G
geo111
Guest
What is the name of your state? Pennsylvania
Our buyers agent came to our house with an offer. The prospective buyers made an offer asking us to pay 100% of their closing costs. To offset this, they said that we could raise the selling price of our house to incluse those closing costs.
Initially I was inclined to do just that, raise the selling price as necessary. My wife and I were unsure on this though. Our buyers agent recomended against raising the selling price as she felt that our house might not appraise for the higher value.
Please note that we have always intended to use the proceeds from the sale of our house to pay for as much of the closing costs of the next house as possible.
I asked our agent how the offer would affect our purchase of the new house . The agent did not have her folder with the details on the contract. After some serching, my wife found our copy of the folder.
Using the contract from our copy of the folder, our agent worked up a "Statement of Estimated Sellers Costs" She applied the estimated proceeds against the closing costs for the new property. The difference she gave us was about $1900.00. My wife and I decided that we could accept the offer without needing to raise the selling price of our house.
A few days after we accepted the offer our agent called and told us that a mistake was made and that our closing costs would be $2,000.00 higher. When she generated the figures for us, on the 22nd, she used the old, unrevised contract that had the sellers giving us $2,000.00 buyers assistance. The current version had that option removed.
Our agent told us that our folder had the incorrect information and that was why the $2000.00 error occured.
My wife looked at our copy of the folder and found both copies of the contract inside. Apparently, when our agent worked up the figures for us on the 22nd, she used the incorrect version of the contract.
My wife and I are not happy. We feel that this mistake should not have happened. Had we been given the correct figures for our closing costs we may not have chosen to accept the offer on our house as we had.
As everything stands now, we will have enough money to pay the new, much higher closing costs but thats about it. We wont have enough cash to buy the washer and dryer that we'll need nor will we be able to pay cash for any moving expenses.
It is our opinion that our buyers agent should have have had her copy of the new property folder when she came to present the offer on our current home. She knew that we were using the proceeds from the sale of our house to offset, as much as possible, the closing costs of the new property. She should have known that she would need that data to help us make an informed decision concerning the offer.
As the Real Estate professional, our agent should have known that she was using the incorrect version of the contract. Had she caught that, she could have looked a little deeper in our folder and found the correct version of the contract.
My wife and I feel that either our agent or the agency that employs her should make up for the two thousand dollar error, not us. They are the real estate professionals that we are paying to help us make these transactions. The error was on thier part, not ours.
Any advise would be greatly appreciated.
Our buyers agent came to our house with an offer. The prospective buyers made an offer asking us to pay 100% of their closing costs. To offset this, they said that we could raise the selling price of our house to incluse those closing costs.
Initially I was inclined to do just that, raise the selling price as necessary. My wife and I were unsure on this though. Our buyers agent recomended against raising the selling price as she felt that our house might not appraise for the higher value.
Please note that we have always intended to use the proceeds from the sale of our house to pay for as much of the closing costs of the next house as possible.
I asked our agent how the offer would affect our purchase of the new house . The agent did not have her folder with the details on the contract. After some serching, my wife found our copy of the folder.
Using the contract from our copy of the folder, our agent worked up a "Statement of Estimated Sellers Costs" She applied the estimated proceeds against the closing costs for the new property. The difference she gave us was about $1900.00. My wife and I decided that we could accept the offer without needing to raise the selling price of our house.
A few days after we accepted the offer our agent called and told us that a mistake was made and that our closing costs would be $2,000.00 higher. When she generated the figures for us, on the 22nd, she used the old, unrevised contract that had the sellers giving us $2,000.00 buyers assistance. The current version had that option removed.
Our agent told us that our folder had the incorrect information and that was why the $2000.00 error occured.
My wife looked at our copy of the folder and found both copies of the contract inside. Apparently, when our agent worked up the figures for us on the 22nd, she used the incorrect version of the contract.
My wife and I are not happy. We feel that this mistake should not have happened. Had we been given the correct figures for our closing costs we may not have chosen to accept the offer on our house as we had.
As everything stands now, we will have enough money to pay the new, much higher closing costs but thats about it. We wont have enough cash to buy the washer and dryer that we'll need nor will we be able to pay cash for any moving expenses.
It is our opinion that our buyers agent should have have had her copy of the new property folder when she came to present the offer on our current home. She knew that we were using the proceeds from the sale of our house to offset, as much as possible, the closing costs of the new property. She should have known that she would need that data to help us make an informed decision concerning the offer.
As the Real Estate professional, our agent should have known that she was using the incorrect version of the contract. Had she caught that, she could have looked a little deeper in our folder and found the correct version of the contract.
My wife and I feel that either our agent or the agency that employs her should make up for the two thousand dollar error, not us. They are the real estate professionals that we are paying to help us make these transactions. The error was on thier part, not ours.
Any advise would be greatly appreciated.