Question Details

C, Home Seller in nys

Smoke and mirrors we accepted the offer verbally and she faxed all paper work over that is when i

Asked by C, nys Tue Mar 18, 2008

noticed who the buyer was i feel cheated as she knew that she already brought a offer before and we decline wth a specific amount then we approached this bid with a different perspective and didn't come back as high I know that if we had know the client we were dealing with we would not have come back with what we did because if we knew they had high interest to comeback a month later we would have stayed much closer if not at our last # do we have any recourse with the agent our than to tell her that we feel as if she was not honest as she knew we were already taking a huge hit in price and because of this deceit we obviously accepted less than what we would have if we had known who the buyer was

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I do understand that you trusted your agent and believed that your agent should have been fothcoming and provide you the information about the identity of the buyer.

Did you sign the contracts once your received them? If so, you probably have a legal binding contract. (I don't know if you do or do not.) If you signed the ocntract, my question would be why you signed if the contract was unacceptable?

Is it your desire now to terminate the contract (if you have one)? Since I am not an attorney, and I do not have a copy of your contracts, my comments are for discussion only. You could present this question to an attorney.

Do you want this sale to go through? Is another buyer going to pay you a higher amount? Is that a likely outcome? Are you upset because this buyer is getting the property? Or are you upset because you feel your agent was not honest w/ you?

It seems from the limited info here that going to close on this contract may be in your best interest.

You, as a seller, need to have a candid discussion w/ either your agent or your agent's broker. Perhaps the broker will assign a new agent to see through the transaction.

If the price and terms were verbally acceptable, and you followed through and signed the contracts, those actions and facts support the sale. But, if you really do not want to go through with the contract, consult an attorney for advice on the matter.

I am sorry to hear that your faith and trust in your agent was destroyed by the fact she wihheld information from you. Do discuss this w/ her....or her Broker.
2 votes Thank Flag Link Tue Mar 18, 2008
Deborah Madey, Real Estate Pro in ,
You think this buyer would have come up higher because they made a prior offer?
1 vote Thank Flag Link Wed Mar 19, 2008
I am afraid that nothing in this post convinces me any different than my last.

I realize that you may have issues with this buyer. However, you have not disclosed any other offers that you have., so what we are left with (from the Trulia perspective) are two options:
If you accepted the offer (written acceptance) then you are done. Which, as was noted, may be the best thing anyway.
2. If you have not accepted in written form, then counter back.

Jim Walker has a good point...different prices for different buyers has an odd sense to it. Emotions aside, realize that when a property is posted publicly, there are certain laws that apply.

Taking away the anger, if you want and need to sell, how far off is the offer? If you really have an issue with your Realtor, know that they are suppoed to abide by the Realtor Code of Ethics. You can ask the local association of Realtors to send it do you, or email anyone in Trulia and we can do the same.

Aside from the anger, if they are operating within the Code of Ethics, make sure you are on good legal footing before going further.

Sorry this is so stressful for you>
1 vote Thank Flag Link Tue Mar 18, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
I guess I believe too much in the net cash to seller concept.

Why is it so obvious to C and not to me that they would price the house way differently for different buyers?

Back in the fifties sellers used to have different prices for different prices. But that was before civil rights laws. I dunno, it sounds kind of weird to me. All about the buyer being interested from a month before deserves to pay more because they are theoretically more interested than a theoretical new buyer that just discovered the property?

I could make some reverse arguments: 1. Now that it is known that there is only one interested buyer and not two interested buyers, that means the seller should be even more willing to come down because there is no second buyer to bid the first one up.

2. Last month's buyer has just been watching the property go unsold after her first offer was rejected as low. Figures seller has had some time to soften, since there were no other offers.

Yeah I think the dual agent has a big problem on her hands, would have had a problem no matter what.
Just one more argument against transmitting verbal offers.
0 votes Thank Flag Link Tue Mar 18, 2008
Jim Walker, Real Estate Pro in Carmichael, CA
Sorry to hear that a Realtor was not totally honest with you. That is why choosing your Realtor is so important. Not all Realtors are associated with the NAR (National Association of Realtors). Have ever seen the nationwide commercials stating that NAR Realtors adhere to a code of ethics. We are held accountable and are trained. You should always ask questions before you sign on with a Realtor.

So did you have a Listing Agent? It sounds like you were at the negotiating table alone. I can only speak for North Carolina, but verbal offers do not hold up in court. To be an executed contract in NC everything has to be written and signed. So at the point that you found out who the offer was coming from would have been the time for you to either refuse the deal or negotiate out something of value such as you take your refrigerator and hot tub out of the offer. However, you should look at this as finally getting your goal of selling your home even though you may feel somewhat cheated. You have to look at the fact that within a month's time of their first offer to you and their second offer you obviously did not get another acceptable offer. Factor in that by not accepting the first offer you may have had another mortgage payment that you paid and if you did not accept the second offer you would continue making more mortgage payments until another higher or lower offer comes in. In some cases another offer never comes. Not all houses sell. The hardest part for a seller is to know when to quit looking for that better offer that may or may not be just a few months away. The value of a property is truly whatever the buyer is willing to pay for it. Appraisals are only good on the day that they are done. Now if my sellers get a low ball offer and they can safely wait for the better offer after we evaluate the whole picture then I would advise them to turn it down. Statistics show that usually the first offer is the best offer.
0 votes Thank Flag Link Tue Mar 18, 2008
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