We (my fiance and I) put in an offer on a condo priced way below market, and the seller would like to take us up on the offer. However his agent is absent, disappeared w/o a trace.
The seller is bound by contract to his listing agent. Since our agent and the seller have been unable to get in touch with the sellers agent, the seller is only hesitant because he has to pay the commission to an absentee agent.
Is there anything that we can do to move forward?
Yes. Write an offer, and ask your agent to submit it – to the listing agent’s broker.
The fact that the listing agent can’t be found is really not an issue. It’s a nuisance… and we deal with nuisances all the time… but it’s not an issue.
The listing is actually an agreement between the seller and the listing broker – not the listing agent. The broker will either handle it personally… or s/he will delegate the duty to an agent in the brokerage.
The issue of whether or not the seller must pay a commission is really of little concern to you. You want to buy a house – the sellers want to sell a house – and that’s all that really matters.
Jeff Brown says:
Perfect
February 7, 2007 — 9:39 pm
Drew Nichols says:
Yes – many people do not realize that their “agent” is actually a subagent of the Broker In Charge (BIC) they are working for.
Now, if the agent who disappeared is also the broker, the state licensing board will need to designate another of the (defunct) broker’s agents to be the BIC. IANAL but the new temporary BIC would logically inherit the listing.
February 7, 2007 — 9:57 pm
Josh B says:
Doug,
As a broker in this situation, how would you handle the fact that one of your agent’s is MIA on a listing? I realize this is a question that could have a number of circumstances behind it, so a general response is all I’m looking for.
Thanks
February 9, 2007 — 1:15 pm
Doug Quance says:
>Josh:
Obviously, if the agent was laid up in the hospital unconscious… then we can call the absence “excusable”.
Anything short of that is pretty much inexcusable, in my book.
I can’t say how I would handle the agent once we found him/her… but I can say how I would handle the client.
I would find the best-suited agent in the brokerage to handle the transaction. If I was the Designated Broker of a small firm, I might take charge of the matter, myself. In a larger firm, I might not have that luxury of time… so it depends.
Either way, the client’s needs come first.
The ass-chewing can wait ’til later. 🙂
February 9, 2007 — 1:29 pm
Cameron Keegan says:
Great article, and great insight into a situation I’ve dealt with in the past.
January 13, 2009 — 10:36 am
Doug Quance says:
Thanks Cameron. Sometimes short and sweet is best. 🙂
January 13, 2009 — 10:51 am