Buying or Selling a Home/closing delays

Advertisement

Expert: - 1/16/2010


Question
our closing was day after thanksgiving.we were the sellers. 3 days before realtor asked for delay till december 15 and we agreed. realtor called and asked if we could be out by the weekend before the 15th. put a deposit on a apt. and moved items to storage. on friday the realtor said the closing wont happen on the 15 due to they realized the appraisal was never done. on dec. 17 we were asked to sign a new closing date of jan. 15. had no choice cuz we dont want to loose sale. meanwhile i lost deposit on apt. and have items in storage now since dec 13. on jan 13 they said closing wont happen on jan 15 maybe on 16 or 17. that never happened. what are my options? i live in ct

Answer
Hello Tom - Please accept my apology for the delay in my reply. I recommend you contact the agents Designated Broker. This person is the person responsible for supervising the agents in their firm. Tell the broker your story and ask for them to review the transaction and reply to you with their evaluation. You may consider recording the conversation or asking for the reply in writing if possible to document their reply although keep in mind this person may be the person to rectify the situation, or at least explain the legitimacy of the situation. On another note, it is possible for you to negotiate to recover your losses and storage fee in return for an extension. Yes you do not desire to lose the buyer but it is unreasonable to imagine the buyer anticipates that you continue to accrue additional fees due to their inability to perform. Typically, when these situation occurs, your listing agent may also be representing the buyer. Clearly, if the agent has not provided you with the understanding that you have the opportunity to negotiate the extensions there may be a concern. You may also find answers by referring to the National Association of REALTORS Code of Ethics. This can be found at www.realtor.com, if you have any difficulty locating the code let me know and I will e-mail a copy to you. The initial section is a REALTORS duties to clients and customers, the second section is a REALTORS duties to the Public. You may desire to specifically review Article One. This will assist you in learning what your REALTORS obligations are as your representative. If you belive your agent has not performed the duties described by Articles 1-14 you may file an Ethics Complaint with the appropriate association of REALTORS. Since the Code of Ethics was used as a basis for most real estate laws there may also be legal violations. I hope this answers your question and provides you with direction. Please remember I am not an attorney and therefore this is not to be considered legal advice, rather this is to be considered real estate information that any experienced REALTOR should be able to provide. - Todd Menard

Buying or Selling a Home

All Answers

Answers by Expert:

Ask Experts

Volunteer

Todd C. Menard

Expertise

National Association of Realtors Code of Ethics and Professional Standards * Contract Questions: 05/05 Arizona Real Estate Purchase Contract, Exclusive Buyer Broker Contracts, Listing Contracts and associated contract documentation as it relates to boilerplate, covenants, contingencies, procedures and procedures. * ARMLS Arizona Regional Multiple Listing questions * Real Estate Professional Standards and Practices, Ethics, Obligations, Duties * Agency relationships in Arizona, Procurring Cause * Questions typicaly arising during the listing period * Questions typically arising during the escrow period * Questions about working with a real estate agent/REALTOR * Questions Related to New Home Builders

Experience

National Association of REALTORS Board of Director (2011) Arizona Real Estate Salesperson License (1991-1995), Arizona Real Estate Brokers License (1995-Present), Arizona Association of REALTORS Board of Directors (2008-Present), Arizona Association of REALTORS Professional Standards Committee (2008-Present), AAR Certified NAR Code of Ethics and Professional Standards Instructor, Southeast Valley Regional Association of REALTORS President-Elect (2011) Southeast Valley Regional Association of REALTORS Board of Directors (2008, 2009), Southeast Valley Regional Association of REALTORS Grievance Committee Chairperson (1998-2007), Southeast Valley Regional Association of REALTORS Bylaws Committee (2008-Present), Southeast Valley Regional Association of REALTORS Education Committee (2008), Arizona Association of REALTORS Forms Committee - Residential Purchase Contract (2005), Arizona Association of REALTORS Forms Committee - Residential Rental Agreement (2008), Arizona Association of REALTORS Forms Committee - Buyer Broker Agreement (2009), Arizona Association of REALTORS Presidents Advisory Group, Road to Professionalism (2009), Arizona Association of REALTORS GRI Curriculum Review Committee (2009), Arizona Department of Real Estate, Commissioner's Education Advisory Group Sub-Panel B (2010) Arizona Department of Real Estate, Commissioner's Statute and License Review Committee (2007)

Organizations
National Association of REALTORS, Arizona Association of REALTORS, Arizona Real Estate Educators Association (AZREEA), Arizona Regional Multiple Listing System (ARMLS), American Notary Association, Southeast Valley Regional Association of REALTORS (SEVRAR), Southeast Valley Regional Association of REALTORS Women's Council of REALTORS (2010-Present), Phoenix Association of REALTORS (1994-2000, 2005-2009), Scottsdale Association of REALTORS (1994-2000, 2005-2009), Maricopa/Glendale Association of REALTORS (1994-2000, 2005-2009),

Publications
"Real Estate in 2008"- Lifebushido Publishing (Contributory Author), SEVRAR Magazine, Internet Crusade, RealTown ListServe, Blogger.com, Active Rain

Education/Credentials
- AAR Certified Ethics and Professional Standards Instructor, Graduate REALTOR Institute (1993), Certified Negotiation Expert (CNE), Over 100 Hours of annual real estate continuing education, Annual Ethics and Professional Standards Development Workshops as required by the National Association of REALTORS, Approx. 36 hours of NAR Code of Ethics training annually, Numerous IDW, Seminars and Train the Trainer programs, Business Management Degree - 1981

Awards and Honors
2009 REALTOR of the Year Award, Southeast Valley Regional Association of REALTORS (10,000+ Members), Double Platinum Production Award ($45,000,000 Sales Volume)- Keller Williams Realty Int'l (2001), Top 15 Sales Production Keller Williams Realty International (2001), Top 5 Sales Producation Keller Williams Realty Southwest Region (2001), Top Recruiter Award - Keller Williams Realty Int'l, SW Region (2002), Who's Who in U.S. Executive (1983), Who's Who in U.S. Real Estate Professionals (2007)

©2012 About.com, a part of The New York Times Company. All rights reserved.