Home Buying in Dayton>Question Details

Hummingbee, Home Buyer in Dayton, OH

I have been going back and forth through my realtor in negitiations with an agent with Re/Max for a house.

Asked by Hummingbee, Dayton, OH Sat Dec 6, 2008

it is bank owned. He listed a counteroffer and I accepted that offer. I called my agent and told her I accepted the bid listed and then she called him and told him I accepted the offer. He agreed to that and then before the paperwork was signed, he called my agent saying he had another offer and the bank would take the highest bidder for a last bid. I am sure I will be told that I lost this bid on this house. Who can I make a complaint against this realtor to?

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Christina Cavins - Realtor’s answer
Verbal agreements ARE acceptable in Ohio, but if your Realtor did not record the conversation then it would be difficult to prove. While you can get a good deal with bank owned properties, from my experience there is a lot of headache involved which it sounds like you are experiencing. If I were you, I would simply ask my Realtor to not negotiate verbally with bank owned properties, only negotiate in writing. On a positive note, it has also been my experience that these things happen for a reason and you always end up finding a more perfect home!

I hope you find the home of your dreams!
Christina Asad Edwards, REALTOR
2006 & 2007 Sales Masters Top Agent
Christina.Asad@RealLiving.com
http://www.DaytonOhioHouse.com
cell or text 937-205-4741
office 937-573-0082
fax 937-433-3561
Real Living Realty - #1 in OHIO!
Realty, Mortgage, Title, Relocation
1 vote Thank Flag Link Tue Dec 9, 2008
BEST ANSWER
I have been involved in many of these types of transactions an they are very frustrating. Just remember, your Realtor represents YOU. There is absolutely nothing the realtor can do when the "bank" (often an investment group) decides to push the envelope, and up their bottom line. We have also been victims of the HIGHEST and BEST Strategy. The real question is, what is the home worth, and what is it worth to you. If it is not worth more than you have offered, be at peace with it. Your agent has no control over what the seller will accept. Many times we have told our clients this same advise. There is a limit to what they are willing to pay. Once that limit is crossed, the game is over. We find another property. Remember, These banks, and investment groups selling the Foreclosed homes may have lost a lot of money on the property. They us every tactic they can to get the best return on their investment. Hope this helps!
0 votes Thank Flag Link Sun Dec 7, 2008
Hummingbee,I would hope a fellow RE/MAX handled this properly? I have had that happen,with several other real estate companies.in dealing with REO'S sounds like your response time frame wasnt acted quick enough?Im sure there remarks were" subject to bank approval" there all different,but w/o the play by play I cant tell exactly.Thx for the company shout out.

Regards;

tjroberts@remax.net
Web Reference: http://tjroberts.remax.com
0 votes Thank Flag Link Sun Jan 4, 2009
What would that complaint be? Unfortunately, until you have a signed agreement, they can accepta better offer.
0 votes Thank Flag Link Sat Dec 6, 2008
Hummingbee:

Dont shoot the messenger! I am not sure your agent did anything wrong. Unfortunately, until the paperwork is signed, you have no deal. Verbal agreements mean nothing. Banks will collect as many offers as possible, and for good reason. If you were selling your home and at the last minute, prior to signing paperwork recieved a better offer-wouldnt you take it if you could?

Put your final and best offer together and submit it at the last possible time.

Best of luck with you offer,
0 votes Thank Flag Link Sat Dec 6, 2008
Until you have a ratified contract, you are always facing the possibilty of losing the home to someone else... although, I will say that in dealing with banks, once there is a "meeting of the minds" which has been expressed verbally (or email) among agents, it's always been my experience the bank honors that. But there is nothing requiring them to do that. There is nothing unethical about this behavior at all.
0 votes Thank Flag Link Sat Dec 6, 2008
As with any bank you should have presented with a couter offer addendum in writing, verbal offers are not binding on either party. The counter offer addendum states that this counter offer is then not binding until signed by all parties, the buyer signs first then it is sent to the seller (the bank) to sign. In the event another offer comes in higher than your offer, they usually will come back and ask for your highest and best offer. they usually will not accept another offer without giving you the chance to come up on your price. remeber though, everything has to be in writing, dont accept verbal offers or offer them. good luck with working things out.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Sat Dec 6, 2008
U.nfortunately, a verbal contract is not legally binding. If the contract was not signedand dated,it has no standing. If the second offer has not yet been put in writing,you could make a higher counter offer,but this would be your only recourse.The listing realtor was acting in the seller's best interests by accepting the higher offer under these circumstances.
0 votes Thank Flag Link Sat Dec 6, 2008
All bank foreclosures be prepared drama, it has nothing to do with the agents it the bank, not 1st time this has happened. Till the paperwork is executed seller can accept and review any other offers, if the bank took another bid not much you can do. Report the bank not the agents, it is out the agents control they are not the seller, only do as what is instructed on the sellers behalf. Sorry to hear about the circumstance.
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Sat Dec 6, 2008
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