SIGforum.com Main Page The Lounge Listing agent kills deal by contacting buyer's banker update page 2
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| I've always been Crazy! kept me from goin Insane! |
Listing agent, Fannie Mae property (28K starter home), kills deal by contacting buyer's banker and bad mouthing the property in question. Bank was willing to do 3% down. Her statement to the Buyer's Lender was as follows "Are you really willing to do 3% down? This house is in REALLY BAD condition!". Is this Unethical? Worthy of escalation to a formal complaint?This message has been edited. Last edited by: HarrisonLLC, -------------------------------------------------------------- Harrison Shooter Supply FFL 07 SOT I am the member formerly known as "Southernmaninla". | ||
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| Dances With Tornados |
Hmmmm. I've got a thought that the agent wants to buy it himself for an investment or flip. He possibly could discourage the seller then graciously offer to "help out" by purchasing it. I'd certainly complain. | |||
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| I believe in the principle of Due Process  |
Well, there are rules requiring disclosures by nearly everyone involved in a transaction. Ordinarily these are done in a more formal more elegant way. Luckily, I have enough willpower to control the driving ambition that rages within me. When you had the votes, we did things your way. Now, we have the votes and you will be doing things our way. This lesson in political reality from Lyndon B. Johnson "Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." - Justice Janice Rogers Brown | |||
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| Needs a check up from the neck up  |
If the buyer only has $840 to buy the home, maybe they need to re-think things. __________________________ The entire reason for the Second Amendment is not for hunting, it’s not for target shooting … it’s there so that you and I can protect our homes and our children and and our families and our lives. And it’s also there as fundamental check on government tyranny. Sen Ted Cruz | |||
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Bolt Thrower |
They make mortgages that small? | |||
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Member |
What kind of condition would you expect a $28,000 house to be in? ... stirred anti-clockwise. | |||
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| Eating elephants one bite at a time  |
If in OP's listed location, 28K will buy more than you think. Very small rural town.... | |||
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Member |
No, there's nothing unethical about the scenario you listed. | |||
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| Eating elephants one bite at a time |
How does anyone know what was said between lender and listing agent beyond hearsay? Is there a recording? Typically, FHA loan would send an appraiser? If FHA requirements met, lender wouldn't kill deal based on listor's comments. Parts of the story are missing??? | |||
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Member |
I won’t post the link but if it’s the House I found online, the pictures make it look like an OK deal for the money. Needs new flooring at least. | |||
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| I've always been Crazy! kept me from goin Insane! |
You found it. The house is a Homepath forclosure property, has to be listed for owner occupancy for 20 days. After 20 days if no contract is received it can be purchased by an investor. Fri his offer was placed, at full price. Thurs the 20days is up. There is no more to the story. -------------------------------------------------------------- Harrison Shooter Supply FFL 07 SOT I am the member formerly known as "Southernmaninla". | |||
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| Help! Help! I'm being repressed!  |
I just don't see how it should be the listing agent's business how the buyer secures funding to buy the property. ETA: So you are saying that OKCGene's theory is what happened? | |||
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paradox in a box |
My girlfriend is a realtor and her response is below... Any chance it was an FHA Loan? If so the property has to qualify. Certain financing programs will require the home be free from certain defects. A listing agent doesn't want to take the property off the market if the buyers financing will not fly. I don’t believe this agent did anything unethical.
Based on my girlfriend's response, and what I've learned from seeing her work, financing is of huge interest to the listing agent. Deals fall apart all the time due to financing falling through. They need to make sure the buyer really is qualified. These go to eleven. | |||
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Ammoholic |
Appears to be hardwoods, should be able to sand them and be good to go. That would be the least of my concerns. Looks like it needs a $40,000 face lift then it will be worth about $80,000 based on near by comps. Jesse Sic Semper Tyrannis | |||
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| Ammoholic |
FHA loans have to pass inspections and be move in ready. That would explain the 3%. Jesse Sic Semper Tyrannis | |||
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| I've always been Crazy! kept me from goin Insane! |
It's not an FHA it's a standard loan. I think the listing agent is trying to let time expire the house in this area is undervalued. -------------------------------------------------------------- Harrison Shooter Supply FFL 07 SOT I am the member formerly known as "Southernmaninla". | |||
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| paradox in a box |
That would be strange. If there is an accepted offer the listing agent risks more by trying to make the deal fall apart. They want to close quickly. Their "time on market" is a huge issue for them and something they try to keep as low as possible. These go to eleven. | |||
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| I've always been Crazy! kept me from goin Insane! |
My "feeling" is she has an investor in the wings. Deal dies and Thurs he submits an offer for a little less but offers cash. -------------------------------------------------------------- Harrison Shooter Supply FFL 07 SOT I am the member formerly known as "Southernmaninla". | |||
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| paradox in a box |
Actually I'm confused. So there was no accepted offer on the house yet? This happened when the offer was made? In that case if the offer is approved and then it falls apart the listing agent loses out as well as the buyer. Buyer would be mad at paying for an appraisal and then losing financing. She is doing due diligence in checking the financing before accepting an offer. Also an agent can raise the price at any time without consequence if there is no accepted offer. These go to eleven. | |||
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| I've always been Crazy! kept me from goin Insane! |
The offer has not been accepted. However, the offer was for the full asking price. -------------------------------------------------------------- Harrison Shooter Supply FFL 07 SOT I am the member formerly known as "Southernmaninla". | |||
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