All Forum Posts by: Jas B.

Thanks for your response. Actually we spent over $2000 with the option fee, multiple inspections, appraisals etc. but we understand that it's part of investing. We have other rental properties in Dallas area and in the past we have walked away from other investment properties after spending $1-2K but it was never because the listing agent incorrectly presented some material facts. 

My question should have been "Can we take any action against the listing agent/sellers, legal or otherwise to penalise them for such a conduct?". 

And it seems even after becoming aware of the incorrect information, the agent hasn't yet updated MLS/other websites listing the property and is now going ahead with other offers. This is now going to burn another investor's time and money. Shouldn't realtors be governed a bit better to prevent this type of conduct??!

We signed a contract for property in Dallas area with $600 as option fee. During appraisal we found out that the Multi-family property was only 4500 sq. ft instead of 5500 sq. ft mentioned in MLS Listing. Obviously bank appraised the property 100k below what we had initially offered. Listing agent/seller refused to reduce the price much and we lost the option period money plus the fee for multiple inspections. Listing agent was also related to the seller. Can they be held accountable for the money/time we lost pursuing this for over a month? Had we known the property info. was so off we won't have signed the contract.