Asked by Just-asking, Reno, NV • Mon Nov 29, 2010
I made an offer on a Fannie Mae (HomePath) eligible property. My offer was accepted and a 14 page REO was sent to me for signing. The MLS listing suggested that there was a UP TO 3.5% incentive to the buyer. Now Fannie Mae (on page 11 Additional Terms or Conditions) tells me this, "Buyer is aware of the 3.5% incentive offered by the seller, and is waiving this in order to make the offer more competitive).
My offer never suggested I waive any part of the 3.5%. Ie You didn't write in the offer wanting the 3.5% (selling price) incentive. Therefore, you don't get.
Because I won't sign the waiver, the deal is dead. My agent tell me to sign because it is a screaming deal.. And it would be reckless (his words) not to. And if I don't sign, then go look for another agent. The deal now is expired under a 48 hr/ 2 day calendar (not business day) deadline.
If I get a different agent for the same property, what civil / contractual obligation do I own to the first agency?
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