We did not accept an offer from a realtor but we just found out that she opened an escrow account so we can not counter on another offer on our

Asked by Meredith, 06906 Wed Oct 28, 2009

house? What can we do? We never signed off on the deal etc.

Help the community by answering this question:

+ web reference
Web reference:

Answers

2
Linne DePasq…, Agent, Henderson, NV
Wed Oct 28, 2009
Hi "Henderson" -

I understand your questions, but there must be some pieces missing from the puzzle. In order to open escrow, a title officer (legal 3rd party) must receive a purchase agreement and any/all subsequent counter-offers and/or addenda in addition to an earnest money deposit from the buyer. Unless and until all documentation and funds are provided, escrow cannot be officially opened. So, the good news is that your real estate agent probably just gave the buyer a verbal acceptance to move forward. That means that - technically - you can negotiate with other interested parties.

If it was your agent who misrepresented your intentions to the buyer/buyer's agent, then you should find another agent (aka: cancel your listing contract and re-list with another agent). I have heard of a similar situation (albeit, reversed) once recently wherein a homebuyer called me to submit an offer on a property. He made it clear that his previous agent had in fact submitted an offer without his approval, verbal or written. There are some properties that can be negotiated through an online portal that connects an asset manager (seller's decision-maker) to the buyer's agent. Some such portals allow the agent to submit electronic information and decisions on behalf of the buyer. However, both the portals and the law are clear: as an agent, you MUST have your client's clear acceptance of whatever course of action is taken.

On the other hand, if you verbally accepted and then simply changed your mind before signing, then that's a whole different issue. Of course, as far as the law is concerned, you are not obligated to sell the home unless and until paperwork is signed by all parties. But, if you gave the buyer/buyer's agent (or your agent) the go-ahead then decided otherwise while paperwork was compiled, then the buyer will likely not be willing to reopen negotiations with you. It is a matter of not negotiating in good faith.

Either way, this should set your mind at-ease. Good luck!

Sincerely,

Linne Karstensson
Owner, OwnLakeLasVegas.com
Direct: (702) 525-9492
Email: Linne@OwnLakeLasVegas.com
Web: http://www.OwnLakeLasVegas.com

Lake Las Vegas' most comprehensive real estate and community web site:
http://www.OwnLakeLasVegas.com

View Lake Las Vegas homes, condos, foreclosures, lakefront homes, golf course homes, and more!
2 votes
Beth A.Mitro, Agent, Henderson, NV
Mon Mar 14, 2011
If you have not accepted the offer and signed with a pen or electronically with a docusign, your agent can not open escrow. There may be a misunderstanding. Please call your agent and talk with them, if you did sign and somehow did not realize it, make sure you let them know now that you want better communication and as she may have experience you may not and not only want but need things explained better... Or may and like most people do not understand this complicated process. I hope this does not effect your bottom line and if it is a short sale it should not.
Good Luck
Beth Mitro
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more