Profile picture for user331269

Seller's agent responsible?

I am trying to purchase a short sale property. I offered $84,900 and they pay up to $4600 in closing. They seller's agent came back with 85,215 & them pay closing. I verbally accepted, but before I could sign the papers, agn came back and said she had forgotten to include the $750 incentive and adjustment for agents. I agreed to new counter of $86,020 and them pay closing up to $4600. Sign, deliver, and confirmation of receipt. Then seller's agent comes back next day and says bank will not pay but 1% of my closing. Did we not have a binding contract? Shouldn't the agent who wrote the contract have to eat the $4600? It's not my fault she didn't do her homework before taking it upon herself to writer counteroffer! Any help would be greatly appreciated!
  • October 07 2012 - Portland
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Answers (4)

Profile picture for user331269
Thanks everyone! You've been very helpful!
  • October 07 2012
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Profile picture for Ofe Polack
What does your buyer agent have to say....?
  • October 07 2012
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Profile picture for wetdawgs
The bottom line is with the lender in short sales, and so the contract signed by the seller is only the first phase in the negotiations.  The lender does not have to accept, and the seller doesn't have to make up the difference.   (It is common for lenders to reject closing costs in short sales).

Lenders often don't comment until after a signed contract is delivered.   Welcome to the frustrations and wonders of short sales.  They are not fun for most parties, and many don't have the patience for short sale games.   
  • October 07 2012
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Profile picture for Outer Banks N C
In a short sale you may have a contract with the seller, BUT the paperwork will have a contingency. That contingency says the bank will have to agree on the offered amount or the sale will not occur. Your situation happens all the time and it's a shame your agent has not explained this or you have chosen to not to believe it. The listed price, in a short sale, IS NOT approved by the bank. The bank has not set that price, has not agreed to that price and may not accept it. The bank is going to lose money and they have to agree to the offer or it ain't gonna happen! Period! BTW, banks dislike paying closing costs for a buyer in a short sale.

Tim
  • October 07 2012
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