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.
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 around.......you may want to consider moving on and exploring other options.
The Eckler Team
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.
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
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.
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.
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.
Regency Realty Services