J
Jeni
Guest
I have placed a contract on a cute little foreclosure in the KC, Mo suburbs that was just recently listed. My agent and I decided to write a 95% contract to ensure a fast and easy response from the bank. We wrote on Monday giving the listing agent a 4 day deadline which expired at 5pm this evening, Friday. The listing agent was bragging that the bank that he was working with often and consistantly gives next day responses to contracts so with the 95% offer, we were expecting to hear something before today. But the timeline really isnt the problem...
Here is my issue.
We have EVERY REASON to believe that this listing agent is avoiding to submit my contract to the bank in order to stall for time so that he may sell the home himself thus ensuring himself a double commission as seller's and buyer's agents. The house has only just been listed and we think that 95% was very generous offer and ANY bank would jump at it.
We feel that now that the deadline has expired, this agent never had any intentions of showing the contract to the bank and just wait until the deadline voided our offer. I'm not sure this is even legal. I know that it is his fiduciary obligation to submit every contract offered but greed it seems is gaining the upper hand with this transaction...
What can we do to inquire if the contract has even been submitted to the bank other than ask the listing agent and taking his word? Should we appraoch his broker or is there something else?
This is more than just a little frustrating. Its seems these days people are being ripped off at every level on everything...what a sad state of affairs this country has become...
ALSO: YOU SHOULD KNOW- My agent wrote a contract with a different couple on this same house who submitted a much lower price and they were rejected (assumingly by the bank) within 24 hours of submitting their contract. So we KNOW that someone is making timely decisions on incoming contracts. So why so much time on a 95% contract? It can only be the greed of the listing agent.
Any thoughts or advise would be appreciated.
I will add info as I can...
Thank you!
Here is my issue.
We have EVERY REASON to believe that this listing agent is avoiding to submit my contract to the bank in order to stall for time so that he may sell the home himself thus ensuring himself a double commission as seller's and buyer's agents. The house has only just been listed and we think that 95% was very generous offer and ANY bank would jump at it.
We feel that now that the deadline has expired, this agent never had any intentions of showing the contract to the bank and just wait until the deadline voided our offer. I'm not sure this is even legal. I know that it is his fiduciary obligation to submit every contract offered but greed it seems is gaining the upper hand with this transaction...
What can we do to inquire if the contract has even been submitted to the bank other than ask the listing agent and taking his word? Should we appraoch his broker or is there something else?
This is more than just a little frustrating. Its seems these days people are being ripped off at every level on everything...what a sad state of affairs this country has become...
ALSO: YOU SHOULD KNOW- My agent wrote a contract with a different couple on this same house who submitted a much lower price and they were rejected (assumingly by the bank) within 24 hours of submitting their contract. So we KNOW that someone is making timely decisions on incoming contracts. So why so much time on a 95% contract? It can only be the greed of the listing agent.
Any thoughts or advise would be appreciated.
I will add info as I can...
Thank you!