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www.michaelj…, Home Buyer in Rock Springs, WY

what if your agent doesnt submit an offer because she believes it to be worth more money so she stalls to see if other offers come in?

Asked by www.michaeljohn1482, Rock Springs, WY Tue Oct 2, 2012

are realtor said she couldnt submit our offer because the website to the bank that the forclosure property belonged to was down. however we pulled up the webste ourselves and it was working fine. so we decided to call the bank and we were told that there website wasnt down and that the offer wouldnt be submitted to there website but to the listing agents website. our realtor is the listing agent and owner. when we confronted her about this the website was then up and running an hour later and magicaly our offer was then in this was 4 days of saying that the banks website was down

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5
Heath Coker’s answer
You can always file a formal complaint with the MA real estate license board.


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0 votes Thank Flag Link Sat Oct 6, 2012
go get another realtor and place the offer with her.
0 votes Thank Flag Link Wed Oct 3, 2012
This is a perfect example of why you should be working with your own buyers agent. Agents/brokers are duty bound to present all offers in a timely fashion, when they are working as your contracted agent. You didn't mention in what capacity you engaged this agent/broker. Here in Massachusetts they are required to disclose their capacity as either a sellers agent, buyers agent, dual agent or designated agent. Each of these types of agency relationship has different rules and guidelines and levels of service to you and the seller. I agree with Shanna, proving exactly what happened conclusively would be difficult but at the end of the day unless you contract with your own buyers agent your rights and protections would not be as protected. You should never feel this way when you're working with a real estate professional. Without clarification of the status of the agents agency relationship this type of situation could easily happen again. You should consult the Mandatory Relationship Disclosure form that you should be provided to see these differences and if you're unclear of the meanings consult with your own real estate attorney for legal clarification. When a buyer works with the listing agent using your own attorney is vital to protect your interests. The sellers agent/listing agent may be following guidelines from their client that they may not have to disclose to you. This is why you need your own representation. Hope this helps, let us know how you make out.
0 votes Thank Flag Link Wed Oct 3, 2012
Hi http://www.michaeljohn1482,

I'm a little confused. You say the property is a foreclosure property and then say your Realtor is the listing agent and the owner. If this is a forclosed property, the bank is the owner. If it hasn't foreclosed yet and it's a short sale, the listing agent can't be the owner - the bank won't let the owner be the listing agent.

Now, if it's a short sale, the website the listing agent submits the offer to the bank on is most likely different than the website consumers access them through - some banks use a platform such as Equator or ResNet for submission of short sale offers, they don't use their 'bank' websites so the platform website may have been down?

Now, there are some agents who will hold offers hoping for better offers to come in but they may be doing that if they were instructed to do so by the owner (in this case the listing agent or if it's a foreclosed property, the bank). If they are just holding offers without being instructed to do so, that may not be ethical but how are you going to prove it?

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
0 votes Thank Flag Link Tue Oct 2, 2012
Hi http://www.michaeljohn1482,

I'm a little confused. You say the property is a foreclosure property and then say your Realtor is the listing agent and the owner. If this is a forclosed property, the bank is the owner. If it hasn't foreclosed yet and it's a short sale, the listing agent can't be the owner - the bank won't let the owner be the listing agent.

Now, if it's a short sale, the website the listing agent submits the offer to the bank on is most likely different than the website consumers access them through - some banks use a platform such as Equator or ResNet for submission of short sale offers, they don't use their 'bank' websites so the platform website may have been down?

Now, there are some agents who will hold offers hoping for better offers to come in but they may be doing that if they were instructed to do so by the owner (in this case the listing agent or if it's a foreclosed property, the bank). If they are just holding offers without being instructed to do so, that may not be ethical but how are you going to prove it?

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
0 votes Thank Flag Link Tue Oct 2, 2012
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