| Author |
Previous Topic | Next Topic |
|
financeone
1646 Posts |
 Posted - 07/13/2008 : 6:28:58 PM
|
I have a CA purchase to close in next week or so. Problem is that appraised value is lower than purchase price. I don't like and called it like I saw it...told buyer it's a hose job, tell seller to lower price or bail.
Seller is Builder/Broker. No other signatures on contract but his and buyer's. I told buyer since builder is representing them as buyer should be a disclosure as to representing both Buyer & Seller.
No dual agency disclosure in paperwork per buyer. Seller/builder says not needed since they talked to sales rep that works for builder.
(sales reps' signature not on purchase agreement)
I say bull. Seller hoping buyer pays premium for property in declining market...
Insight? |
|
homebroker@sbcgl
3527 Posts |
Posted - 07/13/2008 : 7:00:00 PM
|
| they should disclose this fact. |
|
|
slants
4274 Posts |
Posted - 07/13/2008 : 7:29:58 PM
|
| In reference to a new construction Purchase Agreement in my file, the Receipt for Deposit (page 12 of 13) is signed by Builder's Sales Representative with notation that signature is NOT acceptance. Actual offer acceptance is signed by Seller/Builder. Addendum #2 - RE Agency Confirmation, states "THIS ADDENDUM IS NOT APPLICABLE. SELLER IS NOT PAYING ANY REAL ESTATE BROKERAGE COMMISSIONS WITH RESPECT TO THIS SALE." It appears that Seller's sales agent does not act as a representative of the buyer and does not have any fiduciary responsibility to the buyer. If Buyer defaults on the binding contract to purchase, he may jeopardize his earnest money deposit. |
|
|
slants
4274 Posts |
Posted - 07/13/2008 : 7:58:52 PM
|
According to these articles, builder's agent represents the builder only and does not necessarily have to be a RE licensee. If buyer does not have his own agent, they are proceeding without representation. In many cases, the builder does not cooperate with Buyer's agents so buyer's realtor cannot get paid even if they wanted to hire an agent.
http://beltwayramblings.com/2007/08/21/five-reasons-to-use-a-buyer-agent-when-purchasing-new-construction/
http://activerain.com/blogsview/448820/What-is-up-with
|
|
|
financeone
1646 Posts |
Posted - 07/14/2008 : 08:39:46 AM
|
| Thanks |
|
|
| |
Previous Topic | Next Topic |
|
Search for: 
