Dear Monty: We made an offer on a home, and the seller accepted it. We advised our agent that we are paying for the house from the sale of our home and cash. The seller’s agent contacted our agent who sold our old home and wanted to make sure we had the closing scheduled and verify the old house sale price. Can he ethically do this? We signed our purchase and sale agreement stating we had the funds to purchase this home, so why would he “investigate” further?
Monty’s Answer: It is a good practice for the seller or the seller’s agent to validate the financial circumstances surrounding a home purchase. It is not uncommon for the sale of the buyer’s old home to fall apart. If the buyer of your old home owned a house that was pending but not yet closed, you might want to know the same information….