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Lakshmi_33, Home Buyer in

How can i find out if the seller agent truly submitted my offer?

Asked by Lakshmi_33, Sun Aug 26, 2012

How can i find out if the seller agent truly submitted my offer to the seller? The house sold less than $ 5K from my offer thru the same listing agent? when we asked her she said it is a cash offer but clearly it states in MLS says conventional . I put the offer thru another agent with 25% conventional and 5k More than the currently accepted offer. Obviously she did not present the offer to the seller.

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The listing agent has a fidiciary duty to submit the offer to the seller. there really is no way that you can find out if the listing agent actually presented the offer to the seller but if he/she did not than he/she is violating his/her fidiciary duty and the DRE will probally want to know about that.
0 votes Thank Flag Link Sun Aug 26, 2012
>>The California purchase agreement actually has a line on page 8 the seller can sign that indicates the offer was viewed and rejected.

We need that here in Ohio!
1 vote Thank Flag Link Mon Aug 27, 2012
Have the seller write "refused" in big letters on your signature page and initial it.
1 vote Thank Flag Link Mon Aug 27, 2012
Thanks. It is a good idea to insist on it.
Flag Mon Aug 27, 2012
The California purchase agreement actually has a line on page 8 the seller can sign that indicates the offer was viewed and rejected.
0 votes Thank Flag Link Mon Aug 27, 2012
You are making a number of assumptions here that might not be correct:

(1) You are assuming that the listing agent filled out the MLS correctly when they closed out the transaction – listing agents frequently make mistakes and, once the transaction is closed, they cannot go back in and change it. It can only be changed by the actual MLS staff and many agents don’t want to bother with this. So … it may have been sold with cash but the agent could easily have put conventional in by mistake. Happens all the time.

(2) You are assuming they did not see your offer – that is not necessarily a correct assumption. As an example, I submitted an offer over the weekend – the buyer had a conventional loan and we wrote the offer $41,000.00 over asking price – and didn’t get it. There were 15 offers – I asked the listing agent for clarification – they said, “You were the highest offer, however, the seller went with an all- cash offer that was slightly lower than yours that had great terms and extra funding in case the bank comes back and asks for more.” Bottom line, we were the highest offer, but our offer was not accepted – sounds very much like your situation.

(3) Since it appears the listing agent double-ended the transaction, they may have kicked some commission back into the deal to effectively reduce the price. This does not mean the seller did not see your offer.

You can ask your agent to have the seller sign the bottom of page 8 of the offer stating that they viewed and rejected your offer, but they do not have to do this if they don’t want to. There is no legal way to enforce this. If you truly believe you were wronged in this situation, you can ask your agent to get an ombudsman from the BayEast Association of Realtors to get involved to get clarification. It’s a tough market out there for buyers right now, and situations like this happen every day.
0 votes Thank Flag Link Mon Aug 27, 2012
Thanks for writing. The second property she listed in the same community ( Short sale) she is willing to return our phone call and asked if we can go thru her. I did not want to deal with her, because of ethics and also for the existing realtor who helped me for searching. Also the original listing agent, increased the commission after the house become pending. Really trying to understand . But 100% it is not a cash offer and also why would a cash offer need 45 days to close a new house built in 2005? Trying to understand what is ethical for the Realtor. Thanks
Flag Mon Aug 27, 2012
We can only guess…but…it seems that your attempt to purchase was a multiple offer situation. If your offer was over the asking price, did it exceed the reasonable market value of the home? In other words, would the resulting appraisal that is necessary for your loan have substantiated the value of your offer? If not, there would have been a problem.

With a cash offer there is no necessity for an appraisal.
0 votes Thank Flag Link Sun Aug 26, 2012
Lakshmi,

This could have happened for a variety of reasons.

First, was this a standard sale or a short sale?

If this was a standard sale, then maybe the seller liked the other offer for some other reasons. It doesn't happen often but I do have clients who take lower offers because they feel more comfortable with the offer and they like the other terms of the offer.

If this is a short sale, price may not have mattered to the seller and only 1 offer is submitted to the bank for approval.

Felix
0 votes Thank Flag Link Sun Aug 26, 2012
The price isn't the only consideration in any type of sale, short sale or not.

What were the terms of your offer? If you wrote a higher offer but asked for all kinds of concessions like having the seller (lender in the short sale) pay for delinquent HOA fees, city/county transfer taxes, compliance with government ordinances, etc...those weaken your offer and have make it less likely to be accepted/approved by the lender.

Whereas an all cash offer with no contingencies, and where the buyer assumes many of the expenses and is buying as is will be more attractive and has the highest chance of getting approved for the short sale.

You can't assume the listing agent didn't present the offer. You should review your offer with your agent and analyze where you could have strengthened your offer with ---- shorter contingency periods, fewer or no demands for repairs/concesssions, etc...

Good luck on the next one
0 votes Thank Flag Link Sun Aug 26, 2012
Lakshmi

In that case, you should have your agent demand to get a copy of a page from your offer where the agent indicates when she presented the offer...and on that same page, the sellers also sign to reject the offer. Insist on getting this, otherwise you should proceed with reporting that agent to the DRE. Good luck.
Flag Sun Aug 26, 2012
Pranil-

Thanks for writing. It is a good idea to report to DRE.
Flag Sun Aug 26, 2012
Thanks for your reply. Our offer had more than 25% down with the proof of funds and underwritten loan. The current buyer is only 20% down conventional, We did not ask any credit. Only mistake we did was we did go thru a different agent. She wanted us to go thru her. We are sure 100% offer was not presented. There is nothing new to review, we have purchased several houses and are very knowledgeable in a real estate transaction. Just checking what is the ethics of the real estate profession here. She listed another house in the same community, she is willing to return our call as well as called us to write the offer. Because of her act, we do not want to go thru her at all, just watching her other listings. Now the house is pending with another agent in the same office. Looks like her policy is only if the buyer goes thru her, she will present the offer. We are going to be checking.
Flag Sun Aug 26, 2012
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