What happens if a listing agent withholds information from the bank?

UPDATED: Jun 23, 2009

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What happens if a listing agent withholds information from the bank?

Foreclosure purchase contract expired 06/01/09. Realtor submitted addendum with contract extension to the listing agent on 5/29/09, to submit to the bank.We have a $1000 deposit down. We never heard an answer back from the bank. After 3 weeks of the listing agent just saying, “oh, we haven’t heard anything yet.”, the house is back on the market and the bank has accepted another offer. The listing agent never handed in our extension, so the bank thought we were just walking away from the deal. I’m not sure where to go from here…

Asked on June 23, 2009 under Real Estate Law, Florida


B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 13 years ago | Contributor

I'm not a Florida attorney, but there may not be anything you can do here, other than get your $1000 back.  There are some other facts that could come into play here, so to get reliable advice, you need to review the full situation with your attorney.  I always recommend that you hire a lawyer to represent you from the beginning of a real estate purchase, even before you sign a contract, because mistakes are easy to make and those mistakes can easily become very expensive.  One place to look for an attorney in your area is our website, http://attorneypages.com

Realtors' rules are different from one state to another;  in many states, a realtor has to make it clear to you, sometimes in writing, whether he or she is representing the seller (listing agent), the buyer, or both sides.  If the listing agent in your situation was only representing the seller, there is probably nothing to be done except get your money back and find another house.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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