Sounds like you may have created a taxable sale based the information you have provided.Like Ryan said 1031 exchanges must be handled properly otherwise they won't be recognized.

I believe real estate agents are bound to submit formal offers to all their clients.

Agree with Michael Woodward.I will submit high bids for my services for what might seem like vary simple projects to the prospective client, but for some reason something about the project or the client sets off liability alarm bells in my brain.

Finding and recognizing the deal is the problem.

Usually buyers (including my clients) get excited about buying something.I tell them it is best to be prudent and wait for the right deal than to buy into marginal or loser deals where their money is now trapped into a bad investment.Take away the urge to just throw money into something and put it to the work and instead invest wisely and be patient.

Originally posted by Joel Owens:Just be cordial with your current agent and exit nicely.You never know they might come across a buyer in their network later on that wants your property.Good point Joel Owens, I had an agent get his seller client to sign a second contract when I already had the property under contract.

I would have the buyer sign a contract hiring you as a consultant, and have the investor sign a fee agreement stating they will pay all fees for the client, make sure to put in the agreement when the fee is expected.

They are proactive about self promoted reviews and there are thousands of contractors to choose with reviews from past clients.

I'm a Realtor and Real Estate Consultant here in Anchorage, Alaska and I am currently working with a client that is dealing with a subtenant that refuses to pay the agreed upon rent each month --to add to the problem, this subletting agreement has not been approved by the apartment community as required by the lease AND there is no written sublease agreement between the master tenant and sublessee. 

Losses are recognized in the year the loss is realized.