We called an agent that sold a lot of homes in our neighborhood and also is someone we know. The advise was given, due our personal circumstance, that we put a forsale by owner sign in our yard to attempt to sell it ourselves. The deal was anyone wanting to buy our home this agent would write the contract for 1% and see us through the transaction. We are very greatfull this was offered and we went to work marketing the home ourselves. Someone wanted to buy "buy owner" and realtor wrote contract for 1%. The closing date was set (2weeks after contract signed) and a couple of days before closing the Loan officer for the buyer called me to ask if closing could be delayed a couple of days due to title work being held up on our end. I call agent about this and agent says all is well should close on original date. Closing day comes and I get call from agent to let me know we are good to go for pm close. Agent was to close in our behalf since we moved to another City. Did not hear from agent after scheduled pm close.
Called agents cell next day twice, left message and did not hear back. The same the next 3 days, no reply! Call agents office, talk to office assistant and assistant says he will return call later with answers. No call. Weekend comes and goes and we are in absolute panic. Monday comes and still nothing from agent or the firm. I call old neighbor to check on my house and report. When he knocked on front door a young girl answered and said we had moved and they live there know. I guess we closed? The next day leave message for agent and no reply. A week later, I start looking for title companies in that area untill I find one that has my file. They report that house closed day after original date and find out someone else closed in agents behalf.
Title Co. seemed suprised we did not know this and that someone representing did not go over the Hud statement with us before we closed. There are items in question. Agent was out of town. A specific amount of money was suppossed to be wired into our account. That amount was missed by 100 times. What happened? I start asking questions to anyone that has any knowledge of the process since agent is no help. I find out agent never filled out profit to sale sheet before we put sign in yard. agent worked from numbers I pulled online. Agent was aware of how much money we were expecting from sale. Sale price reflected this.
16 days after close and I have no signed paper work from anyone for transaction. I don't know anyone that signed paperwork in my behalf, I don't have the money I needed. I did'nt get a chance to say this will not work for me or work out any glitches with mortgage Co before we closed. And I no longer have my home.
Agent got their 1%
What would you do?

Did you get any of your $$ at all?

Sounds like you need a lawyer.

When it comes to $$, friendships don't count.

Check this place out.

http://home.att.net/~mckimmey/realestate.html

Maybe they can help you.

Good luck

I received very little money... Certainly not enough for relocating expenses and restart in different City.
We are defiantly in a bind and really don't know what to do next! Have been to Real estate commisson with no great success to this point. Still active though. Are any laws broken here and If so what I'm I entitled too?
Shawnee.... I'm south OKC( Moore) anything closer ???
Thanks

Let me get this straight - the agent signed on your behalf because you had moved out of town right?
If he/she signed on your behalf you would have had to have signed a limited power of attorney to allow the agent to sign the closing documents for you.
If you did sign a power of attorney - you need to contact the title co. again have them fax you the HUD settlement statement. Compare those numbers with the terms and percentages on the contract you signed with the agent and the contract for sale you signed with the buyer.
If you didn't sign a power of attorney for the agent to sign for you - the loan should have never closed because it takes the owner/seller to transfer rights/deed to the property. No title company on the planet would or could close a loan without either your signatures (and 2 forms of ID/1 must be a picture ID) or a limited power of attorney.
Regardless of where you are a title co. can get closing documents to you via overnight or a sister company in your area - I would think it a bit unethical for a real estate agent to sign docs for his/her own customer.
As for the agent working from numbers you pulled online - I am totally confused by this. You have a contract for sale that states the sales price, from the sales price you subtract any liens and/or mortgages then you subtract pro-rated taxes, closing costs you are responsible for per your contract for sale and the 1% to the agent. These numbers are not arbitrary. The sales amount is on the contract. The appraisal would have noted the sales value to support the sales amount. A payoff would have been obtained by the title company. A tax certificate would have been obtained by the title company. Finally the title company would have allocated closing and agent costs per your contract with the agent and the contract for sale with the buyer.
If they don't - contact the Okla. Ins. Dept. - they are oversee title companies -www.oic.state.ok.us and the Okla. REC who are over real estate agents/brokers - www.orec.ok.gov. You could also go to www.hud.gov for help reading a HUD statement and lots of other great homebuying and selling information.
Hope that helps.....