Listing Agent agreed to sell house but said had to get bank approval. 2 months later listing agent makes "counter-offer" (via text

Asked by Crroth07, Fort Wayne, IN Mon May 10, 2010

message).... We accepted the offer and wrote up the purchase agreement. Listing Agent COUNTERS the offer with a diff offer but settles on the orginal. Then says deal should close within 30 days. After getting the inspection the listing agent informs that the house hasn't been been approved for sale and has liens, Listing agent then informs us they are turning sale over to a "middle-man." From which we were told they it could take another 5-6 months to close the deal. We have been lving month to month on a higher lease. If we would have known 4 months ago we could have adjusted our lease rate and/or started lloking for another home. Now we are paying more money monthly and still don't have any better answers and could lose the tax credit we had anticipated using to do some of the needed repairs. If we end up without the tax credit we may not have accepted a higher offer on the house and/or would have offered less to account for repairs being needed. Can we go after Lisitn agent for lost money

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James Gordon…, Agent, Hamilton, OH
Tue May 11, 2010
Your agent should have been able to have the title and liens checked when you made an offer. I had a client that wanted to make an offer on a property that was a short sale. I had the title company that I work with do a lein search. Before we made our offer I asked the listing agent their plan to deal with the state and federal tax liens on the property. The listing agent was not aware of those liens and after checking his comment was "I guess this one won't close". If the property is a good enough deal the 8000.00 tax credit is a heartbreaker to lose but you should make it up in property equity. If you close by June 30 you can still get the credit if you and the owner have a signed contract that you entered into on or before April 30.
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Jay Emerson, Agent, Fair Oaks, CA
Tue May 11, 2010
If you continue from here, you have given the perception of being "OK with everything". Short sales are not friendly transactions but your agent should have been coaching you better. If you don't yet have bank approvals, you should not have gotten inspections. AND you don't have a fully-signed contract which means the 2009 tax credit is not an option for you.

Sounds like BOTH agents are rookies. Fire your agent or set the precedent that you're "OK".
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