Can realtor commit elder abuse?
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Can realtor commit elder abuse?
We bid on a property that was owned by an 90
plus year old lady. Her brother is the power of
attorney and he is 88. We were told there was
a cash bid with no contingency but it was lower
than asking price. We were told we would have
to pay cash, add no contingency and pay
asking price. We countered what they
requested. Full price, no contingency and cash.
We were told we would have to go to the real
estate office several miles away to sign papers.
We went. As soon as the realtor came into the
building we started into the office to sign
papers and she got a text saying that the
brother/the power of attorney had signed with
the lower bid. How can that happen? Is the
realtor bond to assist the owner to get the best
possible price? I thought the next thing that had
to happen was for the other party to place
higher bid?
Asked on April 11, 2018 under Real Estate Law, Georgia
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
There is no obligation on a seller to take the highest bid or best price, and a seller may opt to take a lower bid for any of several reasons, including cash vs. mortgage, better closing date, lack of contingencies, or even simply liking one buyer more than another. The seller, or in this case, the brother with the POA, can sell to whomever they want, and the realtor cannot control their choice.
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