Some Pretty stupid agents out there...and I've met them!
Last week I wrote a Blog Called " So what's a closing date anyway" it was about a home I showed that was under purchase agreement with a 48 hour kick out clause. This listing was active in MLS but with a contract and was listed as continue to show due to the kick out clause …which means that the seller had accepted an offer from a buyer who had a home sale contingency. My buyer did not have a home sale contingency and they could close fairly fast.
I had been assured by the listing agent that buyer # 1 could not perform and all would be well.
All was not well!
Once the clock started ticking and Buyer # 1 had 48 hours to remove the home sale contingency, provide poof they could purchase without selling or their agreement would become null and void....Except at the end of the 48 hour period the buyer would not sign the release!
And as if that is not bad enough...it was discovered that the original P&S agreement and the kick out addendum had NO closing date...yes in other words the buyers and sellers had executed contracts without an end date... a clear violation of contract law! Stupid listing agent!!! 
Everyone would think...it's a piece of cake. # 1... it is NOT a VALID contract without an end date...right? Well the original buyers refused to sign a release; they clearly wanted the home and were grasping at straws. The sellers meanwhile wanted to move forward and accept my buyers offer but couldn't....they were frustrated...I was frustrated... my buyers were frustrated...The listing agent and his broker went into panic mode....the situation as going down hill fast and I decided to blog about it! What a great stress reliever Blogging is...wouldn't you all agree?
Long Story Short...My buyers hung in there...waiting very patiently. Finally they got the news they had been hoping for!!! Buyer # 1 signed a release and the sellers were Free to enter into a contract with my buyers!! This is very good news!
There are lots of lessons to be learned here and I hope the listing agent understands just how lucky he is.
I know my buyers are very happy and excited about their soon to be new home and I am relieved that it ended in our favor but I can't help but feel bad for Buyer # 1 who had a pretty stupid buyers agent and for the seller who also has a pretty stupid agent!!!!
Jay and Monika McGillicuddy
Serving Southern New Hampshire and Rockingham County
Monika McGillicuddy Real Estate Training Website
Hampstead NH Real Estate
603-548-7728
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Great job honey glad you hung in there and the buyers are so appreciative of your efforts.
Moni hello! And how do you REALLY feel lolol. I am so glad this worked out well, at least with a seemingly happy ending. I still cannot for the life of me understand how the contract got into the MLS as contingent or pending without a date, but then I realize some agents are allowed to enter their own info in certain states. I'm glad we have a check and balance system here....admn people! :-) (Hi to Jay too!)
Monika - glad it worked out for your people. Did the seller have to pay off those buyers? You're right - really stupid!
Ann
Monika-That took alot of work on your part! Every deal is unique. I'm glad it worked out for you and your people. Some people just aren't the "sharpest tools in the shed."
Erica
Carole...MLS never sees our contracts...either listing agreements or P&S agreements. I agree no checks and balance at that office..someone should have been checking. Jay is gearing up for the BIG game...Sunday!!!
Ann...Thanks so much! They did not pay off the buyer, I think the Attorney letter did the trick.
Erica... Every deal is indeed unique and your right those agents are not the sharpest tools in the shed...LOL...I love that expression!
Jay...Thanks for being there and listening to me rant and rave about this!
It pays off to be patient and to stick to your guns.....I am glad everything worked out. Good luck with the closing and hope no mice jump out at you! :)
Hi Ines...Patience is a virtue I usually have to work on! If it wasn't for my buyers..I'm not sure I would of had any at all. LOL...OMG...no mice please. I still see those eyes....Yuck!
Thanks, Moniak. I was wondering what the outcome was. I can think of a few words for those agents besides stupid. It's an embarassment to our profession. And unfortunately the sellers were not more insistent on the details of their contract. Glad it all worked out.
Jeff
OMG Shannon...What a horror story! I take it that the builder isn't too eager to work with you if he can sell it for more money to someone else. How has the activity been on your current home? Have you looked into a bridge type loan so you can close while still trying o sell? Risky I'm sure! Please let me know how you make out.
Good luck!
Monika
No closing date on the offer... LOL! Glad your buyers didnt loose hope and move on to another house!
OMG...I never saw your comments. Good Grief!!