24 Jul And/or Assigns nightmare
I need to vent, so stand by for a wall of text…
We're selling our house and the whole experience gets worse with every passing day. We did a pocket listing on the advice of our agent since the house isn't in open-house shape and we didn't want to tart it up since we figure whoever buys it will probably remodel or rebuild. (Our whole neighborhood is going like that — houses get gutted and rebuilt, so why waste money on what will likely be trashed anyway? ) Our agent started out representing just us, saying that developers either represent themselves or have their own buyer's agent. Then we get an offer from a developer who lo and behold doesn't have a buyer's agent and isn't repping himself — so instead our agent is repping him too. So the guy who's supposed to be on our side and advising us now has divided loyalties.
Then the purchase agreement comes in as "Buyer X and/or his assigns." I know that means he's probably going to flip the contract, but we go for it because it's an as-is offer with no contingencies for loan or appraisal and a 60-day rent-back which will give us time to close on a new house and move. Our agent says not to worry about the "and assigns" so we don't. And over time the as-is offer has turned into "Oh, the house has termites, you need to pay for tenting" and the 60 day rent-back has been cut to 30, and our agent has presented all of this as "sorry, you have to do this" with nothing to soften the blow. So our anger level has been rising. But we've rolled along with it because we just want to get this deal done. Our closing date is next week. NEXT. WEEK.
And today our agent tells us the buyer is exercising his right to assign, and the new buyer's lender needs a new contract in their names as opposed to an amendment to the existing contract, and they need an appraisal (which was done today) and they're likely not going to make the closing date next week because apparently they didn't know there was a closing date and we only know that because I blew up at my agent and he finally got off his ass and started making some calls on our behalf. And the appraisal report hasn't come back yet but the appraiser was hinting that it won't support the contract price.
I'm furious with my agent for walking us into this minefield. I will NEVER do another deal where my agent represents both sides. I will NEVER ever do another deal with "and/or assigns" in it.