Foreclosure in 91324>Question Details

Jojo Alas, Home Buyer in Northridge, CA

Why is this REO sellers agent not accepting offers?

Asked by Jojo Alas, Northridge, CA Mon Jan 18, 2010

An REO house I am looking to invest in is being sold under market value and I would like to bid on it but accoriding to the banks agent, he has about 6 "very low offers" YET he is "not entertaining any more offers at this time". It has been on the home for almost 2 months (not long at all). I have researched that banks underprice REOs in order to start a bidding war yet this agent is preventing that from happening and I dont think the bank even knows. The only thing I can think of is that the agent is trying to let a friend or family member get the home at a great deal by preventing any other offers. I even told the agent I was willing to come in at asking price with 20% down and he responded by saying "you could come in even higher and it would still just sit in my drawer".
So what do you think is going on?
I hired an agent who is looking into it but Id like the opinion of others as well, thanks in advance!

Help the community by answering this question:


Hopefully the listing agent isn't the broker of the company he represents. I can help you find this out or maybe you can on your own.

Find out who the broker is of the real estate company. If you have your own agent, have them write up an offer on the house & DIRECTLY PRESENT THE OFFER TO THE BROKER.

I suggest you get an agent to represent you. However if you're doing this on your own, go over to the Real Estate office & SPEAK TO A BROKER OR MANAGER DIRECTLY.

Tell them you're PO'd and you want to make sure your offer is being reviewed!!

If neither of these things work. Go to the local board of Realtors for the Northridge area & file & ethics complaint.

Good luck!
0 votes Thank Flag Link Mon Jan 18, 2010
All offers sent must be presented to the seller unless there are restrictions on the listing agreement. You can call this agent's broker of license at his office, or you can present the offer to the bank yourself- it's your perogative- and bypass the agent altogether. Lastly, you can contact the local real estate board which will probably direct you to the ethics committee, grievance committee, or MLS department for further clarification. I would start with the broker of license since he will be fielding the calls from the local board if there has been an infraction.
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0 votes Thank Flag Link Mon Jan 18, 2010
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