Did my agent behave unethically?

[FrauMama]

What is the name of your state? Colorado
Did our realtor behave unethically?
Our realtor listed our house for sale on a Friday and had an open house the next day, Saturday. On Saturday, before the open house was finished, she called us and said we had an offer. The offer was only good until 9:00 pm and she told us that we should accept. We had already moved to another state, so later that evening when we had access to a computer, we pulled up the contract and there was also a change of status from her representing the seller, to her being a transaction broker. It turns out, the family buying the house had no realtor and she/the broker she works for would represent them as well. We received more offers the next day but it was too late since we had signed the offer the day before, based on our agents recommendation. Now we feel duped because we didn't realize that she and her broker probably pushed us to accept the offer because they would get the whole commission because the first family didn't have a realtor. Did our realtor behave unethically by pushing us to accept the offer which expired in hours, since they are the ones who wrote the offer and made it expire in a few hours? We feel like they wanted to lock in both commissions for buying and selling before someone who already had a realtor could make an offer or get in a bidding war? The house is located in CO; we now live in TX and are recently retired military.

 

[adjusterjack]

Yes, your realtor behaved unethically and dishonestly. Never trust a realtor without verifying everything. Never trust anybody who tells you "do it now or it goes away."

It would probably cost you a fortune in lawyer fees to try to undo the sale.

The best you can do is file a complaint with the state board that licenses realtors.

Realtors are the equivalent of car dealers. Remember that next time you buy or sell a house.

 

[Zigner]

Folks, please remember that the word "Realtor®" has a very specific meaning. The OP is not necessarily dealing with a Realtor® and may be dealing with a non-Realtor® real estate agent. Also, states license real estate agents (including Realtor®).

Every Realtor® is a real estate agent, but not every real estate agent is a Realtor®.

 

[FlyingRon]

If the buyer was unrepresented, it really didn't much matter. They'd have gotten the full commission anyhow. I'm not sure how they can divest themselves of their representation obligations to you, I can almost guarantee there was a contract. They would have needed to warn the buyer that they were in a dual representation system if they offered to provide any services to them.

 

[Mass_Shyster]

What is the name of your state? Colorado
Did our realtor behave unethically?
Our realtor listed our house for sale on a Friday and had an open house the next day, Saturday. On Saturday, before the open house was finished, she called us and said we had an offer. The offer was only good until 9:00 pm and she told us that we should accept. We had already moved to another state, so later that evening when we had access to a computer, we pulled up the contract and there was also a change of status from her representing the seller, to her being a transaction broker. It turns out, the family buying the house had no realtor and she/the broker she works for would represent them as well. We received more offers the next day but it was too late since we had signed the offer the day before, based on our agents recommendation. Now we feel duped because we didn't realize that she and her broker probably pushed us to accept the offer because they would get the whole commission because the first family didn't have a realtor. Did our realtor behave unethically by pushing us to accept the offer which expired in hours, since they are the ones who wrote the offer and made it expire in a few hours? We feel like they wanted to lock in both commissions for buying and selling before someone who already had a realtor could make an offer or get in a bidding war? The house is located in CO; we now live in TX and are recently retired military.

Were those offers higher?

In any event, hopefully you have an attorney handling the closing for you. You should bring your concerns to that attorney who will be in a position to advise you on what recourse, if any, you may have.

 

[Gail in Georgia]

How quickly did you wish to sell your property since you had moved to another state? If quickly, did you let your realtor know this information?

I've never sold (nor purchased) a property that did not include a certain time where the seller or buyer (me) listed a date/time that an answer to the offer had to be provided.

Gail

 

[adjusterjack]

Folks, please remember that the word "Realtor®" has a very specific meaning.

So does Xerox, Velcro, Frigidaire, etc, etc. They're all used generically, just like realtor. Or realitor in the less educated parts of town.

 

[Mass_Shyster]

If this all happened this past weekend, you should call an attorney NOW. You may be able to withdraw from the accepted offer based on a breach of a fiduciary duty on the part of the agent.

 

[Taxing Matters]

So does Xerox, Velcro, Frigidaire, etc, etc. They're all used generically, just like realtor. Or realitor in the less educated parts of town.

Just because some members of the general public use proper nouns of companies incorrectly does not mean that you should. Aim to be better.

 

[adjusterjack]

Just because some members of the general public use proper nouns of companies incorrectly does not mean that you should. Aim to be better.

Where's the fun in that?

 

[quincy]

Just because some members of the general public use proper nouns of companies incorrectly does not mean that you should. Aim to be better.

Although the following link is to an older World Intellectual Property Organization (WIPO) article, it explains nicely the challenge trademark holders have in retaining rights in their (often very well known) trademarks:

https://www.wipo.int/wipo_magazine/en/2009/06/article_0010.html
Genericide is a legitimate fear as recognized brand names generate a lot of income for the trademark holder.

 

[LdiJ]

Just because some members of the general public use proper nouns of companies incorrectly does not mean that you should. Aim to be better.

Should we really be hijacking the OP's thread like this?

 

[quincy]

Should we really be hijacking the OP's thread like this?

This was a four-post (or now, with your post and mine, a six-post) detour from the original question - and the question was answered.

I will say that it is not infrequent that an offer will be presented with a deadline for acceptance, with the one submitting the purchase offer aware that other offers might be coming in that might be better.

A seller always has the option of turning down a purchase offer - or countering the offer. That can sometimes be a gamble for a seller. The original purchaser might not be willing to negotiate and that purchaser can be lost. If there are other offers, they might have undesirable contingencies.

I think if a fast sale was wanted, accepting the offer was probably smart.

 

[Gail in Georgia]

The OP should also realize that many offers come with a "due diligence period" clause where the interested buyer has a certain time period to undertake an inspection of the property. If damages they do not wish to address (or those they believe may hinder getting a mortgage for the property) are found they can always back out and the property will be back on the market.
Just a side note; if multiple offers are received within one day of placing the property of the market perhaps the price of the property should be reconsidered.

Gail