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Denise, Home Buyer in Los Angeles, CA

Hi,I recently put in a bid for a REO property owned by Wells Fargo. The selling agent was hostile to my

Asked by Denise, Los Angeles, CA Tue May 27, 2008

broker from the start because it was rather obvious he wanted both comissions from representing the buyer/seller. He wont' talk to my broker and never got back to us. My broker is concerned our offer was never actually submitted to Wells Fargo. Who can we contact to make sure as today when my broker called the seller agent's secretary said the bank accepted another offer even though they never notified us of that. What can I do about checking a broker who isn't submitting offers?

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Here is some information that can get you started.
http://www.dre.cahwnet.gov/cons_complaint.html
2 votes Thank Flag Link Tue May 27, 2008
this is becoming more prevalent in today's marketplace. the "loss mitigation" department in the banking world is jammed with properties. in many instances, the offer was faxed or emailed over and is sitting on a desk with 100's of others. it is very frustrating for brokers and buyers. that being said, if you feel that the offer was not presented, you should call the local board of Realtors and take steps to make sure the offewas presented, assuming that you spoke to the office manager already. there is a standard of practice in every region that is governed by the state and national association of Realtors.
1 vote Thank Flag Link Tue May 27, 2008
Just a followup, as I am the person that posted this question. The property sold for LESS than my offering price and now my broker is trying to look into whether my offer was even submitted! TThe selling broker refuses to talk to my broker about back up offers and the bottom line is that brokers acting like this because they want commissions on both sides is unethical and there should be a system to check this.
0 votes Thank Flag Link Thu May 29, 2008
Don't worry about it. there will be many more opportunities for you, over the coming years. Wait until we're in a full blown recession, then look at buying a house. Save your money for a good down payment. You'll look back and be happy you didn't get this house.
0 votes Thank Flag Link Wed May 28, 2008
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