I know we've had our issues in the past. But we've came a long way, and I genuinely believe that to be true. Help me sort this one out.
I recently got married. Currently looking for my first home. Because my wife's parents screwed her credit up the loan is entirely on me. I have a 775+ credit score was approved for 300k, although I have no intention of going that high on my first home.
Looked at about 10 houses on Saturday. One of them, a house that has been on the market for only 11 days, had essentially everything my wife and I are looking for (no need to bore you with the details of our preferences). This house was priced at 259,995. Everything comparable to this home that we have looked at has been more expensive, and in many of those cases we had to give up more of the things we were looking for. Turns out, it was a nasty divorce and both parties wanted to split ways as quickly as possible. We put an offer in that day at 6pm of 253,500. They quickly countered to 255 and I accepted. Strangely, their agent would not put this into writing. He told my agent that he only wanted a verbal agreement right now and would put into writing in the morning. HOWEVER, there was someone else who had first right to the house (they had to sell theirs first), and the sellers agent made the people give up their first right that night, implying further that he had accepted our offer. Next morning I get a call from my agent telling me someone else put an offer on the table this morning, and now we have one shot to give our highest offer. First, if that's the case, the original people should not have had to give up their first right yet. And while it isn't illegal, it is definitely unethical to accept my offer then also accept another. Further, by sending the original potential buyers the release on their first right the agent is implying that our offer was accepted, even if it wasn't in writing.
So, I discuss the situation with my agent and we both agree that while unethical, it would be tough to push this situation to a courtroom and also risky to ruffle the other agents feathers when we really want this house. So, I go along with it and counter with the full offer price on the home, 259,995. I figure, I end up spending 5k more than I should have to (since my 255 offer was accepted) but oh well in the long run it's not the end of the world. At this point, the sellers have until 9pm to decide which offer to take. It's 11pm and I still hear nothing. I call my agent and he tells me he's been trying to reach the sellers agent for hours through phone calls, texts, and emails with no answer. Finally, at midnight he gets a text from the other agent which he forwards to me. "Sorry my phone has been off. They took the other offer, it was above asking price"
As sketchy as this whole situation went down it prompts me to do a little research today on this other agent. Turns out he pled guilty in 2012 to Mortgage Fraud to the tune of over 5 million dollars. He and several others were writing false loan apps then taking the funds for the approved loans for themselves. Now, two years later, he's back in the business? Seems bizarre to me. I got this information from the FBI website btw.
I understand at this point I'm not getting this house no matter what. Oh well, there are other fish in the sea. But I really don't want to lay down and let this guy walk away that easily conducting business like this. Should I take any further action at this point or just chalk it up as bad experience and stay away from any other houses this agent is selling in the future?
I recently got married. Currently looking for my first home. Because my wife's parents screwed her credit up the loan is entirely on me. I have a 775+ credit score was approved for 300k, although I have no intention of going that high on my first home.
Looked at about 10 houses on Saturday. One of them, a house that has been on the market for only 11 days, had essentially everything my wife and I are looking for (no need to bore you with the details of our preferences). This house was priced at 259,995. Everything comparable to this home that we have looked at has been more expensive, and in many of those cases we had to give up more of the things we were looking for. Turns out, it was a nasty divorce and both parties wanted to split ways as quickly as possible. We put an offer in that day at 6pm of 253,500. They quickly countered to 255 and I accepted. Strangely, their agent would not put this into writing. He told my agent that he only wanted a verbal agreement right now and would put into writing in the morning. HOWEVER, there was someone else who had first right to the house (they had to sell theirs first), and the sellers agent made the people give up their first right that night, implying further that he had accepted our offer. Next morning I get a call from my agent telling me someone else put an offer on the table this morning, and now we have one shot to give our highest offer. First, if that's the case, the original people should not have had to give up their first right yet. And while it isn't illegal, it is definitely unethical to accept my offer then also accept another. Further, by sending the original potential buyers the release on their first right the agent is implying that our offer was accepted, even if it wasn't in writing.
So, I discuss the situation with my agent and we both agree that while unethical, it would be tough to push this situation to a courtroom and also risky to ruffle the other agents feathers when we really want this house. So, I go along with it and counter with the full offer price on the home, 259,995. I figure, I end up spending 5k more than I should have to (since my 255 offer was accepted) but oh well in the long run it's not the end of the world. At this point, the sellers have until 9pm to decide which offer to take. It's 11pm and I still hear nothing. I call my agent and he tells me he's been trying to reach the sellers agent for hours through phone calls, texts, and emails with no answer. Finally, at midnight he gets a text from the other agent which he forwards to me. "Sorry my phone has been off. They took the other offer, it was above asking price"
As sketchy as this whole situation went down it prompts me to do a little research today on this other agent. Turns out he pled guilty in 2012 to Mortgage Fraud to the tune of over 5 million dollars. He and several others were writing false loan apps then taking the funds for the approved loans for themselves. Now, two years later, he's back in the business? Seems bizarre to me. I got this information from the FBI website btw.
I understand at this point I'm not getting this house no matter what. Oh well, there are other fish in the sea. But I really don't want to lay down and let this guy walk away that easily conducting business like this. Should I take any further action at this point or just chalk it up as bad experience and stay away from any other houses this agent is selling in the future?
