We found some land we wanted to buy and made an offer with a realtor. Our realtor contacted the listing agent, the listing agent contacted the party who listed the property and they accepted our offer. We put a “good faith” payment down and I signed a contract to remit the balance within 30 days. I initiated a mortgage on my primary residence which involved substantial closing costs, title search, appraisal fees, etc. Three days after my loan was closed, while we were waiting for the deed to be prepared, yet another realtor made a slightly higher offer on behalf of her sister. What she knew that we laymen did not know (nor apparently my realtor) was that the property was listed by a trustee and they would take a higher offer within 20 days of my initial offer. She did this directly with the trustee despite the listing realtor telling her the sale was pending. I am livid.
Can we seek civil action? There is nothing illegal, but to me it reeks of being unethical.
Posted in Land For Sale
Tagged action, agent, appraisal fees, CASE, closing costs, good faith, Land, laymen, listing, mortgage, offer, party, Property, realtor, title search, trustee
