I have a purchase agreement that is commonly used by 90% of the realtors in my area.
It has been slimmed down by removing all of the “options” where you select one or the other. What’s left are the statements I would have checked and initialed.
I have placed an offer through the listing broker to a bank on a bank owned home. It has been accepted. Now the broker is telling me it can only go through if it is completely re-written on his PA, which happens to be the same PA I started with.
He has also conveniently changed a few things that do not set well with me. For example, I have EMD in escrow with a local title company, he is telling me the money has to be removed and placed with him.
I also thought I would do him a favor (before he started behaving this way) and list him as the listing AND buying agent, now he is refusing to list himself as DUAL agent under the agency disclosure, but he lists himself as the agent for both parties with different Office IDs.
His contract states the purchaser shall pay all closing costs, my offer said seller would pay.
My offer said the deal was contingent upon buyer approval of the condo HOA bylaws, his does not.
Why do agents beleive they are “holyier than thou”?
I am guessing here, but I wonder if the agent’s listing agreement with the bank pays a higher commission for a split fee and a lower commission when the listing agency is also the selling agency.
Many banks have their contract forms, or use the state board of realtors form with their own addenda. I would not fight the form, just check all the boxes you need to and write in any special provisions you need to to get your offer presented with your terms.
As to the earnest money escrow deposit, taking the deposit is usually a real estate agency policy. As a general rule, the buyer can legally designate the escrow agent to hold the funds, but, getting the real estate agent to cooperate may be impossible if his agency’s policy states otherwise. Using a different agency to present your offer may not get you anywhere here, since the listing agency will still demand to hold the earnest money deposit. In this case, just limit your deposit to the absolute minimum – maybe $100.
It sounds like your agent made changes without taking the time to explain them to you. Poor communication at a minimum.
In my limited experience with REO properties, in my area the seller (the bank) will not pay any closing costs – it’s not negotiable. Perhaps that is true in your area as well. If so, adjust your offer to take into account that you’re having to pay the closing costs.
you need to calmly discuss your concerns with this broker. I would suggest face to face if possible.
don’t loose sight of the forest thru the trees. You are buying this property, I assume, to make money. Don’t loose sight of that. The contract is just an instrument to achieve that end goal. I’m not says let yourself get screwed by your broker, but COMMUNICATE and see what he has to say rather than ASSUME less than honest intent. As already mentioend there are some good reason things have changed (I know for a fact that banks can be very fussy about which form is used and they don’t pay closing cost).