Foreclosure in Plantation>Question Details

Jostene, Home Buyer in Plantation, FL

My husband & I put in an offer on a Bank Owned Foreclosure TWO weeks ago.

Asked by Jostene, Plantation, FL Sat Mar 28, 2009

Our Realtor has been getting the run around from the Listing Office and the most response he received was that they have "no information". Also, the actual listing agent is NEVER available. The offer was hand delivered to the office, where the listing agent was of course nowhere to be found.

Doesn't the listing agent have some sort of duty to let my Realtor know if another offer was accepted? We had to show proof of funds and include a 3% Earnest Money deposit to make the offer on this property. We can't have our funds tied up in Escrow for weeks on end on a property that will lead nowhere.

Isn't this against the Realtor ethics??? Thanks

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I would put a call in to the Broker of record or the manager of the office and let him/her handle it. If the lising agent is always MIA, then you need someone else who can keep you updated. My guess is if you go up the chain of command, you'll get an answer from someone. While talking to the broker or mgr, give them a deadline about how long you are willing to wait for an answer, or your money back. Of course this will be in the offer - which you need to address with the broker or manager as well.

Most people don't understand that the listings, offers and contracts belong to the BROKER, and any problems, arbitration, etc will directly involve them. If the current agent doesn't keep you informed, ask the Broker to give you another agent who will, or withdraw your agreement and start over with someone who WILL.
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1 vote Thank Flag Link Sun Mar 29, 2009
Regardless of the current market conditions, you should ask your agent to add a kill date to all of your offers in the future. I normally use 2-5 business days. Otherwise, many banks like to collect several offers, and dawdle until the last possible moment. Besides, if a lender really likes your offer, then that lender will direct their listing agent to reach out to you even if your offer has expired.
1 vote Thank Flag Link Sun Mar 29, 2009

Our recommendation is to have your agent contact the bank directly to confirm they have recieved all necessary documemts. If there is confusion, no response, or you get a run may want to consider moving on and exploring other options.

Good luck,
The Eckler Team
1 vote Thank Flag Link Sun Mar 29, 2009
i totally understand your situation as I am in the same boat. My contract has been in for 3 weeks after we researched everything first, not a word from the agent holding the listing. bet its the same agent!! south florida with Deutche bank. I think the agents should be held accountable some how, even if they say no or tell you give me 10k more and its yours. Wel hello would even be nice!!!
0 votes Thank Flag Link Sun Jan 16, 2011
The seller accepts the offer, and the lien holders have to approve it.

Whether by "accident" or incident, some listing agents for short-sales simply don't follow that SOP. Keep in mind that some purchase agreements or addenda contain an exclusive dealing and/or confidentiality clause that forbids the listing agent (and other members of the receiving party) to divulge any information about the deal to any third-party.
0 votes Thank Flag Link Tue Apr 7, 2009
My understanding for short sale offers is that the SELLER (not the bank) must sign an offer once it is received. Once the seller signs the contract, the listing agent submits the offer that was accepted by the seller for third party approval (the bank). At that time, the agent MUST change the status to pending or back-up offers being received. EVERY buyer has the right to know under what terms they are making an offer. Listing agents who keep this all a secret or who keep the home as active after the seller has accepted a deal are in violation of the board. Check with the Board of Reators for confirmation as they just explained all this in the monthly Realtor magazine.

If the deal is being handled as an auction or a bid, then the listing should disclose this fact. The premise being every buyer has a right to know what they are getting into, especially if it is for a long time period.

Hope this helps.
Lisa M. Brodeur
(954) 868-1416
0 votes Thank Flag Link Tue Apr 7, 2009
Thanks for the information Paula. I'll be speaking to my Realtor first thing in the AM and I'll let him know to get in touch with the broker over there. He already said he's no longer taking "NO" as an answer anymore.

I have been doing my best to not get too attached to this home, but it's the first of 100's we've looked at that that met all of our criteria, including price. When it's too good to be true, something must be up, and at the same time, when it's time to move on, it's time to move on :\

If they had quickly come back with a no, it would have been easier, but stringing us along with no response has made me think about this home day in & day out for 2 full weeks.
0 votes Thank Flag Link Sun Mar 29, 2009
"Most people don't understand that the listings, offers and contracts belong to the BROKER, . . ." I was one of them until now. Thanks for the info, Paula.
0 votes Thank Flag Link Sun Mar 29, 2009

That's pretty much the point we're at now unfortunately. Our Realtor will be giving them one more chance on Monday to give us whatever information they have regarding the property, and we are then rescinding our offer via certified mail.

I think we may have found the property at the tail end of it being listed, and that an offer had already been accepted - which is fine and we still would have submitted our offer, but we'd like to know just what is going on. Have there been any offers, has anything been accepted, etc.
0 votes Thank Flag Link Sun Mar 29, 2009
We did not put a time frame for the bank to answer because we know how the market is right now. What worries me is how unavailable the listing agent is and how little information they are willing to give. I have no problem putting the 3% earnest money down on the home. I have a problem with not getting ANY feedback from the listing agent. We honestly have no clue if the offer has even been submitted to the bank. That is how little interaction we have had from the list agent.
0 votes Thank Flag Link Sun Mar 29, 2009
Did your agent specify a kill date with your offer?
0 votes Thank Flag Link Sat Mar 28, 2009
Hi Jostene,

This has nothing to do with the Realtor ethics. We do adhere to a strict code of ethics.

Your offer is on a bank owned foreclosure. You probably signed a contract that was stipulated by the bank, and a second contract from the Florida Association of Realtors, plus several other forms. Ask your Realtor to explain every piece of paper you signed. If the Realtor's explanantion is not satisfactory ask to speak with their broker for an explanation.

If your Realtor does not do a lot of foreclosures they may not be sure how the whole procedure takes place. It's not unusual for the bank to be asking for a % of the sale price to be placed into escrow, without giving a timeframe for acceptance of an offer. The agent representing the bank may be collecting offers for a certain time frame, until they reach a certain number of offers, or until they get an offer that the bank likes. There is no specific timeframe for the bank to reply, unless something is mentioned in the listing or the contract.

From what I've seen the bank's contract is only in favor of the bank, not in favor of the buyer.

It's unfortunate buy you may wind up having your money tied up for a while.

Nadine Mauro
Regency Realty Services
0 votes Thank Flag Link Sat Mar 28, 2009
I'm not sure if your Agent completely understands how the REO offers being approved. If you "low ball" it that the Bank will need to go to their Investors for approval and it could take a while. Intersting fact that if your offer just got submitted and not accepted there is no reason to create an Escrow and deposit your deposit into it. Your agent could keep Broker can keep the deposit check uncashed until the offer have been accepted or rejected by Lender. You have give him anuthorization to do so. Regarding the listing agent duty, you are right he have a duty to dislosu you that there is(are other(s0 offer(s) exist.

Gene Yakubovich
0 votes Thank Flag Link Sat Mar 28, 2009
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