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Is it legal/ethical for a realtor to pirate a buyer from another home for sale in the neighborhood?

The realtor for a home down the street did just that. After we were under contract with the buyer, he contacted their realtor (got the info from MLS I assume) and helped concoct a story to terminate our contract (prior to inspections) and enter into a new contract with his property a couple days later.  Thanks
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November 05 2013 - Town of Hudson
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How would the second agent get the information from the MLS?  The MLS does not show either the Buyer information or agent information for pending offers.  Chances are if the Buyers saw your house they also inquired about the house down the street.  The second agent was likely following up and had a chance to tell the Buyer's agent about his house.

Unfortunately, a Buyer can cancel during the inspection period for any reason that they deem material. In other words they can say "oh we found out the bathroom was too small" or "we decided the carpet was the wrong color", etc.  You cannot control this.

As for the other seller's agent, unethical? I would say no. Aggressive? maybe.  Since you are not privy to exactly how the conversations went, you are only assuming they did something wrong. I do not think you have a valid case.
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November 06 2013
The inspection contingency allows a buyer to back out of a contract after the inspection has been performed.  You said they backed up before inspections were done?  What kind of contract did you use?

If the buyer contacted the other Realtor first then what did the other Realtor do wrong?  If the buyer did not have a buyers agent he was free to contact the other Realtor.

What did your real estate agent have to say?  It is impossible to speculate what "story" was concocted or if the other real estate agent participated in getting them out of the contract. 

Did the buyer get his escrow deposit back?
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November 06 2013
Profile picture for SoCal_Engr
I've got news for you. It wasn't the REA. Consumers make their own decisions (however wise or unwise), and this consumer appears to like the other house better than yours (though that doesn't explain why they offered on yours first).

But, I think the reality is that the inspection contingency provides a back door big enough to drive a train through...so you were likely going to lose this potential buyer (irrespective of the current story or your suspicions about what the other seller's REA may have done).

And, for what it's worth...

It's the buyer's REA's job to help their buyer, and the seller's REA's is to help their seller. I can't fault the other seller's REA for making a pitch on behalf of their client, nor the buyer's REA for bringing what appears to have been a better deal to their client's attention. If I were to question anyone's "ethics" in this case, it would be the consumer - if they had to pull some legal shenanigans to get out of the contract. But, since they were well inside their window to terminate the contract...
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November 05 2013
Very unethical /:
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November 05 2013
Profile picture for wetdawgs
Is it legal for buyers to know about other properties?  Yes.

Can the buyers chose to cancel a contract?  yes, if they have contingencies in their purchase offer.

Are there stories circulating about your property that caused them to change your mind?   Don't know.  Did you ask your agent and the other agent what happened?

I agree with M Emery.  Unless you have written proof or impartial witnesses, the rumor and innuendo will not get you far.
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November 05 2013
Without proof, you have rumor and innuendo. And repeating information that may not be true can backfire and cause a potential slander issue.
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November 05 2013
Unfortunately this happens all the time... based upon your short post.  There isn't a lot you can do about it, legally.
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November 05 2013
Absolutely, yes, that is unethical and bad karma.
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November 05 2013
Legal or not, that was certainly unethical. You should report the Realtor who "concocted a story" to his local MLS Board for potential investigation and reprimand. There may be more to the story that you are being told.....
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November 05 2013
 
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