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What incentive is there for listing agent to lie about closing date?

We are under a signed back-up contract for a home we would like to purchase. We have been told from the get-go that the primary contract is possibly shaky though they are going to try to close with them of course. After a lot of truly strange communications, the seller's agent told our agent that the primary buyers were closing on X date and the deal appeared to be going through. We did not receive word that the closing did not occur, and the agent did not return our agent's call to confirm the closing, but today we learned from an independent source that the closing was never set for that date at all and is actually not for another few weeks.

We can't figure out what the incentive is for the agent to lie to us about this, any ideas?
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November 02 2013 - US
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Answers (4)

Lots of things can happen to delay a closing.  Since you are a back up offer and not primary in this transaction the listing agent really has no obligation to keep your agent informed.

Technically you are only informed should you move into first position.

There is no incentive for the listing agent to lie.  They get paid if the first offer closes or the back up offer closes. 
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November 03 2013
Profile picture for wetdawgs
My experience is speculation is a waste of time, even though it can be tempting at times.

Perhaps they aren't lying, perhaps the snippet you heard was the truth at the time you received the information.   What really matters is that the current closing date is further out than you had expected.  You can chose to wait, or you can chose to move on. Your choice.
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November 02 2013
Profile picture for SoCal_Engr
I have to agree with Mack. The best way to know what is going on is to ask directly.

We were once in a potential backup situation, but were told by the listing REA that the accepted offer was a slam-dunk, all-cash deal. So, we left our info and moved on.

Fast forward about 8 weeks...

Phone call. Slam-dunk failed miserably. Disagreement between husband and wife buying the property. Husband had been painting a rosy picture to the REAs, turned out the wife was against the deal all along...and husband didn't have the ability to close without her consent.

So, everyone (other than the buyers) was in-the-dark on the real status of the offer - until the husband finally came clean.
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November 02 2013
Maybe they're not lying?

We truly do not know what's going on, and while we can speculate, your answers are best gotten from the people involved.

All the best,
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November 02 2013
 
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