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re: Question about realtors "rules" or ethics
Posted on 4/9/26 at 8:41 am to deuceiswild
Posted on 4/9/26 at 8:41 am to deuceiswild
A good realtor acts in behalf of best interests of their client. A low-ethical realtor would prioritize closing a deal over interests of their client. There are plenty of both types out there.If realtor believes there are problems, then that should determine their advice to their client. What is odd, is how did the realtor determine foundation issues if not called out thru the irsa. Visible cracks do not equal to foundation issues. All concrete cracks. A good realtor should know this. Sounds like we don't have all the details.
I haven't signed a contract in over 10 years that uses earnest money. I am typically the seller and use "nonrefundable" terminology. But it is also tied to having agreement of the irsa (inspection report).
The wording on the contract determines enforceability. Nothing verbal. Doing work requested in contract is governed by the wording on the contract. Seller agent should have advised your daughter on when to do the changes. Sounds like seller agent failed her in that regard. But your daughter has no recourse to her agent. It is ultimately her decision to start the work. This is business and each party is expected to understand what they are signing on a contract.
I haven't signed a contract in over 10 years that uses earnest money. I am typically the seller and use "nonrefundable" terminology. But it is also tied to having agreement of the irsa (inspection report).
The wording on the contract determines enforceability. Nothing verbal. Doing work requested in contract is governed by the wording on the contract. Seller agent should have advised your daughter on when to do the changes. Sounds like seller agent failed her in that regard. But your daughter has no recourse to her agent. It is ultimately her decision to start the work. This is business and each party is expected to understand what they are signing on a contract.
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Posted on 4/9/26 at 8:53 am to lsuconnman
Earnest money is known for being difficult to enforce. Nonrefundable is a better term for the seller. But is generally tied to stipulations related to the irsa.My contracts say deposit is due within 5 days of an agreed upon irsa. I don't make requested changes until deposit is received. We will proceed with fixes, but not changes that are not fixes.
Regardless, when deals that fall through, most just walk away. I have had buyers break a contract, but have never pursued them in court.
Regardless, when deals that fall through, most just walk away. I have had buyers break a contract, but have never pursued them in court.
Posted on 4/9/26 at 10:06 am to deuceiswild
The question is, is does the house have foundation issues. If it does, then the realtor is correct. If not, I would at least talk to an attorney and just see if there is any recourse.
Posted on 4/9/26 at 12:10 pm to deuceiswild
First of all OP, have you seen the video? You have said you don't trust your daughter's communication but then are going all in on "foundation" issue? Maybe she misunderstood or frankly is way off.
You need to get the entire truth, before anyone can give you reasonable suggestions.
2ndly, as said your daughter knowingly and with her own Realtor offered to do things that cost money without having any sort of financial recouperation planned. The best thing to do here is wait until the Earnest Money is locked in to do any repairs. That guarantees you won't "lose" money. And as said, your daughter possibly paid for inspections that is normally paid for by the buyer.
But most real estate contracts add a clause "pending inspection" or whatever that basically allows someone to bail on the deal at anytime up until that date.
Foundation issues or not, they likely could have pulled out.
It sounds to me like the Realtor was possibly a friend of the buyer and likely just convincing them ethically or not to get out of the deal. IDK
You need to get the entire truth, before anyone can give you reasonable suggestions.
2ndly, as said your daughter knowingly and with her own Realtor offered to do things that cost money without having any sort of financial recouperation planned. The best thing to do here is wait until the Earnest Money is locked in to do any repairs. That guarantees you won't "lose" money. And as said, your daughter possibly paid for inspections that is normally paid for by the buyer.
But most real estate contracts add a clause "pending inspection" or whatever that basically allows someone to bail on the deal at anytime up until that date.
Foundation issues or not, they likely could have pulled out.
It sounds to me like the Realtor was possibly a friend of the buyer and likely just convincing them ethically or not to get out of the deal. IDK
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