Home Buying in Covington>Question Details

Ro, Home Buyer in New Orleans, LA

Is it legal or ethical for an agent to tell buyers when i recieve a signed addendum with no changes i will allow apprais.to do his job untlthenoSALE!

Asked by Ro, New Orleans, LA Sun Apr 17, 2011

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I am in a contractual agreement at this time where the buyer is worried the home will not appraise and he does not want to come out of pocket. The seller ordered an independant appraisal, however, the VA will still order their own for the buyer. We are under contract but still the contract allows the buyer to void the contract if it doesn't meet or exceed appraisal so I don't see how this agent thinks he can hold a buyer to a contract before the mortgage company has its own appraisal, usually at least 2 weeks into contract. This is a risky business as we all have experienced lately.
0 votes Thank Flag Link Wed Apr 4, 2012
This happens a lot with REOs.

I've also had some sellers on some deals in NYC demand that my partners and I (the potential buyers) order our inspection and appraisal before submitting our offer. I told them to take a hike, and to either take it or leave it. Some backed down, and others walked.
0 votes Thank Flag Link Mon Apr 18, 2011
one more time Ro and we will try to answer you
0 votes Thank Flag Link Mon Apr 18, 2011
Sorry, but your question is garbled. (You chose to squeeze your entire question into the headline.)

But is it legal or ethical for an agent to say "no sale" until the appraiser does an appraisal? Only a lawyer can answer the legal aspect, but--sure. If the agent is reflecting his client's wishes, of course. And if the offer contains a financing contingency, absolutely yes.

Ultimately, though, it's not for the agent to say. The buyers make an offer and the seller makes the decision whether or not to accept.
0 votes Thank Flag Link Mon Apr 18, 2011
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
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Ro,
I'm not sure I understand your question, but if a contract is not complete in every regard, you do not have a contract. Allowing an appraisal or inspection when there are outstanding unresolved issues is getting things in the wrong order. While it may be advantageous to a listing agent to permit an appraisal to happen at no expense to his client, they are doing their job to get the details ironed out before you spend your money on an appraisal.
0 votes Thank Flag Link Sun Apr 17, 2011
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