What about this situation sounds like a screwed-up mess? Everything seems fair and square to me so far. You can’t just say something is a screwed-up mess just because one party doesn’t want to read the plain English on the papers they signed.
Then take their deal. There’s nothing dishonest, unfair, or unreasonable in the deal offered to you, with the possible exception of the balloon payment. In fact, since they’re not even demanding the whole balance, the seller is giving you money.
You seem to have missed a key word in OldnCrinkly’s update (I bolded it for you). The attorney has indicated the contract is neither one thing nor the other, and is also not what the agent claims it to be. It’s apparently a mess because the agent drew up something non-standard that is not clear to all parties involved.
Did you sign the documents that the real estate agent drew up?
If so, you have some responsibility as well.
I think your attitude is the right one - you want this house, the seller apparently wants to sell this house, so working towards the goal you both want is a good plan.
I’m curious about this as well. Just because she is a dual agent doesn’t mean that all bets are off with her representing both sides as well as she can, does it?
I’ve bought and sold a couple of houses now, and there are a lot of documents to read and sign; I do my best to read all of them and understand what I’m signing, but if something slipped by me, I have a real estate agent and a lawyer working for me who put their professional butts on the line for me so it isn’t just me being responsible for things I’m not an expert in.
I know there’s a couple people who want to say its my fault for signing. I did sign, I do have some responsibility. The fact is though, the agent suggested the deal and set up the paperwork. You bet I should have had a lawyer go over it, and I didn’t, shame on me. That does not mean it is ethical or legal for the agent to pull a fast one with the paperwork. Yes, there was a lot of it. No, it does not say what she is now claiming it does. I’m sure none of these people have ever ever had someone get over on them, unthinkable! And if they have, well I’m sure it was entirely their own fault anyways:) Why I bet the scammer probably did them a big favor in fact!
That’s one of the reasons we have always paid a lawyer to handle our real estate transactions - my husband and I are fairly bright people, but our lawyer is the one with his ass on the line if something does go wrong. It sounds like you’ve learned your lesson about the value of paying for a lawyer up front. 