Expert: Dottie Worthington - 12/13/2010

Question
I recently  went to a new home builder one Saturday even. Selected a home to buy.  Selling for the listed price at 389.000 with 10,000 towards closing cost, my agent negotiated a selling of 365,000 with 10,000.I signed and initial all paper work and it was sent to the Region Manager to sign off on and send forward for processing.   The following Tuesday my agent call me to inform me that the manager had informed him that he could not sell me the house for the agreed amount and the home was now 399,000 without the 10,000. This was out of our pricing range so our agent agreed to give up his bonus to buy down points. So again we were in the buying mode, 3hrs later the the call came in and now the house was going on the market for 419,000 if we did not sign the paper work that day.  I maybe wrong but this type of business practice may or may not be elegle but it sure feel unethical.

Answer
So sorry about your bad experience. I am not sure if the home was listed with a REALTOR or not?  If it was directly from the builder, then in most states they do not have to abide by a code of ethics, but if it was listed and they signed your contract, then they would have to honor that. Sounds like a good question for an attorney in the area you are in.