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Rachid Blakn…, Home Buyer in Buyer

I made an offer on a home with the agent that is selling the property. The agent told me it was a company

Asked by Rachid Blakney, Buyer Mon Dec 8, 2008

listing and that another agent had the listing. He never called me back, so I called him and he told me another offer is on the table. The house ended up going with the other buyer. Was this okay?

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"Sorry you had to learn about the unethical dealings of agents this way."

Huh?! You should really learn more about the deal before making this statement. It's a bit grandiose, self-serving and possibly just flat out wrong.
Web Reference: http://www.bowenboston.com
2 votes Thank Flag Link Tue Dec 9, 2008
If you run into this again have the agent you are working with speak to their responsible broker and ask for the issue to be addressed broker to broker. Sometimes brokers are not aware of what their sub-agents are doing and addressing it this way can help clean out some bad eggs in the business. However, in the end the Seller chooses to whom they will sell a property based on their own criteria, so you still may not get that specific property.
1 vote Thank Flag Link Wed Dec 31, 2008
From your brief description, it sounds as if you went right to the Seller's agent. In our area, Illinois, a listing agent is obligated, even when acting as a "dual agent", to present each and every offer made on the property right up to closing. If a Seller rejects an offer, our contracts have a paragraph the Seller signs indicating that they decline your offer. You can and should request that when you tender an offer. Little consolation, I know; but at least you would have known you were in the game.

Someone else mentioned that there may have been a higher offer. If you had a buyer's agent, (1) you would have had a true advocate and (2) they might have counseled you about the situtation and what may have been required to win the deal. Spearating the Buyer and Seller representation ensures each participant has independent advice pertinent to their role.

Sorry your deal want poorly.
0 votes Thank Flag Link Tue Jan 6, 2009
As far as the law it may be but with the seller it wouldnt if they knew there could of been a potentially higher offer. You can avoid this in teh future by using a buyer broker who can assist you with your purchase, usually you can get a buyer broker at no cost to you, they get paid by the listing agent at closing a fee advertised in the mls. This way you will have someone who can provide you with a list of properties that meet your search criteria and assist you through each step of the buying process. Good luck with your search.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Tue Jan 6, 2009
I'm sorry this happened to you. I know that many buyers work without their own agent representing them exclusively. The beauty of having a dedicated agent of your own as a buyer, is that this would NEVER happen. If you were my client and called me to tell me you wanted to make an offer on a property, I would have been meeting with you that day (if not hour) to prepare it in writing. I would have gotten the listing agent on the phone immediately after hanging up with you to let him/her know we had an offer coming. If there were multiple bids expected, I would be able to guide you with your offer amount so you would have the winning bid.

Remember too, that having an agent of your own costs a buyer NOTHING. Buyers' Agents get paid from the proceeds of the sale....my buyers get 100% service (and occaisional lunches :)), at no cost whatsoever.
0 votes Thank Flag Link Tue Jan 6, 2009
The only one that really knows if it was "OK" is the seller- were they aware that another buyer had an interest in the property? It's possible that they accepted an offer that was higher than your own.
Either way, a call to the broker/owner would at least clarify for you what the Realtor involved in your deal DIDN'T, which is an understanding of what happened- you're entitled to that, and should have been fully informed.
Web Reference: http://optionsrealty.com
0 votes Thank Flag Link Wed Dec 31, 2008
Hi,

I feel the other agents have answered your question at hand. I would have to agree that moving forward you would want to hook up with an exclusive buyers agent to represent you. Here at CondoDomain we represent you and only you, we even cut you a commission at closing. The beauty of our business model is that, the price tag doesn't matter to us nor does the sellers interests. We work just as hard on a 200k deal as if it were a 2m deal.

You should really consider checking us out.

Thanks
Web Reference: http://www.CondoDomain.com
0 votes Thank Flag Link Tue Dec 9, 2008
Quite simply it sounds like the agent "helping" you was not looking out for your best interests. He/she should have been following up with the seller/seller agent on the status of your offer and come back to you for a best and final opportunity where you could have strengthened your offer to try and compete for the property or pass altogether. Unfortunately to the best of my (legal) knowledge you have no recourse other than firing that agent but if you would like to know for sure you could consult a real estate attorney. Did you submit a formal offer in writing with an expiration date and good faith (escrow) check?

Anytime an agent tells you he/she is working for the seller or even the company representing the seller you should seriously consider finding other representation before signing any agency agreements. The easiest way to ensure your interests are protected is to hire an exclusive buyers agent to you help you in the purchase process. Be careful, though, because a lot of agents are calling themselves buyers agents but they still work with sellers. It's easy to find out background information on every agent you interview/consider, including transaction history. Better to do the quick homework so you don't get into another situation like what you outlined above.

Sorry you had to learn about the unethical dealings of agents this way. Maybe the other deal on that property will fall through and you will get another chance to bid. In the meantime, I would really consider finding yourself an exclusive buyers agent to help you (and of course let that other agent know you no longer wish to work with them).

Hope that helps. Good luck!
0 votes Thank Flag Link Mon Dec 8, 2008
Dear Buyer,
sounds like you worked with an agent who was not a listing agent. Its ok, nothing wrong with that. When there are multiple agents submitting offers there could be many reasons why another offer gets accepted and not yours. If you do not have a buyer's agent agreement, than your agent represents the seller, whether he is a listing agent or not and you can never be sure whose transaction your agent wants to win and why. If the agent knows his work will get paid now or eventually, i.e. you have a true buyer's agent, that agent will represent your interests and so should leave "no stone unturned" to help you succeed... well, this is how I work :). Get yourself a buyer's agent to succeed in your next transaction or call me :)!
Web Reference: http://www.boc-re.com
0 votes Thank Flag Link Mon Dec 8, 2008
In the future you may want to consider using your own agent to work for you in your next real estate transaction. Depending on the situation the seller has the ability to pick the offer they think is the strongest and best. It sounds like they marketed the property at a "really good price" to draw a lot of attention. This is a common practice for many REO properties here in FL. The listing agent runs a quasi auction, draws a bunch of offers and then presents them all to the seller to pick one.

Start working with an agent to who will work for you in your next real estate transaction.

Scott Slocum, REALTOR®
Licensed Real Estate Broker Associate
Florida Future Realty, Inc.
2816 Del Prado Blvd South Unit 2
Cape Coral FL 33904
Direct: 239-340-1384
ScottSlocum@FloridaFutureAgents.com
0 votes Thank Flag Link Mon Dec 8, 2008
The agent probably should've called you back and told you what the situation was. Furthermore, he/she should've asked you for your highest and best offer since it was a multiple offer situation. Every situation is different and I don't know the specifics but I would be a bit upset if these steps weren't taken by the agent.
Web Reference: http://www.bowenboston.com
0 votes Thank Flag Link Mon Dec 8, 2008
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