Skip to content
×
Pro Members Get Full Access
Succeed in real estate investing with proven toolkits that have helped thousands of aspiring and existing investors achieve financial freedom.
$0 TODAY
$32.50/month, billed annually after your 7-day trial.
Cancel anytime
Find the right properties and ace your analysis
Market Finder with key investor metrics for all US markets, plus a list of recommended markets.
Deal Finder with investor-focused filters and notifications for new properties
Unlimited access to 9+ rental analysis calculators and rent estimator tools
Off-market deal finding software from Invelo ($638 value)
Supercharge your network
Pro profile badge
Pro exclusive community forums and threads
Build your landlord command center
All-in-one property management software from RentRedi ($240 value)
Portfolio monitoring and accounting from Stessa
Lawyer-approved lease agreement packages for all 50-states ($4,950 value) *annual subscribers only
Shortcut the learning curve
Live Q&A sessions with experts
Webinar replay archive
50% off investing courses ($290 value)
Already a Pro Member? Sign in here
Buying & Selling Real Estate

User Stats

322
Posts
197
Votes
Kevin S.
197
Votes |
322
Posts

Abandonment. What to do?

Kevin S.
Posted Jul 23 2024, 10:26

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.

Loading replies...