ibuyer made an offer on a house already under contract (agent, agreement) - Real Estate Professionals - City-Data Forum

2bindenver · 07-07-2021, 12:37 PM

Let me begin with I have not talked to the ibuyer company yet. I requested a call back from the call center rep and she said they would call back in 1 hour & 24 minutes. I just received a text that it is now 2 hours and 19 minutes.

Cannot wait.

The Seller is under contract with a "friend" since May. Tenant occupied. Buyer & Seller agreed to a price and Closing the day after the tenants vacate. The contract was signed on May 8th.

Seller texts Buyer yesterday that ibuyer company made him an offer for $25,000 more and they will either need to match it or bow out.

The Buyer has given their notice to vacate their apartment and will be homeless at the end of the month. The Buyer is panicked.

Have I mentioned I cannot wait to talk to a real person?

This is one of the many reasons we do not get $12.75/hour.

AlwaysBeachin · 07-07-2021, 01:36 PM

Seller is an idiot. They are 1. already under contract and could have consequences for trying to unwind the deal 2. Even if they could get out of the contract, they should be very cautious with an ibuyer and have lots of signed documentation, and read it very carefully. Some people just don't have any common sense.

2bindenver · 07-07-2021, 02:56 PM

A representative called me back at 2:17 pm (MT) outside of the window. She said the homeowner requested a quote in March and that they check the MLS to see if they have a listing agent. I said this was sold to a friend, and never put on MLS.

It may be a moot point, maybe the seller is bluffing.

ibuyer says they have had no contact with the owner since the quote in March.

When they asked me for a copy of the listing agreement in order to close it out. I said they are not entitled to a signed listing agreement. That is a confidential contract between the Brokerage and the Seller. Please have someone with a license in Colorado call me back.

MikePRU · 07-07-2021, 02:59 PM

Quote:

Originally Posted by AlwaysBeachin

Seller is an idiot. They are 1. already under contract and could have consequences for trying to unwind the deal 2. Even if they could get out of the contract, they should be very cautious with an ibuyer and have lots of signed documentation, and read it very carefully. Some people just don't have any common sense.

Agreed. The iBuyer may be offering $25K more but after the seller pays all of the hidden fees and repair costs for the inspection items it will probably be $10K less.