What is supposed to happen here now? Did the real estate agent over-step protocol?

Question

I accepted the seller's counter offer and my deposit check (made out to the escrow company) cleared the bank. This gives me the impression that we are now "in escrow." I just learned that the agent has shown the property again. Is this regular protocol? Isn't this sale pending? Or is it because I haven't written the "final check" yet? And when do I write that final check that pays for the home? (This is a cash offer, by the way, on a mobile home). Thanks!

Answer 1

You  do  Not  own  the  property  yet  so  it  can  be  shown  until  it  closes .

There  are  No  guarantees   in  real  estate  so  a  smart  agent  shows  the  property   until  it  closes .

Don't   get   emo ,   if   you  plan  on  closing   just  continue  with  business .

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Answer 2

First, why are you buying a mobile home, that is the worse possible investment in the world! Think about it. I have been involved in who knows how many transactions and all of my deals have tripled or at least doubled in value.  I actually have a client walking from a mobile home.  Right now, there is a government program where the seller pays the down payment and closing costs and gets a tax write off for helping you! To answer your question, yes you are in escrow, yes the seller probably reserved the right to show the property and take back up offers ( in casee you can not get your loan) Yes, you are pending and yes it is because you have not closed.  I think it is retarded when they say "cash offer" because either way the seller is getting cash! Some agents say all cash when the buyer is getting a loan and some only when they are paying with ALL cash, depends on the agent.

Answer 3

Its a nice scare tactic. The listing agent will sometimes show the property to take "back up offers" in the event your transaction falls through.

Once your contract has been accepted by the Seller and the contract has been placed in escrow then no one can "steal it away".  Your escrow company will schedule you to sign final paperwork together with the closing statement at which time you will bring in your closing funds.  

Answer 4

It is noted "Under Contract" but they might get a better (or back-up) offer.

Answer 5

The listing agent is allowed to continue to show the property right up until the moment that you take possession at closing.  Such a practice is not at all uncommon, especially in the case of mobile homes, where deals tend to 'fall apart' more commonly than in conventional real estate.  The agent is acting in the best interests of the sellers, whom the agent represents.

As long as you comply with all the terms of your offer, you should have no issue.  The agent, however, is looking for secondary offers in the event that you do not complete the purchase as agreed.

Answer 6

This is pretty common as the agent may want a backup contract (especially if they have any doubts about your contract).  However, I would call them up and complain nonetheless.  

If the seller does get a better contract and there are any contingencies to your contract, then the seller could use these contingencies to get out of your contract.  They could simply pretend they are turning you down based on a contingency rather than because they got a better deal from someone else.  Still, its unusual for an agent to do this as they primarily want the place sold and to get their commission, so I'd call them up and ask them what the deal is.

Anyhow, this is common practice (to get backup offers) and there may be nothing at all wrong with it - but I'd still call and ask.