Was the Sellers Agent Ethical or not?

[Catherine R.]

So we were under contract for a house. Our closing date got pushed. My realtor had us sign extensions and sent them to the sellers agent. I believe they signed one of them. But the closing date got pushed 2 more times and both times we signed and they got sent over to sellers agent.

However the agent never told the sellers and they never signed. Our loan ended up falling through and the sellers agent sent me a contact for a lady who works at a bank who is good at “rescuing loans” I called that lady and I also called Amerisave where a close friend is a LO.

Within one day I was in underwriting and moving quickly with Amerisave. The other lady took 2 days to call me back. She was moving very slow. I continue to work with my LO at Amerisave up until they ask for the extension for the purchase agreement. My realtor reached out to the sellers agent and the sellers agent said she would not pass on the extension to be signed UNLESS I used her contact at the other bank.. even though I felt that was unethical/illegal for someone to be telling me/strong arming me into using a lender I wasn’t comfortable with I still decided to try to go through her contact just to keep her happy.

Needless to say her contact continued to take a long time to get the process started and I ended up losing the house today because they took another offer. 

Mind you no termination has been signed. We have a contract it’s just out of date because she refused to send it to the sellers to sign unless we used her friend/loan officer. 

I am furious with my realtor for not staying on top of the sellers agent about past extensions being signed. And I feel wronged/violated by being forced to use a lender I wasn’t comfortable with. 

Is this legal? Do I have a right to be upset at both of them for screwing me out of my dream house?

[James Wise]

Quote from @James Wise:

Quote from @Catherine R.:

Quote from @Russell Brazil:

Quote from @Catherine R.:

Quote from @Russell Brazil:

You are in default of the contract. No one is forcing you to use their lender. They are giving you a second chance after you defaulted to save the deal. They could simply say no extension and move on to the next buyer, which is what I would have done.

By saying the only way we will sign an extension is if you use this bank is absolutely forcing me to use their lender… 

 No it's not. You are free to walk away and should be greatful they are giving you a second opportunity. You are completely ignoring the fact that you defaulted on the contract.

I should be grateful? Your mentality is gross. Have a good one. Thanks for the input!

He is correct. You should be grateful. You screwed the sale up, not the seller. The market is hot and you were given an olive branch by the seller and their agent. I presume the reason for this, was they knew that lender would shoot them straight on you. Seller was being prudent wanting a shaky buyer to work with a lender they were familiar with. 

At the end of the day, even with that lender they wanted to use, you still lost the house so it's fairly clear here that the issue is what both lenders discovered during underwriting you, your credit, income etc. So in reality, if said seller came on here and was all upset about a buyer who dragged them along for several months without ever closing on the house, most people would understand why they have a bone to pick with you, not the other way around.

Ditto on Rocket. As a seller if I have two offers that are identical, except for one using Rocket and another using a lender whom I know can get to the closing table, I ain't going with Rocket...........And folks, that ain't unethical. It's prudent.