Can a title insurance co. agent who represents you bid on the property you are buying?
this actually happened to us surrounded by florida. the property was in preforeclosure and be appraised at $300,000. we negotiated a price of $128,000.00 and faxed contract to title agent because seller be to be at the office that day. the agent offered retailer $150,000, set up a dummy corp. as owner. what can we do?
Answers:
What the agent did was illegal and unprincipled. If you had already placed a bid on the house and the offer be accepted by the owner, I would do three things:
1] Call or write the owner and let him know your are going to give somebody a lift legal action against him for breach of contract.
2] File a permissible claim against the agent for unethical practices and breach of contract. What he did was a conflict of interest.
3] File a written complaint beside the Title Company and the Real Estate Agent for conflict of interest.
Did you put a deposit on the offer? Did you get a reception?
If so, you have a good baggage for claims against the seller and the title agent.
Good luck.
P.S> You might want to consider calling your local district attorney also.
There is a definite conflict of interest near. Besides being unethical, if the wholesaler signed an accepted offer from you, they cannot adopt another offer even if it is higher. I would report the agent to the license authority. If the seller did in reality sign an agreement, you can make them follow through with your contribute or sue them.
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Answers:
What the agent did was illegal and unprincipled. If you had already placed a bid on the house and the offer be accepted by the owner, I would do three things:
1] Call or write the owner and let him know your are going to give somebody a lift legal action against him for breach of contract.
2] File a permissible claim against the agent for unethical practices and breach of contract. What he did was a conflict of interest.
3] File a written complaint beside the Title Company and the Real Estate Agent for conflict of interest.
Did you put a deposit on the offer? Did you get a reception?
If so, you have a good baggage for claims against the seller and the title agent.
Good luck.
P.S> You might want to consider calling your local district attorney also.
There is a definite conflict of interest near. Besides being unethical, if the wholesaler signed an accepted offer from you, they cannot adopt another offer even if it is higher. I would report the agent to the license authority. If the seller did in reality sign an agreement, you can make them follow through with your contribute or sue them.
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