Tuesday, January 10, 2012
I have a question on unethical real estate practices.?
I put in a offer for a bank owned home that was accepted by the seller so we went into contract. The lender that I was preapproved with ended up denying the loan a day before the contract expiration based on the fact that the home was 'dirty'. Exact verbiage on the denial letter advises that the collateral was in poor condition. I found another lender and asked the seller for an extension. I received a e-mail back advising that they would sign an addendum extending the contract however I would be subject to a $200/day penalty. I signed and had the bank expedite the loan. for 7 days we asked for the extension which the selling agent advised she would get for us. The day we were ready to close the selling agent advised that the seller accepted another offer. We are very concerned that the selling agent may have purposely stalled us to accept a higher offer from her own client to make more money and not have to split commission with our realtor. Is there any recourse in this case?
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