Housing market

[RLD4ISU]

I sent him a message and asked for clarification. His response was "Oh boy. That's something I learned in Real Estate classes 20 years ago. I will see what i can come up with." and then he text "I have an email into legal."

Ultimately, it doesn't matter as the first offer required an response within 12 hours. I accepted it rather than wait.

I throw the BS flag on his response. He would've had years of mandatory continuing education classes to learn about real estate law changes.

Since the offer has already been accepted, remind him that he legally misrepresented the facts (not to mention violated realtor code of ethics) thus coercing you into accepting the offer. You might have legal grounds to get out of the current accepted offer, but IMO would be way more of a mess/headache to do that. Especially if you're happy with the $$ you're getting for the home. If all else, maybe he'll discount your realtor fees.

 

[DeereClone]

I sent him a message and asked for clarification. His response was "Oh boy. That's something I learned in Real Estate classes 20 years ago. I will see what i can come up with." and then he text "I have an email into legal."

Ultimately, it doesn't matter as the first offer required an response within 12 hours. I accepted it rather than wait.

LOL. I would respond with "oh so you are either incompetent or a snake - which is it?"

Seriously, I would light this guy up. Call a lawyer, contact the agent, tell the buyers the deal is off and they can sue if they want to, and re-list it for more money with a better agent.

If he fights this at all, tell him you will leave it alone if he waives all real estate commission. His choice.

 

[Cyched]

Since the offer has already been accepted, remind him that he legally misrepresented the facts thus coercing you into accepting the offer. You might have legal grounds to get out of the current accepted offer, but IMO would be way more of a mess/headache to do that. Especially if you're happy with the $$ you're getting for the home. If all else, maybe he'll discount your realtor fees

I’d probably run this by a lawyer first

 

[RLD4ISU]

I’d probably run this by a lawyer first

Agreed.

 

[cyfan92]

Your realtor likely wants the quick commission and to move on.

 

[SCNCY]

Looks like the agent really screwed up here. However, unlike others, if you are happy with the offer and don't think you will get anything higher, its probably not worth going the lawyer route. But I would definitely let the agent know that he screwed up and instill fear in to him.

Of course, if you think you can get a higher offer, than proceed with breaking offer with current buyer and allowing the buyer to sue your agent.

 

[TXCyclones]

I sent him a message and asked for clarification. His response was "Oh boy. That's something I learned in Real Estate classes 20 years ago. I will see what i can come up with." and then he text "I have an email into legal."

Ultimately, it doesn't matter as the first offer required an response within 12 hours. I accepted it rather than wait.

His response:

"The message I'm getting is it's more of an ethical code than legal. But still can end up legal. Clear as mud, right?

"You could have rejected the offer based on closing date (as well as the addendum as we discussed).

"All things being equal - It gets tricky in terms of legality because the fact the seller can come back and say I gave you everything you initially asked for and force specific performance by getting litigious."

 

[SCNCY]

His response:

"The message I'm getting is it's more of an ethical code than legal. But still can end up legal. Clear as mud, right?

"You could have rejected the offer based on closing date (as well as the addendum as we discussed).

"All things being equal - It gets tricky in terms of legality because the fact the seller can come back and say I gave you everything you initially asked for and force specific performance by getting litigious."

The getting sued thing is only viable if you rejected their offer because of race, ethnicity, religion, etc. Which I'm sure you didn't make your decision based on that. And just because you got everything you wanted in their offer, doesn't mean that you can't ask for more, or maybe decide to concede some of those so a family can purchase instead of an investor.

Sounds like this is an old school type of guy that you got everything you asked for so take it and don't worry about it. While I agree in principal, doesn't mean you can't ask for more.

Where I live on Aquidneck Island, some people who sell there homes here will not sell to investors and favor families; even if it means less money.

 

[DeereClone]

His response:

"The message I'm getting is it's more of an ethical code than legal. But still can end up legal. Clear as mud, right?

"You could have rejected the offer based on closing date (as well as the addendum as we discussed).

"All things being equal - It gets tricky in terms of legality because the fact the seller can come back and say I gave you everything you initially asked for and force specific performance by getting litigious."

Yikes.

I have changed my thoughts on it - rather than backing out of the deal, which hurts the innocent by-standers that are your buyers, I would hire a lawyer to review the Iowa law on your behalf, then when you find out he is completely in the wrong, have your lawyer threaten suit against the agent if he doesn't cover all of your commission and closing costs.

 

[Pat]

His response:

"The message I'm getting is it's more of an ethical code than legal. But still can end up legal. Clear as mud, right?

"You could have rejected the offer based on closing date (as well as the addendum as we discussed).

"All things being equal - It gets tricky in terms of legality because the fact the seller can come back and say I gave you everything you initially asked for and force specific performance by getting litigious."

It’s probably not worth getting lawyers involved, but I’d consider threatening to file a complaint (or sue) if he doesn’t waive commission. Every other realtor has figured out how to maximize return in this market, and his performance was, at best, incompetent.

If the same agency represents the buyer, I’d be more inclined to go scorched earth.

 

[Tri4Cy]

Has anyone heard a timeline for when lumber prices may stabilize at a "new normal" range?

6 months, 1 year? 3 years?

Next spring. Typically the winter months brings a slow down in construction. Instead of slowing production they would likely keep it up to work out the backlog of supply. Pair that up with what is likely rising interest rates and which could help keep demand in check and you'll see prices starting to come back down. FWIW January lumber futures are about 28% cheaper than July futures and those are already down about 30% from the peak. That puts current January targets at about 50% the cost of where we were at the top.

 

[cycloneworld]

His response:

"The message I'm getting is it's more of an ethical code than legal. But still can end up legal. Clear as mud, right?

"You could have rejected the offer based on closing date (as well as the addendum as we discussed).

"All things being equal - It gets tricky in terms of legality because the fact the seller can come back and say I gave you everything you initially asked for and force specific performance by getting litigious."

Your realtor really doesn't understand this very hot seller's market.

I wouldn't get lawyers involved but I'd certainly give him/her notice that they gave you inaccurate information to make a decision and that it could have directly costed you money. As others have said, maybe a reduced commission to offset this is a good compromise. But shady as hell on the realtors part.

 

[Dr.bannedman]

this guy sounds like an ass hole

 

[RLD4ISU]

His response:

"The message I'm getting is it's more of an ethical code than legal. But still can end up legal. Clear as mud, right?

"You could have rejected the offer based on closing date (as well as the addendum as we discussed).

"All things being equal - It gets tricky in terms of legality because the fact the seller can come back and say I gave you everything you initially asked for and force specific performance by getting litigious."

Interesting. So he starts out saying it's law and now he's claiming it's "more of an ethical code" than legal.

If you hadn't accepted, my guess is the only way it could've ended up in legal is if discrimination was involved. His 3rd remark about how it gets tricky is a spin to bs his way through this. You hired him to do a job and to represent you. Does he also represent the buyer? The realtor's association has some pretty clear cut ethics.

Here's the Realtor's 2021 Code of Ethics due to the clients and customers:https://www.nar.realtor/about-nar/g...of-ethics-standards-of-practice#DutiestoCandC

I echo what the others said. If you're happy with your price and don't want the hassle, continue on. If you want to try & get a discount on his fees, press the issue. If he's the realtor and not the broker for company, include the broker in this conversation. I'm guessing the broker is unaware of the spin this realtor is giving you. If you feel he totally screwed you over, get a lawyer.

 

[mynameisjonas]

That realtor scum is a real piece of ****.

 

[mynameisjonas]

Is the buyer also repped by Friedrich, by chance?

I would guess YES

 

[Cyched]

Lol “it’s just an ethical problem”

 

[throwittoblythe]

Interesting. So he starts out saying it's law and now he's claiming it's "more of an ethical code" than legal.

If you hadn't accepted, my guess is the only way it could've ended up in legal is if discrimination was involved. His 3rd remark about how it gets tricky is a spin to bs his way through this. You hired him to do a job and to represent you. Does he also represent the buyer? The realtor's association has some pretty clear cut ethics.

Here's the Realtor's 2021 Code of Ethics due to the clients and customers:https://www.nar.realtor/about-nar/g...of-ethics-standards-of-practice#DutiestoCandC

I echo what the others said. If you're happy with your price and don't want the hassle, continue on. If you want to try & get a discount on his fees, press the issue. If he's the realtor and not the broker for company, include the broker in this conversation. I'm guessing the broker is unaware of the spin this realtor is giving you. If you feel he totally screwed you over, get a lawyer.

Correct me if I’m wrong here, but my initial reaction to a realtor telling me I was “required to take this offer by law” would be “it’s my property and I can see to whomever I want, provided no discrimination is involved.” As long as you don’t agree in writing, nothing is locked in u til you as a seller choose to formally accept. There’s nothing forcing you to sell. You could always just pull your listing if you really wanted to.

Am I wrong on that?

 

[CyrideAllstar]

My statement that buyers are demanding appraisal waivers...maybe I should have said the market is demanding appraisal waivers among the 50 similar offers coming in.

 

[Gunnerclone]

LOL. I would respond with "oh so you are either incompetent or a snake - which is it?"

Seriously, I would light this guy up. Call a lawyer, contact the agent, tell the buyers the deal is off and they can sue if they want to, and re-list it for more money with a better agent.

If he fights this at all, tell him you will leave it alone if he waives all real estate commission. His choice.

This is the way. The power is in the consumers hands for once, don’t waste this opportunity to pWN.