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#444861 - 04/07/15 10:38 AM Please advise on dual agent
momfor2 Offline
Junior Member

Registered: 04/07/15
Posts: 1
Loc: Michigan
My moms home is in a small town and unfortunately I decided to go with a local broker/agent there. He is a dual agent for myself and a local buyer. I feel the realtor tried to low ball me on the listing price but I decided any way to list a little higher, A offer was made by his other client within a week of listing. I feel he tried to low ball me on the asking price for the buyers benefit. The offer was made and accepted on 1/28 the close by date was 3/3. Inspection on 1/30. Contract was extended to 3/31. Appraisal done 3/10 something minor needed to be done and it was taken care of right away. Re-inspection on 3/27. We are past our extended closing date 3/31. Dual agent has yet to ask for extension. Buyers approved loan letter expired 4/1. Agent told me on 4/6 info sent to underwriter 4/2 should have a reply 7-9 days after submitted. As long as it comes back ok we can set a date to close. Which is even further past our extended closing date. Have not signed another extension. Feel like re-listing or ask for reduced commission. Opinions?

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#444865 - 04/07/15 11:01 AM Re: Please advise on dual agent [Re: momfor2]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7837
Loc: Vermont's North-East Kingdom
In a small town, the lapse in the Contract may be just an oversight . . . . a minor house-keeping matter; but it HAS lapsed. Do you have your own small town Attorney ?

I don't know if Dual Agency is even legal in Michigan.

Is the Buyer local ?

If everyone is still pulling in the same direction, then you'll have a Closing . . . . but legally, you should see to it that your Contract is extended.

I'm reminded that I once had a "pending" Sale here to some Folks moving from Alaska. The Closing was delayed a few days because the Man in the Couple had his credit disturbed when it was discovered that he owed delinquent Alimony and Child Support.

These are the kinds of items that show up on the last minute Credit and Employment Verification check that Lenders run just before Closing . . . . and WHY they are compelled to do so.

Then we discovered that his current Wife in the Couple wasn't even aware that her Husband had been previously married.

That sent our deal down the toilet; and sent the current Marriage to Divorce Court.

I think I'd confer with my Michigan Attorney to consider my options.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#449488 - 12/20/15 11:48 PM Re: Please advise on dual agent [Re: momfor2]
jovanmathew Offline
Junior Member

Registered: 10/09/15
Posts: 8
Loc: Munich, Germany
First of all, you have to consult the dual agents also, in case if you can also contact to real estate agents that helps you to judge each and every point and suggest the good tips regarding this. Also, I can advise the re-listing and go head with this decision.I thought, it would be worth for you and your mom also.

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#449772 - 01/08/16 05:35 PM Re: Please advise on dual agent [Re: momfor2]
adambond Offline
Member

Registered: 11/07/15
Posts: 17
Loc: usa
Firstly contact with an agent who provides you best deals for the real estate.Do contact with those one who have experienced on these profile.They can give you best deals as.

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#451496 - 03/21/16 06:24 AM Re: Please advise on dual agent [Re: momfor2]
shawtuse Offline
Junior Member

Registered: 03/21/16
Posts: 7
Loc: Nebraska
This sounds like you're accusing the dual agent of betraying their fiduciary responsibilities. Would not a prior appraisal of the property allowed you to set a fair asking price without causing any suspicion of unequal representation?

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