Legal Rights to sue anyone?

[lala h]

What is the name of your state? Indiana

We listed our duplex w/ an agent in Jan. I believe. We recieved an offer on it, worked out some counter offers and came to an agreement. The home inspection was done and accepted, and then an appraisal was done. We listed our place for $165,000. The buyer's original offer wanted us to pay $5000 and she offered $160k so we countered w/ $16500 and agreed to pay the $5000. According to our agent, the appraiser didn't see the agreement on $165k and appraised it for $160k. In the meantime, we had several closing dates that got made and cancelled at the last minute due to seller. My agent or her company had put a SOLD sign on our property and took it off the market while we were still going through all of these supposed closing dates etc and 2 months ended up going by. The buyer's financing fell through and now we have no sale of our place and no other potential buyer's for the 2 months it was off the market. We questioned it when they put the sold sign up, asking if it should say Pending, and our agent told us it was sold. We are having a house built and we are livid! Our agent told us we have no legal recourse to sue the buyer and I'm sure she won't tell us if we have any against her or her company. Do we have any?
Thanks for any help!
Laura

 

[HomeGuru]

What is the name of your state? Indiana

We listed our duplex w/ an agent in Jan. I believe. We recieved an offer on it, worked out some counter offers and came to an agreement. The home inspection was done and accepted, and then an appraisal was done. We listed our place for $165,000. The buyer's original offer wanted us to pay $5000 and she offered $160k so we countered w/ $16500 and agreed to pay the $5000. According to our agent, the appraiser didn't see the agreement on $165k and appraised it for $160k. In the meantime, we had several closing dates that got made and cancelled at the last minute due to seller. My agent or her company had put a SOLD sign on our property and took it off the market while we were still going through all of these supposed closing dates etc and 2 months ended up going by. The buyer's financing fell through and now we have no sale of our place and no other potential buyer's for the 2 months it was off the market. We questioned it when they put the sold sign up, asking if it should say Pending, and our agent told us it was sold. We are having a house built and we are livid! Our agent told us we have no legal recourse to sue the buyer and I'm sure she won't tell us if we have any against her or her company. Do we have any?
Thanks for any help!
Laura

**A: it apears you may have recourse against your Broker.

 

[lala h]

**A: it apears you may have recourse against your Broker.

Thanks for the reply. What would there be to gain from going after our Broker, and do you feel it would be worth it? Also, I read in the code of ethics that once an offer is accepted, they don't have an obligation to continue to show or market your property. Is this how they would get out of recourse?

Thanks again for your help!

 

[HomeGuru]

**A: it apears you may have recourse against your Broker.

Thanks for the reply. What would there be to gain from going after our Broker, and do you feel it would be worth it? Also, I read in the code of ethics that once an offer is accepted, they don't have an obligation to continue to show or market your property. Is this how they would get out of recourse?

Thanks again for your help!

**A: you got it wrong. Post the code of ethics section that you are quoting.

 

[lala h]

Misread it!

You are right, I did misread it. I was looking at brokers for buyers, not sellers. (standard of practice 1-8). At any rate, do you believe it would be worth seeking legal action? Do you think the gain would be minimal? Thanks again for your help!

 

[enricosuave]

Speaking from a Buyer's end of things.. I have been shown homes that were in active escrow and thus 'technically' off the market under the 'assumption' there was already a buyer in play. The reason for this is because a good realtor will be lining up other 'potential' buyers in case (as happened with you) either funding or some other issue causes the escrow not to close.

When we sold one of our former homes, the SOLD sign was not placed until escrow CLOSED.. not when escrow started. Find a friend who is a Broker and ask for the lo-down on this from an impartial perspective as to whether the Broker would be liable in some way.

 

[HomeGuru]

You are right, I did misread it. I was looking at brokers for buyers, not sellers. (standard of practice 1-8). At any rate, do you believe it would be worth seeking legal action? Do you think the gain would be minimal? Thanks again for your help!

**A: wrong again since a Buyer's broker would not be continuing to show the listed property as that is not his/her listing.

 

[HomeGuru]

Speaking from a Buyer's end of things.. I have been shown homes that were in active escrow and thus 'technically' off the market under the 'assumption' there was already a buyer in play. The reason for this is because a good realtor will be lining up other 'potential' buyers in case (as happened with you) either funding or some other issue causes the escrow not to close.

When we sold one of our former homes, the SOLD sign was not placed until escrow CLOSED.. not when escrow started. Find a friend who is a Broker and ask for the lo-down on this from an impartial perspective as to whether the Broker would be liable in some way.

**A: very good.......

 

[lala h]

Standard of Practice 1-7
When acting as listing brokers, REALTORS® shall continue to submit to the seller/landlord all offers and counter-offers until closing or execution of a lease unless the seller/landlord has waived this obligation in writing. REALTORS® shall not be obligated to continue to market the property after an offer has been accepted by the seller/landlord. REALTORS® shall recommend that sellers/landlords obtain the advice of legal counsel prior to acceptance of a subsequent offer except where the acceptance is contingent on the termination of the pre-existing purchase contract or lease. (Amended 1/93)

Here is what I was referring to Home Guru. You still didn't answer my question though. I think you like telling people they are wrong!

Thanks.