We recently listed our house with the agent that we previously bought it with 6 yrs ago- had a great experience with her then.
Listed going into Memorial weekend- three days on the market we had a lot of good activity… 10 showings, buzzing open house, and 3 offers out the gate.
First offer- at asking, no contingencies with 60 day close.
Second offer- $10k over asking, contingent on selling home (under contract, post-inspection), 30 day close.
Third offer- $5k under, contingent on selling but their employer would buy their house so they could relocate.
We preferred the first deal and started those negotiations but they ended up, presumably getting cold feet, and ghosted us. So, we entered into the second offer which is where we currently are hanging out…
Second offer possibly lost their buyer. Who knows because we’re still waiting on the LA to give updates. Buyers house is active and seems to be overpriced for their area, with no reductions in 45 days. Our agent, for reasons we can only assume, didn’t advise us to sign with a bumpable/kickout agreement so we’re locked out of the market for 6 weeks until close, with all sorts of red flags that this deal won’t go through as is.
In short, we feel like this deal is costing us time off the market and why would we have taken it unless we were struggling to sell with no other offers? Our agent apologized to us twice now, saying she took their agents “word” on the contract points (their agent failed to mention their buyer was also contingent, of which we figured out ourselves after our contract was signed). NAR clearly states our agent has a fiduciary responsibility/due diligence toward us, which we feel like she failed us on (we also feel dumb for trusting her advice).
Planning for worst case scenario: We know when our closing date hits and this deal likely falls through, we’ll be able to get back on the market (contracted with this agent until October) and sell again but we’ve lost time and, likely, money in this deal. We’re thinking of asking our agent for money lost as we’re paying her commission-Something like a months worth of “carrying costs” as that’s the likely scenario from ending this deal and getting back into another deal.
Is this a reasonable response or are we just in the “lessons learned” portion of our lives?
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source https://www.reddit.com/r/RealEstate/comments/1ucisac/agent_let_us_down_whats_the_recourse_if_any/
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