Realtor lied during home sale transction. Sale fell through 2 hours before close

[MidnightSwinga]

What is the name of your state? Michigan

Last Monday we were to close on the sale of our condo and then close on the purchase of our home.

2 Hours before closing we get a call from our Realtor that the couple purchasing our condo was not able to get fiananced. Througout the whole process our Realtor assured us that the couple would not have any problem getting their mortgage and told us they had been pre-approved. The Realtor was serving as a Dual Agent on this transtions.

We went ahead with the purchase of our new home and now are stuck with two mortgages. This was after numerous assurances from our Realtor that they couple was approved and there were no probelms with their mortgage.

The Realtor encourages us to accept the buyers offer with earnest money of only $100.00. The condo was off the market for about 45 days after the offer came in.

The Realtor also encouraged the buyers to present us an offer that would require us to pay them money back after close as they needed the cash. The Realtor told us this ammendum to the contract would not be part of the official contract (because the bank would frown upon it).

The buyers backed out of the deal because they were not able to get a interest rate they were happy with. We now have the condo and the house. We have talked to the buyers and they felt the Realtor has lied to them. They buyers also told us they were never pre-approved.

We definatley do not think that the Realtor was acting in our best interest and are curious if their is any legal recourse?

Thanks

 

[HomeGuru]

What is the name of your state? Michigan

Last Monday we were to close on the sale of our condo and then close on the purchase of our home.

2 Hours before closing we get a call from our Realtor that the couple purchasing our condo was not able to get fiananced. Througout the whole process our Realtor assured us that the couple would not have any problem getting their mortgage and told us they had been pre-approved. The Realtor was serving as a Dual Agent on this transtions.

We went ahead with the purchase of our new home and now are stuck with two mortgages. This was after numerous assurances from our Realtor that they couple was approved and there were no probelms with their mortgage.

The Realtor encourages us to accept the buyers offer with earnest money of only $100.00. The condo was off the market for about 45 days after the offer came in.

The Realtor also encouraged the buyers to present us an offer that would require us to pay them money back after close as they needed the cash. The Realtor told us this ammendum to the contract would not be part of the official contract (because the bank would frown upon it).

The buyers backed out of the deal because they were not able to get a interest rate they were happy with. We now have the condo and the house. We have talked to the buyers and they felt the Realtor has lied to them. They buyers also told us they were never pre-approved.

We definatley do not think that the Realtor was acting in our best interest and are curious if their is any legal recourse?

Thanks

**A: put everything in writing and meet with the principal broker.