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Updated 7 months ago on . Most recent reply

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Kevin S.
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385
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Abandonment. What to do?

Kevin S.
Posted

Hi BP members,

I entered into a contract to purchase a SFH for investment, had inspection done, came up with few issues, went back and forth and finally came to an agreement with price and who takes care of what. On the day of sending EMD to escrow a business deal came my way. The bank involved with the business deal advised against buying the property as it would affect the financing of the business. I immediately called my agent to cancel the contract.

The next day the bank called me to reverse their call.  It was ok to go ahead to buy the property.  Apparently, the first person from the bank did not review my financials.  His manager did and determined it was good enough not to affect the business deal.  I called my realtor immediately to explain the situation and left a message.  I texted screenshot of my communications with the bank.  I have yet to get a response.  Seems like she is upset, and understandably so.  My questions are,

 Can I approach the listing agent directly if my agent do not respond?  The listing agent may be more understanding.

Would the listing agent get all 6% commission?   

Is there such thing as 'abandonment' by agents?

Should I get in touch with brokerage firm(Broker) about the agent's handling of this?  I have a feeling the broker is aware of it.

Can my ex-agent claim her commission even after abandonment?

What do I do if I am still interested in that property?  I feel I should not be hindered just because my agent is upset.  Situation was beyond my control.  Please advise.  Thanks in advance.

Most Popular Reply

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Nicholas L.
#5 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
  • Flipper/Rehabber
  • Pittsburgh
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Nicholas L.
#5 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
  • Flipper/Rehabber
  • Pittsburgh
Replied

@Kevin S.

can you go to their office and talk it over?

as @Kevin Sobilo noted - i have found that being ignored is a huge part of RE investing.  you have to figure out how to get a response.  sending one email or one text is nothing.

also, you're asking for questions that will be answered by your contracts, which we don't have.  

what does the sale agreement say about EMD?

what does the agency agreement you signed say about how long the agency lasts?

  • Nicholas L.
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