Real Estate agent represents buyer and seller

[solus2sail]

On selling my home, my RE agent also represented the buyer and induced me to sell at far below fair market value.
Is this normal and if not, do I have any recourse?

 

[army judge]

On selling my home, my RE agent also represented the buyer and induced me to sell at far below fair market value.
Is this normal and if not, do I have any recourse?

You have choices. It isn't necessarily about legalities.
First of all, make sure you have read and are familiar with your contract or listing agreement.
That determines what you can and can't do.
But, no one can make you sell your property at a price you don't agree with.
If you are firm at $100,000 and the buyer offers $85,000, simply say, no way.
Or, make a counter-offer of $99,500 (for example).

As an aside, I never work with an agent that doesn't represent me exclusively.
That is your choice as seller or buyer.

You do have recourse, just set (or keep) your price so high the buyer goes away.
Then don't work with that particular agent.
You have choices.

But, make sure you are acquainted with your listing agreement/contract.

 

[solus2sail]

Thank you for your response.
My mother had just committed suicide and the broker convinced me her house wouldn't sell at my price in the local market.
I had just completer $40,000. in upgrades when the agent verbally informed me she had a potential buyer that she would also represent.
She strongly encouraged me to lower the price and to also agree to a 3% (veteran) discount which included $2500. in an advanced RE tax payment for the buyer.
I was at a low point due to my mother's death and living out of State.
I wound up selling a potentially $200K house plus improvements for $150K plus discounts and fees.
I feel I was preyed upon and manipulated but at this point wonder if I have any recourse?

 

[Betty3]

Probably not if you already sold the house - you didn't have to sell it for that price. I'm sorry about your Mother.

 

[army judge]

Thank you for your response.
My mother had just committed suicide and the broker convinced me her house wouldn't sell at my price in the local market.
I had just completer $40,000. in upgrades when the agent verbally informed me she had a potential buyer that she would also represent.
She strongly encouraged me to lower the price and to also agree to a 3% (veteran) discount which included $2500. in an advanced RE tax payment for the buyer.
I was at a low point due to my mother's death and living out of State.
I wound up selling a potentially $200K house plus improvements for $150K plus discounts and fees.
I feel I was preyed upon and manipulated but at this point wonder if I have any recourse?

First of all, please accept my condolences on the tragic loss of your mother.

The broker is correct, homes that a death occurred within must normally be disclosed tot he potential buyer.

The fact that a death (natural or by other causes) does tend to discourage buyers and decrease the value of the home when you sell try to sell it.

You can discuss the situation with a couple of local real estate attorneys, however.

The initial consultation is usually offered free of charge and/or obligation.

If cost is an issue, inquire when you make the appointment.

Bottom line, because you were grieving, there might be a slim chance that a case could be made that you weren't in the right state of mind due to the recent loss of your mother.

That said, if I were you, I'd just let it go.

Mother left you a home, a home that cost you nothing.

You upgraded it, then sold for more than you put into the upgrade.

You say you sold it for $150K less your $40K upgrade, that's a cool $110K bequest from mother.

I'd be grateful for that, and move on.

Besides, even if you had made $50K, the damn IRS would have found a way to take $75K more from you.

In most cases, LESS is MORE.

Just be thankful for having an industrious, loving mother that loved you enough to leave you something.

Some people don't even have enough left to bury their mothers, or a mother that loved them.

Merry Christmas, grieve and get better, and God bless and keep you!