All Forum Posts by: Samuel Brian McKenzie

I'm under contract for a property, about two weeks from closing. The appraisal came back $18,000 under the agreed-upon price. My contract states that I can back out of the deal if the seller doesn't lower the price to match the appraisal. 

The seller told my real estate agent that he's willing to pay for another appraisal and that he would match whatever price it appraises at the second time or the current agreed-upon price, whichever is lower. He's willing to put that in writing. I would have to use another lender, but the lender would match or beat the rate I'm currently getting. 

This sounds iffy to me, but logically it makes sense and my agent says he think's it's a win/win. Is there any way I can lose from this? They aren't willing to go down to the price of the current appraisal right now so if I don't agree the deal will fall through. 

Thanks for all of your responses!

I live in NJ, and a Google search showed me that there is procuring cause here that might complicate things. Is this something that can be avoided in the wording of the offer letter and/or contract?

I think I'm going to speak to the listing agent, tell him I'm not comfortable with the agreement and ask to have my own agent represent me in the deal. I have one I've been working with for a couple of weeks. 

How big of a deal do you think this is? If the listing agent gives me pushback, is it worth walking away? What are the potential complications that can arise from a possible conflict of interest such as this?

Thanks again for everyone's help!

Hi everyone,

I'm a first-time home buyer, looking to purchase a house that's under market value, fix it up, live there a couple years then rent it out. I found what seems like a good property and am ready to make an offer. When I went to view the place, the listing agent's partner showed it to us and said that she would represent us in the deal while her partner would represent the seller. 

Are there any red flags that appear with this arrangement? Should I insist on bringing in my own agent to represent me?

Thanks!!