Q: My husband and I found a house and put an offer on it. We soon found out that realtor did not put our offer in....
He did not take our earnest money or nothing! Then told us we were considered investors so we had to wait 20 days while others had chance to put any offers on it first which happened on the 19 th day of our 20 day wait. We really feel we were tricked for one and for two there is a darn sale pending on it now. We are devastated that this realtor has done this to us. Is what he is doing right or is he doing this fraudulently? Please help
A: Did you and your realtor have a written contract? What does it say? What do the recitals say? To determine whether the realtor breached a duty owed to you, you can look up in Title 55 such as:
54-2051. OFFERS TO PURCHASE. (1) A broker or sales associate shall, as promptly as practicable, tender to the seller every written offer to purchase obtained on the real estate involved, up until time of closing. A purchase and sale agreement signed by the prospective buyer shall be deemed in all respects an offer to purchase.
(2) Immediately upon receiving any offer to purchase signed and dated by the buyer and any consideration, a broker or salesperson shall provide a copy of the offer to purchase to the buyer as a receipt.
(3) Upon obtaining a properly signed and dated acceptance of an offer to purchase, the broker or sales associate shall promptly deliver true and legible copies of such accepted offer to both the buyer and the seller.
(4) The broker or sales associate shall make certain that all offers to purchase real property or any interest therein are in writing and contain all of the following specific terms, provisions and statements:
(a) All terms and conditions of the real estate transaction as directed by the buyer or seller;
(b) The actual form and amount of the consideration received as earnest money;
(c) The name of the responsible broker in the transaction, as defined in section 54-2048, Idaho Code;
(d) The "representation confirmation" statement required in section 54-2085(4), Idaho Code, and, only if applicable to the transaction, the "consent to limited dual representation" as required in section 54-2088, Idaho Code;
(e) A provision for division of earnest money retained by any person as forfeited payment should the transaction not close;
(f) All appropriate signatures and the dates of such signatures; and
(g) A legal description of the property.
(5) All changes made to any offer to purchase or other real estate purchase agreement shall be initialed and dated by the parties to the transaction.
There is no excuse or justification for refusing to immediately transmitting your offer, and you have a cause of action and/or a professional complaint to make against the agent. It appears that simple greed and no other reason was the motive for not immediately transmitting your offer.
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