Walked out of home purchase at closing rant

[e3mrk]

We had something like that happen to Us when we bought the House We are in now.
The People had taken a gas heater out of the garage and left a bit of a mess.We took them to court and the real estate agent told the judge the same things We did and the People not only had to buy Us a new heater but they had to pay to have the house cleaned.

 

[allthumbs]

Hire a real estate lawyer. Now. . . .

I will probably wait to hear what the owner of the reality company has to say, but if I don't hear from anyone by 10am tomorrow I am calling my lawyer, better to be safe than sorry.

 

[Muss Muggins]

I will probably wait to hear what the owner of the reality company has to say, but if I don't hear from anyone by 10am tomorrow I am calling my lawyer, better to be safe than sorry.

The owner of the realty company wants to make a sale. He/she doesn't work for you either. I will never understand people who will send a $300 pistol back to S&W because they can't shoot it right, but will depend on the generosity of people trying to make a buck off them on a $350,000 transaction. Call a real estate lawyer at 8 am.

 

[Leonard]

Again you are misreading what was said. I
So tell me by the way what is a realtor anyway?

A realtor, broker, sales assistant are commissioned sales people, their motivation is to make money!

I you want a consultant hire one and pay for the service take the incentive of a commission out of the equation. Since the 70's I have been dealing with realtors, mostly selling and in most cases bringing their client to purchase from me. Up unto 1984 in the Pittsburgh market and since in the central Ohio market its a rare realtor that is motivated by anything other than making a profit, that is human nature.

 

[JSR III]

A realtor, broker, sales assistant are commissioned sales people, their motivation is to make money!

My point was that many folks use the term Realtor incorrectly. In Massachusetts, in order to sell real estate, you have to be either a licensed real estate broker or a licensed sales person. A broker can open an office with other brokers or salespersons working there, where as a salesperson cannot.

A Realtor is merely someone that has joined the National Association of Realtors. It is a dues paying trade association and has nothing to do with being licensed. You can still sell real estate as a broker or salesperson and NOT be a Realtor.

While most brokers and salespersons have decided to become Realtors by joining that trade association, it is not required.

As an FYI, it is pronounced REAL TOR, not REAL LA TOR as many folks do in error.

 

[BearBio]

I beg to differ with you. When you hire and sign a contract with a buyers agent, that agent is obligated to protect your interests and to negotiate the best deal for you. The seller may still be asked to pay the commission out of the transaction but the contract between you and the buyers agent is absolute.

Don't confuse a sub agent working with buyers to a buyers agent. They are not the same.

Spoken like a true realtor!

As far as the contract stipulates, only. The buyer's agent is paid by the seller, he is responsible to the seller unless he specifies other things in his listing agreement. BTW: No contract is absolute!

He also must work with that realtor or broker in the future. As buyer, you are likely a "one-time" deal. P.O. you, and he MAY lose a few sales from your friends. P.O. another broker and he may be unemployed!

The vast majority of realtors are housewives looking to make a buck.

 

[hoosierone]

I'd consult with a good real estate attorney. As someone else posted, there are probably more issues you would discover once you moved in at which time it would be too late to do anything.

We once bought a house in a divorce situation. The wife was living there. I asked her specific questions about the house and she outright lied to me. After the closing when we realized she had misrepresented to us, my wife saw her in church. Seemed ironic to me.

 

[Comrad]

I am amused by those here on a gun owners forum, many who carry will trust their fellow human being to be honest in a real estate deal. If everyone were so worthy of trust who would need to carry a gun.

Here in NJ anyone with a pulse can be a realtor and for my money, I'll hire an attorney just to make sure everybody stays honest.

 

[allthumbs]

I am amused by those here on a gun owners forum, many who carry will trust their fellow human being to be honest in a real estate deal. If everyone were so worthy of trust who would need to carry a gun.

Here in NJ anyone with a pulse can be a realtor and for my money, I'll hire an attorney just to make sure everybody stays honest.

I've closed on a few houses in Illinois and always had a lawyer, but this purchase is in Indiana, the closing company charges for the closing and is responsible for all legal stuff, I called around to lawyers in that area and was told I may find one in Indianapolis and no one there really uses one.

 

[tcon]

@allthumbs - keep us informed of changes and updates. I'm curious how all this turns out.

 

[arjay]

That's what I thought. She doesn't work for you, and she has no fiduciary duty towards you. She's just being nice because she's getting about 2% of this sale. You don't have a legal representative in this fight. Call a lawyer.

It should be spelled out in the contract he signed with her at the outset that she represents him as a buyers agent,otherwise she represents the seller.

 

[Muss Muggins]

It should be spelled out in the contract he signed with her at the outset that she represents him as a buyers agent,otherwise she represents the seller.

He said he didn't sign a contract. He doesn't have a "buyer's agent . . ."

 

[BearBio]

Licensing as a realtor varies vastly from state-to-state. Many states require the use of an attorney to close a transaction; others use title companies. Practices vary from area to area, even within a state. In California (SoCal), appliances stay with the real estate. In NorCal, appliances go with the seller. In Central Cali (Kern, etc), it is set out in the contract.

Also Real Estate Law varies depending on whether it is based on English Common Law or Spanish Common Law (this most usually pertains to different definitions of "community property" and "joint tenancy"). California uses Spanish as do Arizona, Nevada, Oregon and New Mexico (?), maybe Texas, Louisiana

I once had a call from an attorney and I thought "Oh, Migawd"==He started out with "I am an attorney and I'm selling my deceased mom's property. I don't have the vaguest idea what I am doing, since I am a criminal defense attorney. Tell me what you need and when you need it. I'll get it".

A year later I got a phone call from Hawaii. He was buying a $12 Million estate and wanted to go through me. I explained I wasn't (my company) licensed but we could "refer" the order to a company and get a Finder's Fee. He said as long as I (personally) reviewed everything, that would be fine. We got 5% of the title fees and I got 1% (as a bonus).

POINT: Not all attorneys are equally versed in real estate.

 

[JSR III]

Licensing as a realtor varies vastly from state-to-state.

Let me try it one more time. Realtors AREN'T licensed. Brokers and salespersons are. REALTORS are brokers and salespersons that are members of a trade association, THE NATIONAL ASSOCIATION OF REALTORS.

 

[Muss Muggins]

Let me try it one more time. Realtors AREN'T licensed. Brokers and salespersons are. REALTORS are brokers and salespersons that are members of a trade association, THE NATIONAL ASSOCIATION OF REALTORS.

For 99% of the populace, a distinction without a difference. Firemen shovel coal into steam locomotive fireboxes, firefighters enter burning buildings and save babies and old ladies. Try getting that one straightened out while you're working on this one . . .

 

[ChattanoogaPhil]

Real Estate Titles Explained: Agent, Broker, REALTOR

Real estate agent: Anyone who earns a real estate license can be called a real estate agent, whether that license is as a sales professional, an associate broker or a broker. State requirements vary, but in all states you must take a minimum number of classes and pass a test to earn your license.

REALTOR®: A real estate agent who is a member of the National Association of REALTORS®, which means that he or she must uphold the standards of the association and its code of ethics.

Real estate broker: A person who has taken education beyond the agent level as required by state laws and has passed a broker's license exam. Brokers can work alone or they can hire agents to work for them.

Real estate salesperson: Another name for a real estate agent.

Real estate associate broker: Someone who has taken additional education classes and earned a broker's license but chooses to work under the management of a broker.

 

[dougb1946]

Really? Is this what we've devolved to? We have to have a lawyer to monitor any purchase?

In order to make an offer on a house here in CA, you have to sign about 5 pages of a contract. If there's any back-and-forth over the price, every step is with these same papers signed every time. We have to kill about 5 trees before we enter escrow.

Why do we have to do this stupidity? See the OP.

With a house, yes. If it isn't in writing, it doesn't exist. What is written is what matters. Verbal agreement is meaningless. Each locality has different laws. Realtor may or may not be your friend. At the closing, when the 100 page contract is dropped in front of you with several thousand dollars worth of fees you never heard of, you want somebody who speaks contract law and can tell you which fees as BS and which are real, which should be paid by seller.
$500 for a lawyer could save you a lot more.

Use your own inspector. Banks are biased, and some inspectors are brothers or BIL to sellers or agents and are not working for you.

 

[rburg]

These are interesting views. It makes you hate all salespeople and the crooked antics of some. If you expect or demand honesty, you're going to be sadly disappointed. As sad as it is, you need to protect yourself against those who play a game, with them beating you out of your dollars.

Back in 1977, I thought I was the only person who had ever walked out of a closing. We were buying FHA and the inspector hadn't even looked at the garage. He was just picking up his inspection fee and running. They were all astounded anyone would back out just because the property wasn't right. So they rescheduled it for 2 weeks later. They refused to allow me to be there when the guy came back to inspect again. Then they were really mad when I insisted on reading the inspection report, end to end. So I kind of stirred up the situation by saying they didn't need to allow me to read, but I'm going to insist a lawyer representing me is allowed to study the entire packet of paperwork. Even my wife felt I was being a jerk, she wanted the house. The selling agent even wanted to know what I thought I could find in the document. I was very honest and said I didn't know, but if they expected me to sign paperwork saying I'd read it, I insisted on reading. I was told it was the longest closing they'd ever had, even complicated ones.

And being the jerk that I can be, I explained they could have allowed me to be there for the inspection or furnished me with a copy to read beforehand. We finally closed, and I got a garage with the back window broken out and the floor falling away due to a landslide. We did live there for 18 years. raccoons loved the garage and the easy access. I sold it before the next guy had to tear the garage down as forced by code enforcement.

My advice is to enter any home purchase assuming anything that can go wrong will. Don't allow your wife's feelings to dominate, particularly if they go against your better judgement.

 

[Brian41]

I'd have walked away myself from such a deal and I almost did at closing a couple weeks ago as a seller. My court order with my ex-wife called for a 50/50 split and found at closing I had deducted other monies I was to repay her but separate from the house. One expense I'd paid down already and was about to walk away from it all. I decided to take the loss and be done with it and not lose the buyer but other than my circumstances I'd have been to the contract with both seller and buyer complying 100%.

 

[allthumbs]

I called my lawyer this morning, problem is she is in IL, but she told me under those circumstances I should stand my ground, it was a possession at closing deal and the closing never took place and the sellers are guilty of breach of contract.

I then call a lawyer in IN, he said if I get any summons from the sellers to call him back, he does not see how they can make a case against me and he said he can't imagine any lawyer taking their case.

I'll be honest, I feel like I'm in the right 100% and have a lot of people telling me the same but I still am very depressed and worried, I had trust issues before, I may never get over this.