Profile picture for DOTYB

Should a Seles agent influence the seller not to sell a home under contract for appraised value...

If she knows there is a cash buyer? So I was under contract but the appraisal did not come up to the asking price. I believe another buyer had contacted the agent shortly after we had signed because there was a big rush to get appraisals and inspections done. They may have told her they would pay full asking price. For some strange reason the seller would not sell for less than 20k over value. We had the money but with acconomy ups and dows why buy it over value. And why buy it 80k over 99.9% of similar homes built by same builder. We believe she influenced the seller not to sell and play hard ball on the price to drive us out. Is this ethical? I would love to know because I would suggest all home owners to keep house active even if it is under contract so they all may get a better offer. That is what they did... Put it back to active and had an open house while we were under contract. I believe this is how she plans to hide her bad behavior. I have a bad taste in my mouth. I'm sure not all agents can be considered a bad penny, but this one surely looks tarnished. Love to put her out of business. If this kind of behavior is the norm we are all doomed.
  • July 07 2014 - Fort Mill
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Answers (4)

Profile picture for Jarrid Echard

The seller does not have to reduce the asking price regardless of what the appraisal is.  If the seller is unwilling to drop the price and the buyer is unwilling to go up to the sellers asking price the deal wont work.  Either party can believe what that want but the decision is made by the seller (to lower the price or not) not by the agent. 

You situation as you stated above,  was not under contract, it was contingent!! That's a big difference a home under contract has no contingencies such as appraisals, inspections, or mortgage, and therefore no issues to stop the home from selling.  A home in Contingent status means conditions need to be met before closing... as such it is still marketed and back up offers can be taken incase the contingencies are not met and the original deal falls through.



   

  • July 07 2014
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All Realtors have a fiduciary responsibility to their clients to ensure that they are getting the best deal possible.  Additionally, all offers are required to be presented to a seller, even if the home is already under contract.  The thing is, if the home already had an accepted sales contract on it, that is a legally binding instrument unless some part of the contract was not met (ex. loan contingency, appraisal, etc).  So even if an all cash offer came in that the owners were more interested in, they would have to find a legitimate reason for withdrawing from the current contract.  

With that said, if the current contract fell through, and there was a willing and able cash buyer waiting, why would the agent hold an Open House immediately afterwords?  

To ultimately answer your question, the sellers agent works for the seller.  It is that agents responsibility to ensure the sellers are getting the best deal.  If the sellers decide they want that offer more, they are the only ones that can make that decision.

If you feel that you have truly been purposely wronged, try contacting the selling agents broker and filing a complaint.  
  • July 07 2014
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Did you have your own agent? Have you asked for their opinion on this?

The seller's agent is looking after the seller's best interest, not yours. And as Wetdawgs says, the seller is not required to drop the price just because an appraisal is low. In today's market, a lot of buyers are very willing to pay over appraised value.
  • July 07 2014
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Profile picture for wetdawgs
There is nothing wrong with a seller (note I said  seller, not agent) accepting back up offers.  It is very common  to continue to advertise the house while the home is under contract.   This is very common, and the agent is doing their best for their client, the seller.

No seller is required to drop their price in response to an appraisal.  Their agent will discuss the ramifications with them, and then they can make a decision.





  • July 07 2014
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