Home Buying in 37922>Question Details

Cbdbcbdb, Home Buyer in 37922

We tried to submit an over asking price offer on a bank owned house, but the listing agent would not submit it to the bank. What is protocol here?

Asked by Cbdbcbdb, 37922 Fri May 21, 2010

The listing agent received an offer 30 minutes prior to receiving our and would not accept ours to submit to the bank. We suspect she had found the other buyer herself and would get both buyer and seller commission. Is this legal? It seems unethical at least.

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Answers

6
I am sorry that happened, it is our job to let the seller know of all potential buyers.

Jan Davis
Broker Associate
530-680-6503
0 votes Thank Flag Link Thu May 15, 2014
All offers must be presented in timely manner
0 votes Thank Flag Link Thu May 15, 2014
The listing agent was wrong and should be reported to her office broker. Every offer must be submitted.
0 votes Thank Flag Link Thu May 15, 2014
As a former bank listing agent, in the State of Tennessee, it is up to the seller (the bank, in this instance) in how to handle multiple offers. If the seller (bank) declares one offer at a time, then the listing agent must honor that request. Other banks want all offers as they are submitted.
0 votes Thank Flag Link Thu Jan 24, 2013
What is your agent advising--you may want to consider contacting the listing agent's broker owner and explain your situation--all offers must be presented regardless the order received.
0 votes Thank Flag Link Fri May 21, 2010
Code of Ethics states an agent must present all offers in a timely manner. If the contract had already been signed by the seller then another contract would be considered backup. Since this is a bank owned property, most banks want to see all contracts that come in and they will chose the one they want.

If this agent did not submit your contract, you can speak to her broker. If you do not get anywhere there, you may also file a formal complaint with the real estate board.
Good Luck!
0 votes Thank Flag Link Fri May 21, 2010
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