Tricky Realtor...is that an ethical violation?

By
Real Estate Agent with Coldwell Banker F I Gray and Sons Residential, Inc.

Story from our office.

A newer Realtor is in negotiation with a buyers agent.   The original offer included $5000 in seller paid closing costs.

After some back and forth they agreed to do the deal at $135,000.  The seller would then pay the $5000 and the seller would net $130,000.

The buyers agent sent over an amended contract with the new execution price of $130,000.  The sellers agent, got the seller to sign and they moved forward.

Suddenly, the seller was only netting $125,000.   The buyers agent explained.  All of the terms of the contract are to remain the same per the contract, so it is execution price minus agreed upon fees.

That means that the execution price is $130,000 and the buyer gets $5000 in seller paid closing fees.

"But that is not what we agreed to."   Buyers agent..."Too bad, you signed the contract."

Two Realtors agree to a deal.  The buyer's agent tricks the selling agent and it cost the seller.  Is that ethical?

Two agents agree to a deal and the Realtor writing up the contract "pulls a fast one?"  Or were they just doing the best job for their customer?

All I know is that Realtor will not get the automatic respect in the future do to their Realtorness.

And after the sale, the sellers agent may file an ethics violation..... yet, is it an ethics violation?

Even if it is not, the sellers agent can still make the claim, and if this is a pattern of behavior by the buyers agent, maybe it will make them think twice before trying to pull a fast one.

Agent like this must love new Realtors.

 

 

 

 

 

 

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Rainmaker
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Kat Palmiotti
Grand Lux Realty, Monroe NY, 914-419-0270, kat@thehousekat.com - Monroe, NY
The House Kat

Good morning.

The minute I read "The buyers agent sent over an amended contract with the new execution price of $130,000" I knew how this was going to go!

The contract should have shown both the accepted price, and the seller's concession, with the "net" specifically spelled out. I'm sure the seller's agent will always check the details in the contract going forward. That was a hard lesson!

Oct 17, 2018 05:46 AM #1
Rainmaker
733,898
Norma J. Elkins
Elite Realty Group - Morristown, TN
Realtor - Elkins Home Selling Team

I always stop and think how I would feel if it "happened to me".  If I'd be upset about it, I don't do it.  The Golden Rule should always be applied in life and in real estate transactions.  Great blog...thanks for sharing!

Oct 17, 2018 05:47 AM #2
Rainmaker
262,989
Randal Jenkins
Coldwell Banker F I Gray and Sons Residential, Inc. - New Port Richey, FL

Just keep reminding yourself.  "The other agent will behave ethically until it is no longer in their clients best Interest."   The title of a new blog post.

 

Oct 18, 2018 05:24 AM #3
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Rainmaker
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Randal Jenkins

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