Home Buying in Pittsburgh>Question Details

Bri, Home Buyer in Pittsburgh, PA

Problems with REO property listing agent and my agent

Asked by Bri, Pittsburgh, PA Wed Apr 23, 2008

While my buyers agent was away on vacation, the property that I was interested in became available again (after having been unavailable for two weeks due to title issues). Since my agent was on a plane, I called the listing agent, and told her the situation, and asked how I was to put the offer in, if i could do it without my realtor until she got back here. I wouldnt have done this, but there were alot of offers on the property and i was told that she would put the offers in that day by 5. The offer was only verbal. Later I talked to my agent who advised me not to be represented by the listing agent, and I said well i never signed anything. I later got a phone call from the listing agent yelling at me after my agent called her and explained the situation. She told me that she would call everyone and tell them to bid bid bid so that I wouldnt get the property because I screwed her. Now im in a situation I dont want to be in, due to a misunderstanding.

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Also, if you feel that your offer is not presented because of this, your agent should contact the listing agent's Manager to confirm that your offer is being presented to the bank along with all of the others. If it is the best offer, the bank will accept. Frankly, they don't care how the listing agent feels, they'll accept the best offer whoever it comes from.
1 vote Thank Flag Link Wed Apr 23, 2008
First of all, I am sorry that you are having such a negative experience with a real estate professional. The listing agent should known that real estate contracts need to be in writing. She can tell all the others to bid if she likes, but they are buyers just like yourself and will only be able to go as high as their purchasing power will allow. Go forward with your agent (now that she's back) just as you would have if this misunderstanding had not happened. Good luck in buying your new home!
1 vote Thank Flag Link Wed Apr 23, 2008
Well I decided to have my agent call her and put in my written offer. She shouldnt have any choice but to take it and send it to the bank. I have told my agent that I dont want her calling or emailing me at all because I will not repond. From here on out she can do any correspondence through my agent. Her intimidating tactics arent going to work with me anymore. I just hope that she does not jeopardize my chance of getting the property. However, if she does, then it wont be the end of the world I suppose.
0 votes Thank Flag Link Wed Apr 23, 2008
Your first call should have been to your agent. The listing agent is unethical and should be reported. By reading your account, she was not looking out for the best interest of her seller the bank but was only interested in double ending the deal. She should have been calling everyone to bid, bid, bid in the first place to try to get the best price for her seller. Bad Realtor shame on her!
0 votes Thank Flag Link Wed Apr 23, 2008
Thank you to everyone for their answers. I looked at tons of properties with my agent before I came across this REO. The only reason I want it is because it has a few perks and its in the perfect location. I really want the property, Im just not sure where I go from here. Should I contact a real estate attorney? When I contacted the listing agent, she told me she couldnt take my offer out of the system, and therefore couldnt accept my written offer. I dont know what to do, Im kind of stuck. What happens if the bank accepts the offer that she has in the system? How do I navigate through that? I will have to give them the purchase agreement that my agent has typed up. Will the bank accept this after the listing agent was the one who put in the initial verbal offer?
0 votes Thank Flag Link Wed Apr 23, 2008
Well Bri, welcome to the world of REO's! It's very tough to negotiate these deals- you should find an agent who is very familiar with the process. Full time professionals have teams who cover for agents when they are out of town. Also, nothing is done if it's not in writing. In this day and age, contracts can be emailed and faxed 24- 7 all over the world.
0 votes Thank Flag Link Wed Apr 23, 2008
There is no such thing as a "verbal offer" in real estate. Report her if she does not concede. In real estate, if it isn't in writing, it never happened.
0 votes Thank Flag Link Wed Apr 23, 2008
So my question is, how do i get the listing agent to withdraw my "verbal offer" that she says is in the system. and let my agent put in my written offer???
0 votes Thank Flag Link Wed Apr 23, 2008
First of all, no offer is a real offer unless it is in writing. The situation would have been avoided if your agent had arranged for another agent in his or her office to take over their business in their absence.
You could have then had the covering agent write the offer for you and you would not have had to contact the listing agent. If the offer had been written and not just verbal, there would have been discussions about representation and you would have signed paperwork acknowledging that. From the way it is described in your question, the behavior of the listing agent was very unprofessional as well.
0 votes Thank Flag Link Wed Apr 23, 2008
I am so confused after all of this. Yes, my description is accurate. She really did threaten me and tell me I was shady and sneaky. She said "Im going to call all of the other bidders and them to bid bid bid, so that you are guaranteed to not get the property no matter what your offer is". even tho that is illegal, theres nothing i can do about that!
0 votes Thank Flag Link Wed Apr 23, 2008
You as a buyer in any market should never feel pressured to act! and albeit there are two versions to every situation, should it be considered accurate how the listing agent responded - I think your representation is a more reliable source for representation. Every agent has a Broker responsible for the conduct of that agent - I would recommend in writing a complaint to that Broker and reporting that listing agent to the HUD program. Do not let the drama of an agent cost you this home...Ask for the transmittal and/or deliver efforts made to present your offer. If your offer was the most suitable this listing agent has no impact -
0 votes Thank Flag Link Wed Apr 23, 2008
I think it may be time for me to give up on this property all together. I have a signed buyer/broker relationship agreement with my agent. However, when my agent called the listing agent (who IS the broker for her agency, go figure!) she told her that she CANT put in a written offer to the bank. Perhaps I should give up on the property because of the crazy listing agent? I dont know what to do at this point. I dont want to make any moves until I know for sure it wont jeopardize my offer on the property. She seems like the kind of person who would do just about anything for revenge on me, including saying she submitting the offer, than not do it.
0 votes Thank Flag Link Wed Apr 23, 2008
None of this is your fault. Unfortunately you have a situation where your agent and the listing agent are totally unprofessional and put you (the layperson) in a bad situation. Start over with a GOOD agent.
0 votes Thank Flag Link Wed Apr 23, 2008
If you have a signed Buyer Agency contract with the agent on vacation, the broker should have provided you with another agent, to work for you, in their absence. Also, a verbal offer means nothing and your buyer's agent should have explained that to you.
If the property is still available, contact the Broker/Manager ask to be represented by a Buyer's Agent, sign a Buyer/Broker Relationship Agreement with them, THEN have that agent write your offer and submit it to the listing agent.
0 votes Thank Flag Link Wed Apr 23, 2008
Maybe i should explain a little better. My agent never got the chance to show me the property because it was "unavailable" (which is what i was told by the listing agent). I dont want to work with the listing agent because she is rude, pushy, vindictive, and over all abnoxious. It was my understanding that my initial offer to the bank should have been written, not verbal. and then all negotiations after that are verbal, until they accept an offer. I did not like the idea that she wouldnt let me put in a written offer, how can i even be sure it was submitted then? My agent called her and told her that id like my own representation (since I had not signed with the listing agent), and that is when she started screaming and making threats. I now feel like no matter what I do im going to lose the property due to the agent's unprofessional actions. I've done alot of research on this property and alot of work to get the information i needed to put in this very reasonable offer, almost at asking price. Now the listing agent wants me to sign the buyers agreement, but my agent tells me that I have to put it in with her (which i understand). how do i do this without making the listing agent angry?
0 votes Thank Flag Link Wed Apr 23, 2008
This is not misunderstanding, this is greed and probably your agent's company's policies. You call "your" agent's office manager and if you are treated poorly, call the owner of the realty company. After that, call the Realtors Assn of Metro Pgh and ask the Director for direction either from himself or from his recommended person. Frankly, this happens often where the agent is overwhelmed by other things in the agent's life. You will have to pay "your" agent because she/he showed it to you first, so pursue it over and over again with the ofc manager, etc. Don't give up if you want the place, but just forget it if this becomes a hobby for you.. Maryanne Barnes
0 votes Thank Flag Link Wed Apr 23, 2008
Bri,

I think the listing agent here could be in quite some trouble. If you have already signed papers with your agent, and the listing agent called you directly after knowing this......WOW.

If what you say is correct:
I would tell your agent what happened and ask that the other agent be reported to the board.

NO OTHER AGENT has the right to speak to my client if I have them under contract for any reason without my permission. If they felt the need to yell at you, they would be doing it through me.
Web Reference: http://www.OwnGR.com
0 votes Thank Flag Link Wed Apr 23, 2008
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