Is it ethical to the person buying our house is the contact?

Deal Score0

We thought we sold our house.5 years, it has been estimated at 139,000. We paid 132,000 and has about $ 7000 improvements.We have a contract now provides a first buyers are willing to find $ 139 to pay for it.The man, our house is a mortgage broker and we agreed to pay $ 129, while maintaining price $ 10,000 himself.The profit fell in our area, and the assessment was $ 120,000. He always wants us to give him $ 10,000 fee.Which Finder can join with $ 110,000 under our legal fees, 1 / 2 Cost and find $ 800 for the title. Yikes! Big money loss.Can time we deal directly with the buyer? It is already approved loans and home badly.We they have his number, because the contract is not signed agent.We sie.Er sells them privately, he has only one mortgage broker and loan make her.She is has already been granted, and it was close to a “go” now.She broken heart when we say “No Deal” The agreement we signed with him, he is signed her.He by us and, we write letters, which $ 10 000 to date.

10 Comments
  1. Reply
    #9
    January 27, 2011 at 10:03 pm

    Water Fall

  2. Reply
    Spicey
    January 27, 2011 at 10:49 pm

    I’d discuss this with another agent from a different company–sounds fishy to me.

  3. Reply
    ?
    January 27, 2011 at 11:28 pm

    If you have a signed contract with him you will have to pay him. Sheesh why are going with a mortgage broker? And people think Real Estate Agents are a rip off? You wouldn’t have paid that much for a real estate agent!

  4. Reply
    crazymanwithaplan
    January 28, 2011 at 12:14 am

    oh totally ethical your trying to get the best of the situation, hiding the details will just cause yourself problems.

  5. Reply
    Twitter Bird
    January 28, 2011 at 12:16 am

    Did you sign a contract with this mortgage broker? I doubt it since it would be a violation for him to act as a realtor if he is not a realtor.
    If you have no contract with him then you have no obligation.
    If you have a contract with him for $ 10K finders fee on a $ 139K deal, then it is no longer valid if the 139K is not offered.

    Are you sure this is a mortgage broker & not a realtor?

  6. Reply
    Jc
    January 28, 2011 at 12:17 am

    You need to consult a real estate lawyer to look over all contracts. If you have contract with mrot broker, he will find out pretty fast who bought the house. If you don’t think it is worth seeing a RE lawyer, then you already know what you have to do.

  7. Reply
    Kasey C
    January 28, 2011 at 1:10 am

    If that was on the contract, that was on the contract. Any attempt to bypass the contract now would cause him to SUE YOU for breach of contract.

    You can negotiate with him, maybe down to 8K instead of 10K profit, but there’s no way you’ll be able to bypass him now. Maybe you can have him talk to the buyer to split some of the fees.

    EDIT: You may want to check with your state’s real estate oversight board (whatever its name is). This is starting to sound shady. Usually an agent only gets 6% of the sale price, 3% if he only represents ONE side, and sounds like he represented only ONE side. In fact, one may question whether he has a license to sell/buy real estate at all.

  8. Reply
    Landlord
    January 28, 2011 at 1:30 am

    The answer to this depends on who the broker is and what license he holds.

    It is easy to find out, you can do it in less then a minute. Simply call your states real estate board and ask them.

    If this guy holds a real estate license he is entitled to his fee, you can not sell to this buyer without paying him. You will not be able to complete the sale.

    BUT, if this guy is just a mortgage broker it is ILLEGAL for him to charge you any “finders fee”. Personally I think you should not only not pay him, but turn him into the state.

    This guy is a total scum, I bet he did not tell you what the banks are paying him already just to do the loan. If you fall for this he will earn about 20k at the end. Of course this is legal if he in fact holds a real estate brokers license.

  9. Reply
    Beverly S
    January 28, 2011 at 2:17 am

    You are only obligated to contracts that you signed. What do you owe on the house? With the appraisal coming in at only $ 120,000.00 your buyers loan approval for $ 139,000.00 is no longer good. No lender will lend more than the appraised value. As for dealing with the buyer direct you should find out what they signed with the broker. You don’t want them to end up being sued! By the way I think there may be legal problems for this “broker” trying to charge you outside of closing…There is not supposed to be anything outside the sales contract.. He sounds like he is not quite ethical…I would not pay him! He is already making money just by doing her loan & trying to double dip.

  10. Reply
    joe_on_drums
    January 28, 2011 at 2:37 am

    That is basically how some, not all, Republicans and atheists work…they don’t care about the feelings of others and they don’t work ethically if they can get away with it.

    It isn’t anything personal against you, I’m sure, but many Republicans are capital motivated and not interested in gaining respect for their work ethics. Also, if they don’t have God in their life, there is no inspiration to do well unto others.

    Wow, too bad about that.

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