All Forum Posts by: Joseph Parker

@Jay Hinrichs Those details are 100% accurate and I have 56 pages of back-and-forth communication to show it.

I told him I'd get EM to him in the next couple of days, to which he replied "no rush", "it won't be cashed anyway", etc. - followed by him telling me the next important thing was typing up lease renewal contracts (I was given power to negotiate lease renewals while under contract to the tenants whose leases were soon expiring).

All four of those leases were typed up the very next day and given to the agent to take to the tenants - so I was acting in good faith and doing my due diligence to proceed with the transaction & process, quickly in fact. had I been told by the agent that the EM was do-or-die or some sort of deal breaker, rather than him telling me "no rush", I would've taken it to him in a gold envelope the same day! But I was lead to believe it was not important so took care of the other matters (lease renewals) right away.

@Andy Bondhus I will keep everyone updated for sure - not just because it's a place for me to vent, but lessons can be learned here from mistakes made by myself and the agent.

@Jay Hinrichs looking at contract, the agent is listed as the "listing agent" and "selling agent". And again, I have numerous (10+) messages where he stated that I am his client, that he is representing both of us, wants what is best for both of us, etc.

I've been copying and saving all of the written email/messaging communication between the broker and myself in a Word doc this morning.

I can count at least a dozen times where the broker states that he is representing us both, and that while the seller is his father-in-law, he is a client just as I am a client and he wants what is best for both of us. While I did not sign anything naming him as my agent (I've never done that in any RE purchase, at least here in Indiana), it seems pretty evident that it was understood he was my agent as well as the seller's agent.

I plan to sit with the agent and managing broker at lunch today, share my concerns and thoughts, but NOT sign anything and simply tell them I need to look over it by myself at home. 

How much does "good faith" matter in this situation?

I've shared the messages from the agent regarding the earnest money "Yea, I forgot to ask for it when you were here. There's no rush bc it won't be cashed actually since we're closing so quickly. It would barely clear by the time of closing."

In addition to Saturday when I was told about the cash offer received while we were under contract, "that the seller is really interested in. That was obviously the way he wanted to sell it originally with his age and current health situation. I know we've put a lot of time into this but would you consider a mutual release so the seller could pursue the other deal that is better for him?" "He'd like an answer ASAP so we can move forward and know which direction we're going."

Followed by being sent other listings "in case we go our separate ways on this property".

I asked if I could let him know by the end of the day Monday, to which he replied "That's acceptable."

Monday morning rolls around, I ask what time the office is open because I tried dropping off the earnest money both Friday and early Monday around 8am - was told "Yea we were closed for Good Friday and office open 9-5, there is a dropbox in the back by employee entrance that you can use, or always call me and we can meet."

He then asks me what my current thoughts are a far as if I plan to move forward with the purchase or sign the mutual release to which I respond how I've put so much time and effort into it that I can't just walk away.

So I drop earnest money off in the box around 11:30 on my way to a meeting and receive the termination email just after noon.

Pretty shi**y way to take advantage after acting in good faith for so long, just so the seller can take another offer. And regardless of whether or not the agent legally "represented" me, he did a terrible job.

I've gotten pretty fired up about it again this morning, and need to try and collect myself.

@Aaron Abraham it’s a lesson for sure.

Not expecting much to happen in my favor, but supposed to meet with agent and managing broker at their office tomorrow to discuss. I simply asked what there is to discuss and his answer was that they “just want to sit face to face, talk about your options (there aren’t many) and sign papers if necessary”.

@Mike Cumbie I see what you’re saying. I honestly do not know what his legal role was regarding my interest.

Looking back at his most recent messages, he said things like “being your realtor” and “I am here to represent you as well”. Many instances in which he said those things, but again, I don’t know what that technically means when push comes to shove.

@Bjorn Ahlblad I’m starting to agree that I was misrepresented by my agent who was representing us both, but also trying hard to get me to back out if he deal over the weekend so the seller could take another offer before using the earnest money timing excuse (previously saying no rush and that it won’t even be cashed until close to closing anyway) to take advantage and terminate.

@Chase Gochnauer I went to the office Friday, but doors were locked and then I noticed no cars behind building, realizing they must be closed for the holiday.

I was then told about the dropbox on the back side of their building this morning when I asked when the office was open, stating I tried to drop the envelope off Friday but they must have been closed. I then dropped it in the dropbox this morning after I found out they had one.

@Mike Cumbie This was my second deal so still fairly new...but the agent stated time and time again throughout the process that he was representing both me as the buyer along with the seller. That we were both his clients. I asked him for info on the property from day one and went through him the entire time as far as offers, counter offers, etc.

Looking at paperwork, he was listed as both “listing agent” and “selling agent”.

Based on that, I viewed it as a “dual agent relationship”. Am I thinking correctly, and does that make a difference?

Agent and managing broker/owner of agency want me to come in tomorrow to talk it over, discuss my options (saying there aren’t many) and sign papers if necessary.

May ask attorney to review but last thing I want to do is spend more money if I really have no case. Feel like I received pretty poor representation from the agent between being pushed to back out over the weekend plus everything that occurred today.