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Updated over 8 years ago,

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Schuyler Ream
  • Beverly Hills, CA
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Need advice on dealing with clever selling agent trying to cancel

Schuyler Ream
  • Beverly Hills, CA
Posted

Hello,

I'm posting on behalf of my parents (mother is buyer and father is buying agent and planning to occupy home). We believe seller agent executed in such fashion as stated below because seller wants to sell to backup offer which is higher bid than our agreed upon purchase price in contract. Everything mentioned below is documented by email. I don't have all the date specifics so if anymore information is requested, I can update but here is the gist of things (just wanted to hear reddit's opinions):

Opened escrow on Aug 8th for a triplex in Los Angeles. Selling agent adamant about 30-day close date so buyers agreed to it. Buyers did not receive escrow instructions and seller disclosures until Aug 16th due to selling agent/seller not performing as required (buyer agent constantly emailed/texted requesting for performance). Buyers consistently received bad service from selling agent such as late communication, late delivery of required documents such as lease agreements required for loan/bank (2 weeks late for 2 of the 3 lease agreements with no tenant/owner signature and haven't received 3rd lease agreement) as well as selling agent did not give notification to 2 of the 3 tenants for loan appraisal so appraiser had to come twice to property, all to which has delayed buyer's loan. Buyer believes selling agent/seller executed such actions intentionally to slow down loan process and have right to cancel contract on September 8th closing date. Buyers did all they could to follow escrow schedule while selling agent did not perform as outlined in escrow schedule (selling agent/seller chose escrow company).

Selling agent requested us to remove loan contingency, while buyers submitted a notice to perform to seller to deliver the all the signed lease agreements as well as a 1 week extension on closing date for loan (loan officer and buyer's agent have strong relationship and in my understanding, had to work really hard to get through all the hurdles so far).

Can I get your thoughts on the situation, potential scenarios, and how the buyer can successfully purchase the home? I tried to keep it simple and short but please let me know what other details you need in order to give better feedback. This is much appreciated.

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