Jessiepenick, Home Buyer in New York, NY

How can I get out of this mess?

Asked by Jessiepenick, New York, NY Mon May 27, 2013

I'm a week from closing and am being told that after a horrific experience with our selling agent, not only will we make absolutely nothing on the house, we actually will go into debt! We were never given the proceeds estimate sheet when we put our house on the market. I had asked how much closing costs came to and was told "3000-3500". I didn't realize that wasn't both buyer and seller. My agent held onto my prequal letter for 6 weeks before telling me he had it, in the meantime the house I was looking at sold. I was left with purchasing a home similar to my own but more expensive, or moving across the country to live with family. Now I have five kids packed up and no where to go! I want out of my contract but the broker threatened to sue me for full commission and warned that the buyer will too. This is my first selling experience and I don't feel that my agent provided the information I needed to make a good financial decision. Is there anything I can do?

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Anna M Brocco, Agent, Williston Park, NY
Mon May 27, 2013
Definately time to consult with an attorney who specializes in real estate....
1 vote
Scott Godzyk, Agent, Manchester, NH
Mon May 27, 2013
You may want to start with meeting with an attorney, the first meeting is usually at no cost. Your broker should be representing you. The lawyer can look at your contracts including listing contract and purchase contract to see what is going on. Although buyers and sellers depend in agents to get things done, they have to insist on seeing numbers, reading and understanding the contracts before agreeing to or signing them.
1 vote
Nathan Gesner, Home Buyer, Cody, WY
Mon May 27, 2013
Find an attorney right now. Most of them will meet with you the first time for free so they can hear your story and see if you have a case. If you have a strong case, they will definitely tell you.

Type up a document with exactly what happened and when. Get your facts straight as best as possible before meeting with the attorney. Provide any evidence you have to support your claim, such as emails, phone records, witnesses.
1 vote
Tom Sommers, Agent, Lakeville, MN
Mon May 27, 2013

Sounds like you have quite a mess on your hands but unfortunately you're asking a question on a panel filled with real estate agents like myself. We are not attorneys and can't give you any legal advice. This is a great forum for people looking for answers for questions like "how long do I have to wait when I buy a short sale?" Your question and situation is so much more complicated than something like that. The smartest thing you can do at this point would be to consult a real estate attorney. Make sure you are speaking with an attorney who specializes in real estate. Typically the consultation is free and they will explain to you all of your rights. Avoid the speculation and assumptions that come along with this situation and get the facts.

Best of luck,
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