Realator playing both ends

[wsnead]

What is the name of your state? VA

I made the mistake of allowing my realator represent me and the buyer. He showed my house before it went on the market, to the same couple who are buying it. I never got a copy of the signed contract (closing is this Friday). He convinced me not do an appraisal (saying it might not appraise) before it went on the market and claims that he doesnt know what their Bank appraisal came in at.

I, like a dummy signed the contract, and I didnt and still dont have a good feeling about it. So I had an independent appraisal and found out that the house is worth 16K more than the contract price. I have sinced decided that I want to keep the house, what are my options?

The realator set the earnest money at 500.00, but I could care less they can have it back.

 

[BradleyS]

You need to see an attorney about breaching the contract....


I would get after the Brokerage....

VA Law for Real Estate Licensees

http://leg1.state.va.us/cgi-bin/legp504.exe?000+reg+18VAC135-20-300

18VAC135-20-300. Misrepresentation/omission.
Actions constituting misrepresentation or omission, or both, include: ........

8. Knowingly making any false statement or report, or willfully misstating the value of any land, property, or security for the purpose of influencing in any way the action of any lender upon:

a. Applications, advance discounts, purchase agreements, repurchase agreements, commitments or loans;

b. Changes in terms or extensions of time for any of the items listed in this subdivision 8 whether by renewal, deferment of action, or other means without the prior written consent of the principals to the transaction;

c. Acceptance, release, or substitution of security for any of the items listed in subdivision 8 a of this section without the prior written consent of the principals to the transaction;

9. Knowingly making any material misrepresentation or making a material misrepresentation reasonably relied upon by a third party to that party's detriment; and

10. Making a false promise through agents, salespersons, advertising, or other means.

 

[wsnead]

Thnks for info

I have been discussing this situation with other "experts", I have an appointement with a Lawyer today, however I get the impression that I have to perform the contract and go after the Brokerage aftwards. true/false

Question?
This is the same realtor who representented me when i bought the house, however he worked for a different agency. Now that the same realtor is selling my house, should i be paying 6%. He told me he was giving me a 1% discount. Everyone I tell this starts to laugh. I dont imgine that's against the law but it smells fishy. I have finally came to the conculsion that i got screwed, but what can I get out of it besides stomachs pains when i go to sleep at night.

 

[BradleyS]

I believe that is correct.......a contract has to be performed.

Your a loyal client.....but you need to take charge. You are the boss. You need to tell the REALTOR what you expect. If the REALTOR cannot meet these demands, you need to call the Supervising Broker and request another REALTOR.

The new REALTOR can pay a referral fee to the prior REALTOR.

Don't let the REALTOR ruin your life.......the Brokerage holds the listing.....not the REAL ESTATE AGENT/REALTOR.

And, commission varies all around united states and it's negotiable.

Six percent is the most common commission paid to brokerages. A lot of real estate agents use the 7% commission as a starting point so the owner thinks they are getting a discount when the agent drops the commission...........

I don't agree with this sales tactic......but that's probably why I don't drive a LEXUS or ESCALADE!!!!

 

[wsnead]

talked to lawyer

I talked to a lawyer today, he said I definitely had a case against the Broker and suggested that I dispute the commission based on the fact the Realtor didnt represent my best interest. Told me to do the following:

1. Get copy of ratified contract (which I currently don't have)
2. Get copy of addendum that says the other agent is the buyer's agent, if that doesnt exist then the buyer's agent really represents the buyer and seller (which I didnt get)
3. Fax a letter to the Broker stating that I am disuting the commission and reason why.
4. Fax a letter to the settlement company to tell them to hold the commission in escrow until the dispute is settled and send them a copy of the letter to the Broker.

He told me that the Broker may give me two points back which in that case I can accept and keep moving or I can sue for all of it and the difference between the selling price and the appraisal price.

Anybody have any thoughts, suggestions.

 

[BradleyS]

Your lawyer is on top of things.......

Most state's have laws on the Principal(You) getting copies of any signed agreements. Add this to your ammo supply.