We were introduced to a couple from one of our referral sources...who were at the end of a very peaceful divorce...yes, the do happen !
One was electing to buy the other out of what had been the family home and the other was buying a new home. That sounds simple. The person staying in the former family residence wanted advice on updates and maintenancc and the other on hoped we could help with the putchase of another home.
'Sounds simple...BUT....the home purchase got complicated. The about to be different home owner, before meeting us, had called the listing agent and seen the property with her. She called him four times in less than 24 hours pressing him to write an offer. Since there had been no "ink on paper" for closing the present residence, the offer would have had to be written with a home sale contingency. Neither the about to be former spouse nor the listing agent understood Mr. About to be New Home Owner could not afford to be on two mortgages at once.(His preapproval did say exactly that.)
Eager to take the next step in his new life, he wanted us to write the offer on the new house he had seen with the listing agent. We explained the home sale contingency which means he could get bumped if his offer was accepted by someone who did not have a home sale.
We explained to him, that because he saw the house with the listing agent, who is working for the Seller...She is now his agent, though not representing him, she would write the offer contingent upon the sale of his present home to his former spouse or on the open market. He asked that we call her and explain he didn't understand "the rules". We agreed with an offer of a part of the commission. No No and No....she showed him the house and "Knew" he would buy it. She had not seen the pre approval though knew the divorce was not final but did not find out the details.
No happily ever after with this house for either the Seller or the would be buyer....Procuring Cause....not understanding that owning two houses at once by either the buyer or listing agent....no house for now.
The Soon to Be New Buyer now understands the merits of looking for a home with a Buyer's agent. Had the house been sold....the Listing agent had procuring cause and would "have to write the offer."
Real estate is not always "consumer friendly" in the eyes of the public. Amen and Women.
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