Q: I found a property I wanted to see and contacted the real estate agent who went with me to see the property. I made an offer. The agent had me sign the offer document and I waited. After there apparently was no response from the listing agent. The broker told me to approach the owner myself to ask if my offer had been accepted because she would be risking her license. Luckily for me no one answered. Then the next day, I was told my offer was accepted. The broker then requested I submit, she claims bank statements and gift letters to prove the availiability of funds for the closing. Then three days later after a few telephone conversations and text messages, I was told that the sale was a short sale. I have legal representation but can I fire her and ask another broker to represent me or can I only use my real estate attorney to handle everything.
?Anonymous, College Point, NY
A: This is a pretty complicated situation, with several holes, ergo it will be difficult to pinpoint the crux of this deal. I?m not sure when you say ?the agent? if that is the seller?s agent or, your buyer?s agent? Were you pre-qualified? was there earnest money involved? You should have been told at the very first conversation of substance that the home had the potential to be a short sale, but that is water under the bridge now.
If there is signed paperwork I would advise you to read it over carefully before firing anyone. If you default on the agreed upon terms you could loose your earnest money. It is unfortunate that you did not have all the information at hand to make an informed decision before putting in the offer, however your lack of understanding does not invalidate the contract. Hopefully your RE Attorney can untangle this mess for you, looking out for your best interests, and get you back on the path towards home ownership!
Chandra Mast is a Realtor? with Prudential Homesale Services Group in Ephrata, PA.
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