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Updated over 11 years ago on . Most recent reply
Realtor living in short sale house. Conflict of interest?
I am a buyer in a short sale transaction, in escrow going on 4 months waiting for the bank to accept the purchase offer. The listing agent is representing both seller and me, the buyer. Seller has long moved out and living in another state. Last month I found the house occupied. The agent said his partner, also an agent, is living in it, so that the house is occupied to prevent vandalism. Agent said the seller is fully aware of this. I don't know if this partner agent occupant pays rent, and if so to whom. But as the time dragged on and on waiting for the bank. I started thinking if there is a conflict-of-interest going on here. Agent has the responsibility of pushing the sale through by calling the bank frequently. Once the sale goes through, his partner will be out of the house. He is probably thinking, "why should he do that?" The longer the bank drags on, the longer his partner can stay in the house. I don't know if he and his partner has any financial arrangement over the house. Buy definition, in a short sale, seller can not receive any money. I feel their arrangement between seller, agent and his partner is delaying my purchase of this house, by not pushing it through the bank hard enough.
What do you all think? Thanks. Thanks all in BP.
BTW, in another thread I started about usury law and the high interest my contractor charged. I accepted the advice from the BP bloggers and paid the contractor right away. Thanks BP experts. I really appreciate all who contribute here. I learned so much, and hope my experience can help others too. Thanks again.