3rd TIME THE CONTRACT FELL NEED HELP PLEASE

[ZUBARIA LATIF]

Hello All

I need some advise from you. I have a bank owned property in Maryland .Nice location a 2 bed room condo with 2 full bath. I have received multiple contracts on that. And each time we ratified the contract they back out.

 

AND IT IS NOT LOOKING GOOD AT ALL AS THE ASSET MANAGER MAY TAKE THE LISTING AWAY FROM ME OR NEVER ASSIGN ME. THIS NEVER HAPPEN TO ME BEFORE.

 

I do all the buyer's agent interview, I call the lender to check the status of their approval , always have condo or hoa docs ready.

 

And here is the response from the last agent:

 

After speaking with their attorney, they decided they were not comfortable with the language regarding any liens against the property, and I knew the bank would not allow them to strike that, or I would have come back to you

 

Can you please tell me how to break this news to my asset manager where I do not look bad at all.Please Please any advise?

[Omer Kapic]

You made mistake of not letting buyers know about that in advance and never consider it sold until it is all finalized.
You should have done this before you sent offer to asset manager as you already had problem with it first time and you let it repeat itself..
Just because you had somebody willing to to buy it , it does not mean it should be sold.
I let everyone know about any addendum language as some companies do not even show it to you untill contract been accepted, but you already had it first time it got rejected.
Good luck!

[ZUBARIA LATIF]

They already knew about the addendums and the language. It just that their buyer backed out and then blame it on the addendum language.

[Kimmie Hauver]

What makes you think the AM is going to pull the listing from you and never assign any to you again? How do you figure you are to blame if the buyers back out? Unless theres something you aren't saying it just doesn't make sense.

[Erika Jackson]

Hi Kimmie. It has been my experience that somehow the listing agent does get blamed when the deals fall through. In Maryland it's three strikes anbd you're out. Unfortunately, it happens everyday.

Zubaria, there is no way around it. However, I would suggest going to the AM before they ask you about it. You have to let the chips fall where the may. Good luck!

[ZUBARIA LATIF]

Hello Erika
It is good to know that you are in Maryland. Does it happen to someone you know. Tha is pretty scary. As listing agent I try my best to sell this for my AM. As I am their eyes.

[Erika Jackson]

It actually happened to my broker. He had 3 contracts on a property. When the 3rd contract fell through the property was reassigned. He was very upset, but it happens.

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