Home Buying in Philadelphia>Question Details

Studd Muffin, Home Buyer in Elkins Park, PA

Listing realtor put the property on the market and took it down the same day saying "it was sold". He sold it to himself! What can I do?

Asked by Studd Muffin, Elkins Park, PA Wed Jan 16, 2013

Help the community by answering this question:


You can sue him for FRAUD and MIS-REPRESENTATION, maybe a few things more.

The problem is, you didn't suffer a loss, and you probably can't prove any of it.

So, you might just move on.
1 vote Thank Flag Link Wed Jan 16, 2013
Good Evening Studd, Its getting to be a fast market once again....

If you need professional representation feel free to give us a call in this ever-changing market.

All the Best, John Curci RE/MAX
0 votes Thank Flag Link Wed Jan 16, 2013
That's the way it usually goes with foreclosures that are underpriced.

Your agent should have connections with REO agents where he gets a heads up on hot properties coming on the REO market. If not, he/she needs to make them. It's the only way I've been successful purchasing REO properties. You need to do your homework so that DAY 1 on the MLS, your offer is submitted immediately.

It's not that the Buyer/Agent cheated. He just had the head start and intel ahead of everyone else.

If one looks at public records and does some intensive research, all the information is available to get a headstart on others. That is the only way to get REO deals. Its a burdensome amountt of work and one may be successful in acquisition 1 out of 30-50 times.

Sheriff's Sales may also be a viable route to acquire a property. Theat's where you have a chance to bid before it makes it to the REO market.

Please call me if you would like some assistance finding a good deal on your next purchase.

Looking forward to speaking with you soon.

All the best,
Larry Lichtman, CNE
REALTOR, Property Manager
Your Real Estate Resource For Life
Cell/Text: (267) 254-7994

Real Estate Sales & Leasing
Property Management & Insurance
1611 Snyder Avenue
Philadelphia, PA 19145
Office: (215) 271-7070
0 votes Thank Flag Link Wed Jan 16, 2013
If the Seller agreed and signed the contract
there is not much you can do, as it was a foreclosed
property and the Bank agreed to the offered price.

Move on.

Good luck
0 votes Thank Flag Link Wed Jan 16, 2013
It was a foreclosed property and he was listed as the selling agent for the bank. My agent (buyers agent) contacted listing agent and was told it sold the same day it was listed. My agent was able to see that he purchased the property himself. I feel cheated since we didn't even get a chance to put in an offer.
0 votes Thank Flag Link Wed Jan 16, 2013
Are you sure that the agent bought the property himself? Or, did he serve as a dual agent and broker a sale handling both the Buyer and Seller? In this market they do not publish who the Buyer is nor what the property sold for until the property settles. Even then, the MLS does not have access to nor publish the Buyers name. This can only be obtained once the actual deed is recorded.

Bob Weiss
Coldwell Banker Hearthside Realtors
215-379-2002 VM Ext 112
0 votes Thank Flag Link Wed Jan 16, 2013
Submit an offer via your realtor. If you give more than the agent to the seller it could be yours. You wont know unless you put a great offer out. Contact your own realtor. We can make an offer on any property.
0 votes Thank Flag Link Wed Jan 16, 2013
I have other properties available if you would like to go that route.
Feel free to contact me if your interested.

Jon Unrath
Weichert Realtors Media
267 968 1505
0 votes Thank Flag Link Wed Jan 16, 2013
That is interesting. If you are an agent you can talk with your Broker. If you are an individual not represented by that agent, talk with you own agent.

Not knowing the particulars it would be very difficult to answer. Each state has it's own laws.

A seller has the right to sell their property to just about anyone they desire to sell it to. Hopefully the seller is getting market value.
Web Reference: http://www.terrivellios.com
0 votes Thank Flag Link Wed Jan 16, 2013
What do you mean what can you do? It was sold. All you can do is hope the deal falls through and it gets put back to an active listing.
0 votes Thank Flag Link Wed Jan 16, 2013
That is legal but maybe not ethical. I would call his brokerage and ask for the broker of record and complain to that person.

It may be that the seller was taken advantage of or maybe it was a real deal.

Good luck
0 votes Thank Flag Link Wed Jan 16, 2013
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