My house has been under a sale contract for over a month. My
realestate agent happened to be a "Dual Agent" in new jersey, because
the buyer also used him as the buyer's agent. The original close date
is already past, and apparently the buyer is having mortage problems.
The very annoying fact is that my "dual agent" did not inform me of
the buyer's mortgage delay until about a week before the closing date,
which means I have already went through the trouble of hiring a moving
company and completing the move. I was looking forward to be relieved
of my responsibility of this house (mortgage+taxes+insurance, etc) in
september, but now it seems that it won't happen.

My question is, could I ask for any kind of compensation from either
the buyer or my agent? I get the distinct impression that my agent
knew long ago that the transcation was going to be delayed but he
chose not to tell me until the last minute.

Thanks in advance,

Yan

Yan Liu wrote:

My house has been under a sale contract for over a month. My
realestate agent happened to be a "Dual Agent" in new jersey, because
the buyer also used him as the buyer's agent. The original close date
is already past, and apparently the buyer is having mortage problems.
The very annoying fact is that my "dual agent" did not inform me of
the buyer's mortgage delay until about a week before the closing date,
which means I have already went through the trouble of hiring a moving
company and completing the move. I was looking forward to be relieved
of my responsibility of this house (mortgage+taxes+insurance, etc) in
september, but now it seems that it won't happen.

My question is, could I ask for any kind of compensation from either
the buyer or my agent? I get the distinct impression that my agent
knew long ago that the transcation was going to be delayed but he
chose not to tell me until the last minute.

Thanks in advance,

Yan

I am not in New Jersey. There could be variations in the laws there
covering dual agency.

Let's use the terms broker and agent. A salesperson (agent) works for
the broker. The broker is where you focus.

Some states do not allow dual agency. Some do and have very specific
rules. If NJ allows it, it probably requires both the seller and the
buyer to agree in writing to the dual agency. Did you have such an
agreement? Did you have a written listing agreement to sell your house?
Have you read it? Does it mention dual agency? Is the broker also a
Realtor?

One of the ways it works is for the broker to be the "dual agent" and
then assign a salesperson to the seller and a different salesperson to
the buyer. Each salesperson reports to the broker, but the broker has to
maintain confidentiality with each. Neither salesperson should know the
motivations and confidential info of the other party to the sale. NJ may
have a different approach.

Your case illustrates that "A servant cannot serve two masters". If you
did not agree in writing to the dual agency situation, and if it is
required in NJ, and if NJ even allows dual agency, then the broker has a
problem. Have you talked directly with the broker at the firm? Is your
agent actually the broker?

If you want to do some personal investigation, you can call the NJ Real
Estate Commission and ask them if dual agency is legal and what in
general is the requirement for the parties to agree. This won't cost
you anything. You do not have to reveal your identity or that of the
broker until you want to. Depending on what you learn, you may want to
consult an attorney. If you signed a listing agreement with a broker,
and did not sign an agreement that the broker also could represent the
buyer, and the buyer did not also sign such an agreement, if NJ has a
good law on the subject, the lawyer can advise what your options are.

Only a NJ attorney can give you legal advice. Dual agency is one of the
tricky subjects in real estate. You need specific guidance for your
specific situation.

Good luck.

Yan Liu wrote in message
om...
My house has been under a sale contract for over a month. My
realestate agent happened to be a "Dual Agent" in new jersey, because
the buyer also used him as the buyer's agent. The original close date
is already past, and apparently the buyer is having mortage problems.
The very annoying fact is that my "dual agent" did not inform me of
the buyer's mortgage delay until about a week before the closing date,
which means I have already went through the trouble of hiring a moving
company and completing the move. I was looking forward to be relieved
of my responsibility of this house (mortgage+taxes+insurance, etc) in
september, but now it seems that it won't happen.

My question is, could I ask for any kind of compensation from either
the buyer or my agent? I get the distinct impression that my agent
knew long ago that the transcation was going to be delayed but he
chose not to tell me until the last minute.

What makes you think the agent knew? Have they told you what the problem is?
It could be a low appraisal. Which means that the very agent you suspect of
wrongdoing actually got you a good price -- maybe too good.

Ask what the problemis and when a resolution is expected.

This problem would have happened whether or not you had dual agency.