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

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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

Answers:

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

Answered 12 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.


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