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Message
re: Question about realtors "rules" or ethics
Posted on 4/8/26 at 4:40 pm to lsuconnman
Posted on 4/8/26 at 4:40 pm to lsuconnman
quote:
Then it wasn’t really earnest money, it was a deposit.
If the deposit is specified as earnest money it’s non refundable. But, it allows the buyer to walk away for any reason.
To be clear, I'm trying to learn. Not argue.
But this sounds contradictory. Did you say this exactly as you meant to say it? I did not realize there's a difference between a deposit and earnest. Which one is refundable and which one isnt?
1
Posted on 4/8/26 at 5:16 pm to deuceiswild
Earnest is a type of deposit. It works kind of like an options contract whereby the buyer is given the option to buy the property, but can walk away and just forfeit the deposit.
Ordinary deposits are refundable for cause, but they allow the seller to sue to enforce the sale if a buyer backs out.
Ordinary deposits are refundable for cause, but they allow the seller to sue to enforce the sale if a buyer backs out.
Posted on 4/8/26 at 5:26 pm to deuceiswild
quote:
he's tried talking to a fully independent realtor for advice, but none will talk to her since she has an agent.
Because they can't. Is her agent experienced? He/she should be explaining this aspect.
Posted on 4/8/26 at 6:20 pm to lsuconnman
Thank you.
For an update, I was just informed that there was a ten day "escape clause" or something to that effect in the contract and the buyer exercised it.
I have no idea why the buyers realtor would feel the need to make up stories about foundations when apparently no reason was needed to back out.
Does this sound about right? I feel like I had some amount of time to back out of my agreement but that was a long time ago.
For an update, I was just informed that there was a ten day "escape clause" or something to that effect in the contract and the buyer exercised it.
I have no idea why the buyers realtor would feel the need to make up stories about foundations when apparently no reason was needed to back out.
Does this sound about right? I feel like I had some amount of time to back out of my agreement but that was a long time ago.
Posted on 4/8/26 at 6:30 pm to deuceiswild
That makes no sense.
Posted on 4/8/26 at 6:34 pm to deuceiswild
Ok so based on that everything sounds pretty “normal” except for the buyer making up a random excuse instead of just terminating without giving a reason (as none is required to the inspection period).
Posted on 4/8/26 at 7:08 pm to deuceiswild
If she approaches a Broker for advice, no problem. Except said Broker can't solicit the listing.
Posted on 4/8/26 at 7:40 pm to Billy Blanks
Apparently the agent is experienced. It wasn't explained clearly enough earlier this morning. Clarification has since been gained.
Thank you.
And to everyone else who provided input.
Looks like it was just one of those unfortunate things that happens time to time. And some emotions caused confusing messages via texts.
Thank you.
And to everyone else who provided input.
Looks like it was just one of those unfortunate things that happens time to time. And some emotions caused confusing messages via texts.
Posted on 4/8/26 at 7:54 pm to lsuconnman
quote:
The buyers agent’s purpose is to work in the buyers best interest.
The buyers agent's purpose is to get their client to buy the house so they can get their 3% commission.
Any other reason may be safely disregarded.
Incentive drives behavior.
This post was edited on 4/8/26 at 7:55 pm
Posted on 4/8/26 at 8:06 pm to CastleBravo
quote:
The buyers agent's purpose is to get their client to buy the house so they can get their 3% commission.
Or... maybe the agent cares about integrity, the profession, and the client. They sleep better at night doing the right thing and then leverages that into referrals and repeat customers.
Most people do not wake up in the morning and say to themselves in the mirror, "I want to do a shitty job today".
Posted on 4/8/26 at 8:18 pm to meansonny
quote:
Or... maybe the agent cares about integrity, the profession, and the client. They sleep better at night doing the right thing and then leverages that into referrals and repeat customers.
One would hope.
But that is not how the incentive structure is set up.
Posted on 4/8/26 at 8:43 pm to CastleBravo
If it is a job, then you are correct.
If it is a career, then that is exactly how the incentive structure is setup (respecting the profession and doing one's best for each client).
If it is a career, then that is exactly how the incentive structure is setup (respecting the profession and doing one's best for each client).
Posted on 4/8/26 at 9:13 pm to deuceiswild
I’m an agent:
The buyer typically pays for these
I don’t understand this part. Generally there is an inspection period, within that period the buyer notes deficiencies and then the seller has the opportunity to either fix the issues, give monetary relief or the deal dissolves. NO work should be done until this is all agreed upon. Once the buyer determines they want to move forward that’s the point of no return unless the mortgage falls through or insurance issues, the buyer can’t walk away without cure for any other reason. That’s why I advise my clients to not fix anything until we know it’s going to act of sale or if it’s major just giving money to the buyer….too much liability if the buyer doesn’t like the fix.
quote:
daughter paid various fees for inspections and whatnot.
The buyer typically pays for these
quote:
She also forked out money to make a few home improvements to appease the buyer and meet some agreed upon terms.
I don’t understand this part. Generally there is an inspection period, within that period the buyer notes deficiencies and then the seller has the opportunity to either fix the issues, give monetary relief or the deal dissolves. NO work should be done until this is all agreed upon. Once the buyer determines they want to move forward that’s the point of no return unless the mortgage falls through or insurance issues, the buyer can’t walk away without cure for any other reason. That’s why I advise my clients to not fix anything until we know it’s going to act of sale or if it’s major just giving money to the buyer….too much liability if the buyer doesn’t like the fix.
Posted on 4/8/26 at 9:17 pm to deuceiswild
quote:
Any idea why something like this would go down? Previous experience? Why would a realtor tank their own sale?
I’ve told buyer clients to walk away from properties several times. I want my clients to be fully aware of major issues/risks. I’ll parade specialists to the property all day until my clients are satisfied and feel comfortable with what they’re purchasing.
Posted on 4/8/26 at 9:21 pm to deuceiswild
quote:
For an update, I was just informed that there was a ten day "escape clause" or something to that effect in the contract and the buyer exercised it. I have no idea why the buyers realtor would feel the need to make up stories about foundations when apparently no reason was needed to back out. Does this sound about right? I feel like I had some amount of time to back out of my agreement but that was a long time ago.
Sort of makes sense, depending on how hot the market is, sometimes I’ll choose for quick inspections <7 to make my clients offer stand out, or in regular markets typically 15 days.
During that time you can back out for a lot of reasons. It doesn’t sound like foul play was involved.
Posted on 4/8/26 at 9:23 pm to CastleBravo
quote:
But that is not how the incentive structure is set up.
I’ll make more money on 4/5 deals than on 1. I want each and every client to be satisfied with my services to bring more business. Unhappy clients don’t send you referrals.
Posted on 4/9/26 at 12:03 am to deuceiswild
So the buyer didn’t forfeit the escrow after backing out because it was within the 10 day grace period?
Maybe I misread, but that would mean your daughter had the property inspected (which is odd for a seller), obtained the report, made the repairs, and then had the buyer back out all in a 10 day period from the signed offer.
This is the only part of your issue that makes sense to me, but it could just be me.
Also, why are you stuck on some advice the buyer’s agent gave their client. That’s part of their job. It would be unethical if they didn’t do it. You can’t control if that advice is good or bad without testing the limits of your own ethics. The questionable action of the buyers agent is allowing the seller to hire the inspector.
Maybe I misread, but that would mean your daughter had the property inspected (which is odd for a seller), obtained the report, made the repairs, and then had the buyer back out all in a 10 day period from the signed offer.
quote:
On a side note, I've learned over the years that listening to my daughter or wife explain things like this is usually insufficient.
This is the only part of your issue that makes sense to me, but it could just be me.
Also, why are you stuck on some advice the buyer’s agent gave their client. That’s part of their job. It would be unethical if they didn’t do it. You can’t control if that advice is good or bad without testing the limits of your own ethics. The questionable action of the buyers agent is allowing the seller to hire the inspector.
This post was edited on 4/9/26 at 12:36 am
Posted on 4/9/26 at 7:33 am to deuceiswild
quote:
Paying for inspections was something both parties agreed on before signing the contract. The buyer is likely not in the best position and at their limits on what they'll be approved to borrow, and due to my daughter wanting this to happen badly enough, she gave in on some concessions.
Daughter should fire the realtor and get a new one that actually knows what’s going on and how business is done. Father should be more engaged upfront if the daughter is going to engage him with all the problems on the back end
This post was edited on 4/9/26 at 7:34 am
Posted on 4/9/26 at 7:38 am to T-Jon
quote:
Maybe I misread, but that would mean your daughter had the property inspected (which is odd for a seller), obtained the report, made the repairs, and then had the buyer back out all in a 10 day period from the signed offer.
Obviously not a lot of money trading hands here. The prospective buyer couldn’t afford a $300 home inspection and convinced the seller to pay for it. The seller’s agent is a buffoon. And making all the repairs within let’s say 7 days suggests they were small repairs that could be done quickly for a small amount of money - not significant contract work
Posted on 4/9/26 at 7:39 am to Upperdecker
AI could have done a better job being seller’s realtor in this instance than daughter’s realtor did
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