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Post by catlover on May 6, 2021 16:15:21 GMT -5
Hi, thought you may be interested in a new wrinkle in the real estate market.
We signed an offer for an 'assignment sale' bungalow earlier this week The offer was duly accepted for 2k less than the asking price (signed off for $623).In the latest news, we received an amendment to the contract this afternoon from the seller's lawyer, with no explanation, trying to sneak in an extra $45k over the agreed price.
According to our 'Agent" , there was a 'mistake' in the original contract
The offer was subject to their lawyer and ours approval, si I am guessing that if we don't accept this little sneaky move, the sale will collapse and we will be back on the hunt for a home again.
We are waiting on our lawyer's opinion (he has been in a seminar all day), but if he agrees this is totally wrong and unethical, I will give you the names of all parties involved. (if you are interested of course)
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Post by Handy on May 6, 2021 21:03:27 GMT -5
Most agents actually represent the seller. Even if you pick an agent to buy a house, they still represent the seller if the house was listed on an area wide "for sale" or better known as a "multiple listing" list.
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Post by jerri on May 7, 2021 1:31:52 GMT -5
have them justify the numbers from sales in the area which should be easy to do. Otherwise, sounds like you should go back to the table. You may be in competition with another buyer so just ask if you are. Sounds like you don't have an agent
That happened to me on a property but I didn't have leverage because I was buying directly from the lender and the property was already low valued. I cut an agent's commission out because they didn't inform me the property was in foreclosure. I was pissed. They put the agent's commission back in. I was squawking but it was useless because the property was already deeply discounted. If I could justify it as the lowest price per square the argument was moot. If it doesn't look good ask them to pay all buyers costs. See how far that gets you?
Best to never get emotionally attached to a property and be willing to walk. What happens often, especially if it is a fast sell is- they cry because they think they didn't get enough.
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Post by petrushka on May 7, 2021 6:10:16 GMT -5
No way, no re-negotiation. If they agreed to a price, then that is the contract. I don't know about the US, but such is the case here. Back in the 80s I bought a 50 acre block. After we had signed the agreement for sale and purchase, as it's called in this jurisdiction, the seller suddenly realized that he had made false assumptions of where the land ended, and that I was getting more than he had thought. So he tried to raise the price retroactively. My lawyer just laughed. His lawyer just laughed. No can do, sonny. catlover , if the offer was accepted in writing, the place is yours the moment you hand over the money in most jurisdictions. Never mind if their lawyer or the land agent try to fiddle the numbers so they get a bigger cut. If your lawyer is worth his salt, he should put a stop to it right quickly. |
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Post by catlover on May 7, 2021 8:13:54 GMT -5
Dunno about the US (or elsewhere), but here in Ontario we have buyers and sellers agents. We are using the same agent who sold our place as our buyers agent (in a contract). As far as I am concerned she is now fired. The sellers agent is apparently saying there was a “mistake” in the bill of sale. It is with our lawyer right now, hoping to hear from him soon.
In the meantime, as far as I am concerned they can go fuck themselves, not the only game in town
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Post by lessingham on May 13, 2021 3:33:11 GMT -5
Estate agents work for the buyer and are in it for the commission. If you know that then you learn to proceed with caution. When I bought my house in the 80s it was advertised as freehold. It was a leasehold property and the seller was trying to buy the lease so kept delaying and delaying. The estate agents knew but lied and lied to draw out the sale process.
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Post by mirrororchid on May 13, 2021 5:48:58 GMT -5
Estate agents work for the buyer and are in it for the commission. If you know that then you learn to proceed with caution. When I bought my house in the 80s it was advertised as freehold. It was a leasehold property and the seller was trying to buy the lease so kept delaying and delaying. The estate agents knew but lied and lied to draw out the sale process. My recommended reply. "If you are looking for ransom, I can tell you I don't have money. But what I do have are a very particular set of skills; skills I have acquired over a very long career. Skills that make me a nightmare for people like you. If you bring the contract we agreed to earlier, and we sign it now, that'll be the end of it. I will not look for you, I will not pursue you. But if you don't, I will look for you, I will find you, and I will kill you...." |
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Post by catlover on May 13, 2021 6:04:24 GMT -5
Estate agents work for the buyer and are in it for the commission. If you know that then you learn to proceed with caution. When I bought my house in the 80s it was advertised as freehold. It was a leasehold property and the seller was trying to buy the lease so kept delaying and delaying. The estate agents knew but lied and lied to draw out the sale process. My recommended reply. "If you are looking for ransom, I can tell you I don't have money. But what I do have are a very particular set of skills; skills I have acquired over a very long career. Skills that make me a nightmare for people like you. If you bring the contract we agreed to earlier, and we sign it now, that'll be the end of it. I will not look for you, I will not pursue you. But if you don't, I will look for you, I will find you, and I will kill you...."LOL. love that reply, I have used a similiar version on a few scam artist phone callers :-) Regarding my original post in this thread, after many back and forth's with the our lawyer, turns out it was just horribly mangled lawyer speak coupled with a sellers agent who had never done one of this type of deal before (assignment sale). There was still one little 'surprise' though. We have to cough up the HST (sales Tax) to the tune of 24k cad, and then claim it back from the gummint. But, all is good, we have secured a new home with (most of) the features we wanted and needed (everything on one floor being a priority, including the laundry. (I really do not understand the North American obsession with sticking the laundry in the basement like an afterthought. In fact, I was gobsmacked yesterday, we were able to get a viewing of the exact same model as ours in finished condition. (Owner Occupied). The laundry area was 'blank' (i.e there was no water fittings or 220v plug nor chimney for the dryer. Thought, thats odd, went down to the basement and lo and behold, the laundry was setup down there. SMFH.) |
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Post by catlover on May 15, 2021 13:17:18 GMT -5
Update, sellers agent still fucking us around. I have a strong suspicion she actually wants the sale to collapse because she has another buyer in the wings willing to pay more, but that’s just a suspicion. Sick and tired of getting fucked around on this. Latest wrinkle in the scenario, buyers agent is insisting on a mortgage pre+approval, even though we will be buying this place cash. The sale of our existing house closes on June 25th and we would get possession of the new place on Aug 24th (luckily we can live in our trailer for 2 months). We will have in excess of a couple 100 in the bank (aka retirement funds)
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Post by petrushka on May 15, 2021 15:10:50 GMT -5
Interesting detail about the laundry. Houses in NZ typically do not have a basement to stick laundries into. Instead, people put them into attached garages or into a nook off the hallway.
Being European, we are used to have the washing machine [in the kitchen or] in the bathroom. We don't even have a dryer, we have a clothesline.
I designed the house to be totally wheelchair friendly. wide internal doors, no split levels, no stairs, no thresholds. Bad knees for decades. In fact, I am getting one replaced in July, and I hope like
hell that it all goes well, so I don't have to use the wheelchair features just yet.
Sex? {laughs} Sex don't even enter into it!
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Post by jerri on May 16, 2021 6:00:11 GMT -5
The pre-approval is just making sure you have funds that you have immediate access to. Every agent covers all bases and it is very common.
They do have interest as soon as someone else wants it. Everyone wants what others have. When buyers gave me crap I just moved to the next client and it's so easy to make a sale collapse. Doesn't matter if there's a contract. They even tried to intimidate my broker. All companies have their own lawyers. First thing we did was run down the hall to see where we stood. Few contacts don't have contingencies. All the brokers will be looking for the strongest, snag free sale.
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