Bad realtor

Previous | Next
 rated by 0 users
Latest post 12-06-2011 8:41 AM by Drew. 8 replies.
  • 11-24-2011 7:03 PM

    • aa262
      Consumer
    • Top 500 Contributor
    • Joined on 10-09-2006
    • Posts 92

    Bad realtor

    My elderly parents have a contract to sell their house

    The buyers bank wanted them to waterproof the basement and their agent talked them into paying 7k for the

    job I went down there and the contractor removed the carpeting in the basement and in the process exposed

    what appears to be cracked asbestos tiles I fear the bank inspector will spot that 

    My question is the contractor responsible  There is more to it but this is the major issue

    Or is the agent for not looking after my parents interests

     

     

     

     

  • 11-24-2011 7:15 PM In reply to

    • Drew
      Consumer
    • Top 10 Contributor
    • Joined on 03-30-2000
    • PA
    • Posts 48,275

    Re: Bad realtor

    The agent is looking out for his or her commission check!

    Do your parents hold a whopper down payment from these folks.

    Have you read the fine print with a microscope

    And is the first of a string of excuses to get the price reduced even further? 

    Is the price adjusted for the repairs--or does  agent gets paid a commission on the higher price--how cute.

    I doubt this is contractor responsibility.

    But if somebody spots a flaw worthy of debate, expect yet another request from agent  to make an expensive cure



  • 11-24-2011 7:43 PM In reply to

    • aa262
      Consumer
    • Top 500 Contributor
    • Joined on 10-09-2006
    • Posts 92

    Re: Bad realtor

    Drew,

     

    Here is a list of what the reaaltor did

    Listed the house for under market Sold it on the first day

    When my parents wanted to show the contract to a lawyer she told the trust me\

    Told my parents to clear out all furniture before selling it

    Listed it as a handyman special Old fashion  house on a nice street Did not tell my parents

    Took 3k from the buyers as a down payment The buyers current house is about to be sold 

    for back taxes

    Is this enough to after the realtors license

    Did not explain to my parents there was an 11k seller giveback

  • 11-24-2011 10:31 PM In reply to

    • LG81
      Consumer
    • Top 25 Contributor
    • Joined on 01-03-2010
    • Posts 4,338

    Re: Bad realtor

    aa262:

    Listed the house for under market Sold it on the first day

    There is nothing wrong with that.  Your parents had the option to demand the realtor list it higher and also had the right to decline the buyers' offer.

    aa262:

    When my parents wanted to show the contract to a lawyer she told the trust me\

    Your parents had the option to still show it to an attorney.  If the realtor stated "trust me" in exactly the way you wrote this, s/he did nothing legally wrong (although it's not the most ethical thing to discourage the gullable from seeking advice).  Now if the realtor acted in a capacity of actually giving legal advice and is not a licensed attorney, there is a legal issue to pursue.

    aa262:

    Told my parents to clear out all furniture before selling it

    There is nothing wrong with that.  Perhaps the realtor thought your parents' furniture is unsightly and thought it would be more presentable with the furniture out.  That's the only justification I can think of.  Usually realtors want the house to be furnished as staging is easier and makes the house more attractive.  Potential buyers can more easily picture what it is like to live there.

    aa262:

    Listed it as a handyman special Old fashion  house on a nice street Did not tell my parents

    There is nothing wrong with listing it as a "handyman's special old-fashioned house on a nice street."  That's code for, "this is a nice area to live in, but this house does need a lot of work."  Your parents could have asked to preapprove the listing. 

    aa262:

    Took 3k from the buyers as a down payment The buyers current house is about to be sold 

    for back taxes

    Was the $3k put into a realtor's trust account?  If so, what is the issue?  What is the relevance to your parents that the buyer's current house is about to be sold for back taxes?  Is the "down payment" nonrefundable?  If so, then your parents should get it if the buyer backs out, unless it is because of matters specified in the agreement that would allow the buyer to back out.  Failing inspection because of an asbestos issue could very well be a good reason to allow the buyer to back out and get the deposit back.  If the buyer backs out because of failure to secure financing, then your parents are likely entitled to the deposit.  You'd have to read the contract to know for sure.

     

    aa262:

    Did not explain to my parents there was an 11k seller giveback

    What does this mean?  Are you saying the seller is to give back $11k as an allowance for repairs?

    aa262:

    Is this enough to after the realtors license

    Bottom line - I am sorry for your parents' situation.  However, unless they are deemed legally incompetent, they entered into a contract without either reading or understanding it.  Even the most naive would know better on something as major as a home sale. 

    If you believe the realtor acted unethically, report him or her to the state's licensing board.  If the realtor did something illegal, hire an attorney.

    I am not a fan of realtors.  Most do seem to care only about the commission; good realtors are difficult to find. I am especially not a fan of anyone who would try and take advantage of an elderly couple's naivety.  However, again, unless your parents are legally incompetent, I do not see what you can do at this point. 

    As for the contractor, as long as he fulfilled the terms of the contract and did not cause damage to the home, I do not see what he is liable for.  You indicate it is an old home but do not give specifics.  If it is truly old, then asbestors may be one of the very things an inspector would think to look out for.

  • 11-24-2011 11:56 PM In reply to

    Re: Bad realtor

    LG81 said everything that's needed to be said.

    The only thing left to say now is: Your parents need a real estate lawyer right now. And hope to heck that the lawyer can do some damage control.

     

    • The right of the people 
    • to keep and bear arms,
    • shall not be infringed.
  • 11-25-2011 8:46 PM In reply to

    • Drew
      Consumer
    • Top 10 Contributor
    • Joined on 03-30-2000
    • PA
    • Posts 48,275

    Re: Bad realtor

    Your parents are headed to cleaners! Sadly they did it to themselves!

    Get attorney and read every darn word--and if buyers fail as to smallest covenant or condition--pull the plug like immediately . If they want tinyest change, word is NO.

    If there is a finance clause and the finance approval contains one word of fine print--reject it and seek default.



  • 11-28-2011 1:34 PM In reply to

    • Drew
      Consumer
    • Top 10 Contributor
    • Joined on 03-30-2000
    • PA
    • Posts 48,275

    Re: Bad realtor

    as an aside--if parents give back $20K in assist and repairs--the agent pockets $1200 more in commission  @ 6 % as compared to a simple price adjustment--how nice for agent!!



  • 12-06-2011 8:31 AM In reply to

    • aa262
      Consumer
    • Top 500 Contributor
    • Joined on 10-09-2006
    • Posts 92

    Followup

    This is my question

     

    My question is my parents contractor in waterproofing the basement also broke

    and exposed asbestos floor tiles.To clean that up can be a huge huge problems

    Can the contractor be held liable  for the cleanup as he broke them

     

    Are my parents required to notify any buyers of the exposed asbestos now that

    they are aware of it 

  • 12-06-2011 8:41 AM In reply to

    • Drew
      Consumer
    • Top 10 Contributor
    • Joined on 03-30-2000
    • PA
    • Posts 48,275

    Re: Followup

    Laymans guess:

    I doubt parents can successfully hold contractor liable for asbestos cleanup

    You will need to look at your state specific disclosure law  to determine if you must notify buyers--but odds lean that parents  need to notify buyers as to known issues.

    I would think in the overall contect of your posts you'd be seeking the smallest of warts your parents could use to tell buyers to take a hike --and it sure reads like they are conceeding major points--all w/o any reduction in fees being paid.   Combined it reads like they gave back about 30,000 in addition to a low starting price....it may or may not be OK- of course one has legal right to price it low just to move it  -but it sure doesn't smell right...and parents/you would be smart to have counsel review status before you take more steps  NOT counsel recommeded by realtor! .



Page 1 of 1 (9 items) | RSS

My Community

Community Membership New Users: Search Community