web Reference: http://jamessimms.com/
0 votes Thank Flag Link Sat Apr 7, 2012
More analysis is required to determine the second offer was better and if the agent provided inaccurate info.

Now is the time to have the discussion with your agent. Organize your thoughts before hand. Be prepared to listen to why the agent said her offer was more solid than the other.

Some buyers are more solid than others so have an open mind on that subject. Getting a contract with an unqualified buyer is not fun.
0 votes Thank Flag Link Sat Apr 7, 2012
Many factors go into a offer that need to be considered. Yes, appraisal is one. 2nd the type of loan the buyers are getting. A buyer with more money down will have a better chance for loan approval and may offset the appriasal if it comes in low. FHA and VA loan are minimum down and the home would have to appraise at full selling price or close to it. If the home does not appraise than it is back to renegotiating. Either the buyer has to put more money down or the seller need to reduce the sale prict to meet appraisal. Do you need to stay in the home 90 days after closing. Can you do 30. What is the daily charge for occupancy. Normally it is 1/30th of the buyer total mortgage payment.(PITI). 3rd are you paying any seller concessions? 4th what are the current comparable you use to price your home. As the others have advised talk to your agents manager and or broker. All offer need to be present to you so you understand all aspect of each.
Martin Popp Century 21 Taday Farmington Hills Associate Broker.
0 votes Thank Flag Link Sat Apr 7, 2012
You always have the option of talking to the managing broker of the Office if you are not happy or want clarification about something. Did your agent show you both offers? There can be aspects that make one offer better than another even at a lower price, but only you know the specifics to decide if one is better than another for you.

I would talk to your agent agin first and bring up your questions. If the answers are not satisfactory, talk to the broker.

As a resident of Bloomfield Village, I am happy for you that you got multiple offers!
0 votes Thank Flag Link Sat Apr 7, 2012
Maureen Fran…, Real Estate Pro in Birmingham, MI
MVP'08
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Speak up. Discuss with your agent and broker. All the possibilities you list as having been told to you are just that, possibilities. A real estate attorney can give you advice as to which offer might be the best one in your situation. But so can your agent and his/her broker who has your best interest as a matter of ethics and law. They are the professionals.
0 votes Thank Flag Link Sat Apr 7, 2012
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