Hi K,

Whether or not you had independent Realtor representation, the end result and answer may have been the same.

Although I'm jumping in here a little late, I would suggest calling the Realtors broker and arrange a meeting with the broker.

The other thing I wonder about is if we aren't getting the full story here.

I find it very unusual that you would not have been told that the bank wanted a certain figure to get that offer accepted.

That being said, buying a bank owned or short sale property has two sides. You "might" get a great price or you might be outbid by someone else and loose out, which is more common now with the demand for homes.

All in all, none of us here wish to post finger pointing replies to you for not using a buyers agent or to the Realtor who wrote your offer.

The purchase process is about communication and I would suggest that before getting too many opinions form people, Realtors or not, who did not take part in the process you experienced that you again arrange a meeting with the agents broker.

All The Best,

Stew Keene
Home Smart Realty
Master of Real Estate Society

Sorry that my previous answer was wrong, I misread the post.
Did you have any contingencies in your offer? The sale of another home, unusually long days to close, tons of inspections?
It could be that the listing agent is a slacker, but I can't see why the agent would not submit a cash offer for list price written by them which offers both sides of the commission. Also, did you submit proof of funds showing the FULL amount of your offer?
Some of the banks I work for make me hold the house on the offer for a certain amount of time too.
There is more to this story somewhere and if you could give us more details we might be able to offer more suggestions.
I would call the agent and just ask why you haven't heard a response. It could be that they lost your offer and are too embarrassed to call and tell you, so offer to come in and write another one if they will resubmit it for you. We're all human and I tend to assume people make mistakes before I suggest you call lawyers and brokers- that should be done after the agent has a chance to explain themselves, not before.

Maria - Kdm said s/he offered over list price, and cash. In writing. With proof of funds.

Kdm - if the listing agent isn't the owner/broker of the RE firm, I'd start there.
I would also resubmit my offer, with proof of funds, via fax to the listing office/agent and save the fax receipt.
And send an email to the agent with the offer scanned and attached with a note that you are resending the offer you submitted 3 weeks ago, and are requesting an update on your offer and proof that it has been submitted to the lender.

And then I might just have my attorney call the listing broker and ask if there is some way to get proof that the offer was submitted.

In our state, all offers must be submitted to all sellers in a timely fashion. No gray area.
Failure to do same is a violation of license law and subject to discipline. Not to mention lawsuits.

Hi Kdmrehunter,

Contrary to your belief that the listing agent would be more motivated ...... they are not on bank owned properties. The listing agents really don't have any input or influence over which offers get accepted. That decision is made by the asset manager. The listing agent job and responsibilities on REO's is completely different than other types of listings. On REO's, listing agents confirm receipt of offers and submit them, usually online, to the asset manager and then the listing agent waits for the asset manager to decide what to do. No influence, no motivation, no input. So, enlist the services of an experienced, full time, exclusive buyer's agent and situations like this will be a thing of the past. Seller's hire agents for specific reasons (protection, information, advice, guidance, etc.). So, iIf the sellers think it's important to have an agent assisting them, don't you think that it's also a good idea for you to have your own independent agent helping you? Otherwise, it appears that the sellers have a great advantage over you and other buyers who are reprensented will also place you at a disadvantage.

Maria,
The person asking this question stated that their cash offer was more than the listed price. So, it does appear that the offer was lost, misplaced, mishandled, etc.


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PAUL WELDEN
HomeSmart
602-503-4010
Exclusive Buyer's Agent

The offer was made in writing and proof of funds was provided. I didn't use a buyer's agent because I felt the listing agent would be more motivated because he wouldn't have to split the commission.

Kdmrehunter,

Clearly there is something wrong here! Based on your statement the agent is clearly lying. Even though the agent is representing the seller and only watching for the seller's best interest and not yours, he still has a duty and lying is never acceptable. He also has a duty to the seller to present all offers.

I am not sure why he lied to your friend, but that is clear violation - as not presenting your offer will also be. I usually recommend to talk with the agent first, but this seems to be a blatant violation of his ethics and duties. I will go to talk directly with his/her broker and may consider also going to the ADRE.

Good question by someone below, was the offer in witting or just verbal? If in witting, do you have a copy?

Good luck!

Carlos J. Ramirez, PC, ABR, CNE
Associate Broker/Realtor, HomeSmart -
http://www.SmartAZRealty.com

You need to go directly to the agents broker and file a complaint with the mls...It is agents like this one that give all the ethical agents a bad name.

Wooey! It does stink of something.. He is likley holding you in the midst that something better does not pan out. However, that is really slimy. I do suggest a buyer's agent represent you at this point. You haven't signed anything with the agent have you?

Someone said you should have used a buyers agent and now you know why. He or she would be the one chasing down the listing agent and getting you the information that you need. He or she could have helped you on price and getting a good home inspector which you will need. Being a cash buyer is of great help, but next time I would use a professional. A buyers agent is not going to cost you anything and the experience they can bring to the table should be of great benefit.

Yes something is wrong. Deception? Who really knows.

I don't blame you for going direct with the listing agent, your a cash buyer, lets cut to the chase, and get the deal done.

Obviously to save up this amount of cash you have some intelligence, you know the pit falls, get an inspection, and an appraisal make sure you are aware of other homes that are on the market. Know the contract, and the addendum.

Now is time for you to take the next step. Gather your contracts, Walk ( don`t call ) in to his office, or his Brokers office confront him or them with the facts.

It`s just business, and time to call a spade, a spade, or an idiot an idiot.

Good Luck
Patrick
480-543-9899

HI Kdmrehunter,

Good example of exactly why you need independent representation from a buyer's agent. The listing agent, as you know, works for the seller.....not you. So, get your own independent representation and things like this will be a thing of the past.

So, was your offer verbal or written and signed by you?
Did you show proof of funds or just give a verbal committment?

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PAUL WELDEN
HomeSmart
602-503-4010
Exclusive Buyer's Agent

You never should have dealt directly with the listing agent. Should have hired a buyer's agent to represent your interests only

Scott
AZ's REBATE Realtor