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What happens when your realtor has a typo in your offer?

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D

diplodochris

Guest
I live in Indiana.
My question concerns my rights when there is a dispute over the agreed upon selling price. If my realtor prepares an offer incorrectly, how is the error remedied?

here are the details.
We listed a home with a realtor at $159k. A buyer made an offer at $150k (plus asking us to pay closing costs). My realtor recommended we counter at $158k, but only pay some closing costs, which we agreed to do. He prepared an analysis of costs for countering at $158k. He then prepared the counteroffer, which I signed. In preparing the counteroffer, he inadvertantly left the amount blank, although I didn't catch this. The buyers accepted, thinking the offer price was $150k.

My realtor called yesterday to tell me what happened; apparently it was caught when they were keying in the info to a database, which was after the buyers accepted the counter offer. He said that he filed a claim with "errors and something" (didn't catch the name), and that "I would be made whole by the time of closing, or shortly thereafter". He admitted it was his fault entirely, and that I might come out ahead on all this.

I'm seeking information on the process that will occur (with the realtor's claim); is this a standard procedure, or is this something that should frighten me?
thanks!
 


HomeGuru

Senior Member
Guess what? The real estate firm will pay the $8000 difference or their errors and insurance company will. Get a letter from the company signed by the principal broker to this effect. Also make sure that the broker sends written instructions to escrow to credit the total amount of their commissions to you. In other words, they get no money from escrow.
 

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