Some Pretty Stupid Agents

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

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