ComplaintsforKeller Williams - Milwaukee Lake Country

• Initial Complaint

  02/16/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  We had our condo for sale, *******************************, agent with Keller Williams Lake Country brought buyers to the table. Buyers were pre-approved, and made offer to purchase. The loan was approved in underwriting and ready to be closed. The issue with the loan was that the condo association needed to be approved by HUD for which the lenders request for approval was denied and the sole reason why they could not close the loan. When HUD issued their denial, the lender reached out to the condo association asking for them to approve the single required change to make the association approvable by HUD, but they denied the request. There by denying the loan. ( I appreciate all their efforts) I guess the father of one of the buyers was willing to sign for them, but with a different lender and only if we reduced the price by another ******. Please note, we already reduced our price by ****** on their initial offer. At this point we the sellers had NO choice but to except the offer as we have another closing dependent on this closing approaching quickly. This did not alot us time to relist our condo and sell it before our new closing. I feel we were blackmailed into taking this offer. We would have lost our ******* money, the money we paid for an appraisal on our new home, deposits we paid for a truck, movers, airline tickets to fly son home to drive truck down to *******, plus we both have already given notice at our jobs. This may not be breaking any laws but it sure is an unethical way of conducting business. I feel the real estate agent in this situation did not care about anything except making his sale. We had to accept their offer to cut our losses as we had less than two weeks to try and find a new buyer. One this offer was written and excepted, I proposed that this $****** loss be shared between both agents and my husband and ********************************** said he could not do anything as he was a part of a group. Not buying that! I was also told that the buyers were upset with ********* for whatever reason, and that the buyers were not even talking to him.

  Business response

  02/23/2023

  February 23, 2023
  
  RE: BBB complaint ID *******************
  
  To Whom It May ******************** is the response to the complaint made by ******************************** on February 15, 2023 and communicated to Keller Williams in a letter dated February 16, 2023 and received on February 21, 2023.
  
  Keller Williams brought the Buyer to the sale of ******************************************** in ********. The initial Buyer (the son of the current Buyer) had only been approved for an FHA loan product. When an offer is made on a condo by a Buyer who is using an FHA loan product, the Condo Associations must also be approved by the ********** of ******* and ***************** in order for the loan to be approved. The offer to purchase was made contingent upon approval of an FHA loan. The sellers condo association is not approved by HUD and so the initial Buyer could no longer move forward on the transaction. The proper paperwork was delivered to the Seller informing them of this rejection. The Father of the first Buyer (the now current Buyer) made a decision to attempt to purchase the condo himself through a conventional loan and with another preferred lender but only wanted to pursue this if the Seller was agreeable to reducing the purchase price by $10,000. As Sellers, they are presented with offers and given options and come to decisions through the help of their own Agent. The Sellers agreed to accept an offer with a financing contingency that involved an FHA loan and were educated and explained the risks. When presented with the option to move forward with the current Buyer, the Seller after conversations with their Agent came to the conclusion to move ahead.
  
  As *********** Agents, we explain contracts and present options and talk through risks and rewards and then take direction from our Clients. We then respond to the other Agents in the transaction accordingly. These transactions are very complicated and there is so much nuance and, of course, life circumstance that affects decision making. We are extremely apologetic that the Sellers felt painted into a corner in any way. We are not privy to the details of the transaction of the Sellers purchase of their next home but can only hope that the risks and rewards of making offers while having the need to sell their current home were explained. Through the Sellers consideration, they came to a decision of their own accord to move forward with the current Buyer. Keller Williams and ******************************* worked within the scope of our Standards of Practice and Code of Ethics and communicated through the proper channels and took direction from our Clients. Realtors share a common goal, whether they represent a Buyer or a Seller, for all Parties to have a win-win experience in a transaction and are impacted when one Party may not feel this way. We uphold our professionalism and practices and it is our sincere hope that all Parties feel they came to the best decisions possible as it relates to this transaction.
  
  ******************************* | Compliance Broker | Keller Williams Lake Country

  Customer response

  02/26/2023

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below.
  
   I feel the negotiating of the price of the condo was done in the initial offer to come back midstream and at such a late time to renegotiate is totally unethical. We had absolutely no choice in the matter. It was either giving up the ****** or losing double that on our offer to purchase in *******. I still believe the agent cared only to make the sale anyway he could if this is the way you people do business Ill make sure as many people as I know are aware of this I find it totally unethical. I find it very sad. You have to jeopardize your reputation for a lousy $****** again its not the money its the principal and it stinks.
  
  Regards,
  
  ********************************

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