This client has never lived in the property. She contacted me for help with negotiating a deal with the bank. Without her permission I could in no way deal with the bank. And my guess is that since the sales contract is between she and I, she can “fire” me at any time. Is that correct?
Are there some legal implications with calling the homeowner a client?
I think this deal might be dead for me…
I faxed over the offer that the bank told me to send in and was told that they had received a higher offer from the listing broker. This really P!ssed me off since I was the one who had the place listed in the first place. My advice to other investors is, even if the bank wants to see a listing agreement either send in your SS package without one, list the property then delist it or have a VERY friendily broker on your side. The ladder I thought I had. The new offer was 35% higher than mine but was not a cash offer and was contingent upon financing and inspection.
This was to be my first deal and I guess I am a little emotional about possibly losing it. It hurts that I did all the leg work and someone else can just slide in and take it from me… Yeah I know, “welcome to the real world son.”
Is there anyway I still might be able to pull something out of this deal? What if I attached a lien onto the property for my services? The homeowner will sign anything I put before her if she can walk away with something. We had already agreed on $2k for items left in home. Again, I am a little emotional about this right now. If anything I have learned SO much from this experience that I will be much wiser the next time around. -Thanks