Home Buying in 92587>Question Details

Jeremy, Home Buyer in 92587

Why wouldn' t the bank accept highest cash offer on a house for sale...or was the agent shady ??

Asked by Jeremy, 92587 Mon Oct 13, 2008

We put in a cash offer on a house with 30,000 down . Last week on the MLS we saw it sold for 20,000less than we offered. We think the agent through out our offer so she could make more money as the lister and selling agent. What can we do?

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7
Keith Sorem’s answer
Jeremy
You will want to contact the Southwest Riverside Association of Realtors (see link) to file a grievance. Also, contact the http://www.dre.ca.gov and click on consumers to file a complaint. They have a fillable PDF form that you can complete and submit.

Good luck.
2 votes Thank Flag Link Mon Oct 13, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
You could also send a written complaint to their broker and to the local Association of Realtors that had the listing in their MLS. If we don't speak up against bad practices then we'll all get more of the same.
2 votes Thank Flag Link Mon Oct 13, 2008
Contacting the real estate commission in the state is a MUST. Your actions now can save future Buyers (yourself included) from a similar outcome. With so many foreclosures and short-sales currently on the market across the nation, even experienced Realtors are facing unfamiliar situations. Banks and lenders are handling offers on these properties in their own manner...often with little regard to standard, local real estate procedures. In the future, if you are told that a bank is only reviewing one offer at a time, not looking at offers until a certain day of the week, has turned down your offer etc....GET IT IN WRITING! It could keep that "good deal" that you were hoping for from going into the hands of another Buyer.
2 votes Thank Flag Link Mon Oct 13, 2008
You would need some sort of proof of it to file a complaint. You could contact the realtor themselves, do it in writing so you have arecord of it, ask why. You can also ask for proof you offer was presented. Then your move would be to the real estate commission of CA.
Web Reference: http://www.ScottSellsNH.com
2 votes Thank Flag Link Mon Oct 13, 2008
There could be many reasons for this happening. The strength of the offer could be a big reason. Contingencies, inspections, and bank roll could all play factors. An example would be how much money does a specific buyer have in his bank account. A buyer that has millions of dollars is considered a much stronger buyer. As an agent, we try to get the best offer and the highest isn't always the best offer. Let's say a short sale went on the market for 250k. Buyer A makes an offer for 250 and only shows 255k in the bank. Buyer B makes an offer for 245k but shows a million in the bank. Sometimes short sales can take up to 6 months to close. Buyer B is a better offer to go with because he will most likely have that amount 6 months down the road. I say this because as a listing agent, this example has happened to me. I had to find another buyer 4 months later because the original buyer did not feel comfortable spending all of their money on one property. I would say 20,000 is a big difference though.
1 vote Thank Flag Link Sat May 11, 2013
Great explanation, thank you :)
Flag Thu Dec 19, 2013
So what ever happened with this situation. Give us an update and let us know how this situation ended up for you, we would love to know!

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Web Reference: http://www.soreal.biz
1 vote Thank Flag Link Wed Feb 3, 2010
This sounds very shady. I would recommend you file a grievance against the listing agent with the local board because this is an ethical violation. You may want to speak to the broker at the agents office as well. An agent is required to present all offers to the seller. Do you have proof the offer was received by the agent? Did they confirm receipt. Was there a multiple offer form signed? What kind of response did you receive from the listing agent? You will want to present all documentation and records of communication. Best of luck.
1 vote Thank Flag Link Mon Jan 25, 2010
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