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A couple months ago I was working
on a transaction with
another agent and the transaction was going smoothly when… BAM!
Like a ton of
bricks, something happened and we didn’t know what. Our buyers were
were ready to go, but something on the seller’s side was slowing the
down on this short sale.
Well, the other agent
sent me some very confidential information that came from
a conversation between the bank and the seller and she was passing it
on to me.
The first thing the emails said was “This is for your eyes
only and not to be
shared with your clients.” Well, to me, my job is to get my clients the
deal possible and if you give me information that will get them a
you bet I’m going to do it.
When we first presented this
offer, we put in that the
sellers bank was to contribute up to 3.5% toward the buyers closing
a home warranty, and close with my client’s choice of
Title Company. This is
normal for me, but sometimes I ask for more and on this one we did. We
the bank to close by a certain date or pay for additional rent for my
since they were required to sign at least a 3 month lease or they would
30 day notice from their landlord.
Well, the letter came and
it said they could close by the date so they wouldn’t
have to pay, but the sellers were the ones balking on this
date because they
had nowhere to move to yet. They thought they had a placed lined up,
wouldn’t be able to move in to that location until 22 days after the
close date and they were asking the bank to send a letter to the buyers
they were not going to pay the additional rent and they couldn’t close
scheduled close date.
The bank did this and my buyers were very upset, because they had a
and now the contract was being changed, but not by the
party who signed it
originally, but by the bank who agreed to it after the sellers
agreed to it. My clients were now stuck with a moving POD and no place
it with less than a week to close.
This agent sent a copy of
the letter to me trying to get me to lie to my client
on why there was a delay and to try to calm my clients down
and stop the talk
of a lawsuit for breach of contract. Well, I of course brought this up
principle broker and we both agreed that we had the right to bring this
my buyer, it wasn’t our fault the information was leaked to us.
I called the bank told them that
we had a copy of the letter and if they didn’t
close on time, and have the sellers out on the closing
date, we would be in
court for all costs incorporated in the sale, plus an additional $8,000
couldn’t find another home and close by April 30th
since they were
first time home buyers.
They bank called the sellers on
my behalf and told them they had to be out no
matter what because the sale depended on them being out by
the date on the
contract and the contract stated they had to be out by the 29th.
bank apparently told the sellers that if they weren’t out, and that if
was a lawsuit, they would be responsible for all fees and judgments if
lost in court.
Well, the happy news for my
buyers is they moved in on time, but the bad news
for the sellers is they had to move in with friends. I’m guessing they
an E&O claim against their agent for revealing information that
What would you have done
in this situation if you got information from the
other agent that was going to cost your clients $4,500 and
you knew that what
you were originally told and what really had happened was different?
if I was buying a home, I would want my agent to protect me and if they
information such as this, I would expect they would share it as well.
I am a licensed Realtor who specializes in Washington County, Oregon and also work in both Clackamas and Multnomah Counties including the cities of Aloha, Beaverton, Canby, Clackamas, Gladstone, Gresham, Happy Valley, Hillsboro, Milwaukie, Oregon City, Sherwood and Tigard. All information contained in these posts are copyrighted and cannot be used without prior written approval authorization from the author me Todd Clark. If you are looking for an outstanding agent please give me a call I would love to help you with all your real estate needs.
What if there was a way you could search the MLS for FREE just like Realtors
Now you can access the MLS using similar tools as Realtors. You are in control of what you want to search for, and you can search the MLS at your leisure. The information you submit in the form below can also be used to put you on an automated system where you'll be emailed all homes that meet your search criteria. You'll get internet access to a website that includes pictures, prices, and addresses to real estate that's listed in the MLS!
Helping Families Home is a blog set up to help families find that perfect home for them. I have a family and I understand how hard it can be to find a home that everyone is happy with. Let me help you find that home and help your family home.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.