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I entered into a standard contract to sell my home on 299 Tortoise Lane in Franklin Lakes NJ, after listing at a price commensurate with a no contingency deal that was offered from a friend of the listing agent. After reviewing all the offers, I accepted this friend's offer and we entered into the attorney review process.
This agreement was devoid of any home or septic inspections that would have required extensive excavation and replacement of the current septic system.
Unknown to me the agents friend had a criminal background and was not a reliable buyer. However because the dual agency situation resulted in a substantial increase in the standard commission they tried to follow though with this buyer.
Additionally, I was never informed that after successful attorney review, no deposit monies were ever received or deposited by my attorney to be held in his escrow account. This allowed the buyer to use a line item on the contract to declare the contract null and void and simply walk away.
Valuable time and resources have been squandered, and I now have to relist my home at a higher price to allow for a complete new septic system, which I was able to avoid on the prior deal.
After the initial buyer backed out and the remaining offers were too low as to allow for a complete septic system replacement, all communications with the agency stopped. It appears, they simply moved on to other prospects".
Moreover, they remained unreceptive to my requests to move forward at a revised price to allow for septic system replacement.
When I asked the agents to relist the house at this higher lever I still did not receive any communications. I still desire to sell this house and have complied with all regulatory requirements with regard to well water testing, oil tank removal, and septic inspection.
I was told that our town would issue a temporary Certificate of Occupancy and the buyer would comply with said inspections. I was told that the buyer was still willing to purchase this house. I was told that we did in fact receive a deposit on this deal.
None of this was true.
In good faith I have installed a PH neutralizer to increase the PH from 6.15 to 7.0.
The limit was 6.50 but I did install the system in a good faith effort to complete this deal. I have also contracted with two construction companies, one for oil tank removal, and the other to certify that I do not have a cesspool on the property.
In short I have done everything possible that ,I as a homeowner, can do to ensure that I am making a good faith effort to fulfill all my obligations.
I am hitting multiple roadblocks and feel I am being sandbagged, in my present situation. I spite of the limitations imposed on us by the Coronavirus, I am moving forward to comply with all current regulations and contract with all cognizant contractors and inspectors to resolve any outstanding issues.
I feel that I am not finding the teamwork here, which is required for a successful sale.
In short, the buyer, the agents, and even my attorney have not been entirely up front" with me. This is not what I anticipated and the enthusiasm and energy that I had in the beginning of this process has substantially waned.
User's recommendation: Use ANY other agency.
Monetary Loss: $3500.
Preferred solution: Let the company propose a solution.
Coldwell Banker Cons: All liars.
Location: 360 Franklin Ave, Wyckoff, NJ 07481