Under contract & seller relists as "active"

**Racerx** · 04-23-2008, 05:04 AM

we are under contract to buy. close date is 2 weeks from now. lenders appraisal came in significantly under selling price, but lender agreed to do another appraisal. i have the option to terminate, not the seller. Sellers agent removed listing completely when contract was signed. after appraisal came back low sellers agent re-listed house for sale as active while we're still under contract. i thought they couldnt do this. is this a real estate policy only to not re-list, or is there a law preventing them from doing this?
AND, say they agree to change status to pending now, true they corrected the status, but i want to know if there is recourse against this agent for having it listed as active for 2 or so weeks.

**Mike Taylor** · 04-23-2008, 05:25 AM

This is going to depend on what your contract states and what you local board's rules are. Some contracts will state that the seller can continue to market the property while under contract. Could they just be re-listing as accepting backup offers?

**Racerx** · 04-23-2008, 05:30 AM

contract does not state that they can relist property as active while under contract. he is in violation (sellers agent).

**Codythebest** · 04-23-2008, 06:24 AM

Sounds to me that you are looking for an opportunity to sue....
Do you need money?

**Racerx** · 04-23-2008, 06:29 AM

oh, i absolutely need money, but no i dont want to sue. im asking what punishment, fine, loss of license, probation, etc can i pursue against this agent thru board of realtors, or whatever governing body has power in case like this under this specific violation.

**clemy** · 04-23-2008, 06:38 AM

I'm confused. Why are you upset about this?

How has this impacted you?

**Codythebest** · 04-23-2008, 06:48 AM

It doesn't matter what they want to do. You have a contract. Period.
Then, if something goes wrong, then yes, you might sue...But if nothing happened, who cares?

**Racerx** · 04-23-2008, 06:52 AM

this agent has been terrible since day 1, so i'll admit it'll make me feel better that he's punished for truly commiting a violation against the contract.
anyway, thats beside the point. if its not a bad thing to relist as active and entertain offers (just not accept i guess), why is it a violation against doing this???

**Greg** · 04-23-2008, 06:54 AM

The agent is only doing what their client wants, they can not be punished for that.

Why are they doing this? This is called negotiation. Without coming out and actually telling you they won't sell for the lower price they have put you on notice that they won't sell for the lower price of the appraisal.

Are they bluffing? Maybe. Is it working? Definitely. You, my friend, have blinked, and if you are letting your anger show to the other side you will not get the house at the lower price.

**Tony Zito** · 04-23-2008, 07:11 AM

Racerx,

There are a couple of things going on here!

1st, If the house was placed in active status that won't hurt you as much as it will agents and buyers looking at the house thinking it's actually available. I don't think any board allows you to keep a house active if it's under contract. That's pretty unfair to all who would look at the house!

But there is nothing stopping a seller from taking back up offers.

2nd, if the house didn't appraise it is very likely over priced and it will be for any buyer. Most people are not going to pay more than appraised value. And you should have a place in your purchase agreement that gives you a certain number of the days to ask the seller to come down, you can pay above appraisal, or the deal can be off.

Your agent should be able to help you with that.

I don't think I would waste my time trying to get the agent in trouble with the board because the board usually stays out of those kind of things!

Hope that helps!
Tony Zito