Talk about back doored...

By
Real Estate Agent with Keller Williams Realty

I finally get an offer on a listing I have been trying to sell.  It is in a condo development and of course there are other units available.  My sellers are just  like your sellers, greedy, and they want it all.  The agent that shows my listing of course does the right job and shows the other similar units.  She calls to tell me that they liked my unit alot but the other unit had a stackable washer/dryer in it.  I point out that mine is in a better location and it would be wise for her to go back to her buyers and tell them to put an offer in and ask that the seller install a stackable washer/dryer.

She manages to get them to put an offer in and I manage to convince my clients to counter to the offer and say that they will install a washer/dryer.  We come to a "meeting of the minds" and the buyer's move quickly to perform an inspection.  A few things came up and the buyers request that they be handled.  I convince the seller to take care of the items.  I prepare the papers necessary for the Seller's attorney to draw up contracts and everything is moving ahead.

Next, the buyer's agent calls to tell me that the other units owner has contacted the buyers to tell them that they will take X, quite a bit below the negotiated amount.  I immediately call the seller and explain what has transpired.  He reluctantly goes and matches the other amount to keep his deal together.  The buyers sign the contract and it is sent back to the seller's attorney, for the seller's to go in and sign.  I think through a nagging wife, my client decides he isn't going to do all the items that came up on the inspection.  His attorney is calling the other attorney to tell him.  That same day the seller's were supposed to go in and sign the contracts.  They didn't.  Now they have changed the contract by saying they are not going to do what they had previously said they would do in the negotiation of the transaction. I think, I am not an attorney, but I think that once the parameters are changed it voids the contract, correct me if I am wrong.  On top of this had they signed and sent the contracts back the buyers would have been in contract.  But my seller listened to his wife, renegged on his agreement to take care of everything and now the other seller has re-contacted the buyers telling them that he'd accept Y (which is much lower than the original offer he had made to them).  Either way my client looses.  If they switch to the ridiculous low offer made to them, (they'd actually be crazy if they didn't) that appraisal will be the  gauge used on all sales following that closing.  It will set a level within the complex that will hurt all similar units that sell. 

I haven't had anything like this happen before...it is obvious that people are getting desparate and doing unlikely things out there.  My sellers don't even know that this is going on because they haven't returned my numerous phone calls over this weekend.  Talk about frustrating!!!!

Does anyone have advice or whatever at this time....I am totally stressed out!

Comments (1)

Anonymous
Anonymous

Hi Carol:

Being a paralegal, we can not advise what our clients do.  They have to in the end speak to an attorney to adivise them of what they have done.

I would agree with you when you alter a contract the contract is void.  But, it would have to be before the contract is signed.  But, once they are in a binding contract it is really anybodies game and they would have to pring a cause of action to the court.   And, that would be up to the parties, if they feel they have been wrong.

My first question would be;  How did the other seller's get intouch with the buyers if they were represented by a realtor?  Unless, they went to the building with without their agents.

2nd, do the buyers know the sellers of the other unit?  Sometimes, if the buyers know the other people they may of had them do that just to get a lower price.   Just my instincts kicking in.

These kind of tackics make you look bad even if you had nothing to do with the outcome.   Good luck.

May 23, 2011 08:23 AM
#1