This is a serious violation of the agents fiduciary duty to you. Ask the would-be buyer or their agent for copies of:
1: The Offer, in it's entirety. Pay attention to page two, as it outlines costs that the buyer requests you to pay. If they were giving you a high offer but then requesting tens of thousands of dollars back for closing costs/repairs/termite work, then your agent may have had good reason to not present the offer.
2: Their financing package. If they were approved by a bona-fide bank lender (Wells, BofA, Etc.) then they were legitimately pre-approved. Conversely if they had a prequal from a lender or broker you have never heard of, perhaps your agent didn't think they were able to obtain financing.
3: Their proof of down payment funds. As Cuba Gooding Jr. Would say "Show me the money". If they didn't show their down payment or didn't have enough, then they probably could not have closed anyway.
If you find that all three of these were present with the would-be buyer's offer, then you have a complaint against your agent. I would first discuss it with them, then their broker. If you don't get what you are looking for try the California Association of Realtors at 213-739-8350. If that doesn't work, go to the Department of Real Estate at http://www.dre.ca.gov. Let me know how it ends up.
The truth is that unless you can obtain a copy of the offer, including supporting documents, such as proof of down payment funds and pre-approval letter,
1. It may not have been a bona fide offer
2. It may have been incomplete
I am curious, how did you find out? Who told you? What would they have to gain by telling you?
Sounds like sour grapes to me. If I could count the number of times agents promised me "I'll be submitting (a great) offer"....and nothing every shows up from them.
I haven't seen a listing that didn't require that loan approval and a copy of the earnest money check accompany the offers. Is it possible that the offer was incomplete and the buyer never supplied the rest of the information? That does happen sometimes. An offer without lenders approval or an earnest money deposit is worthless.
Many listings require that the buyer be pre-approved through the sellers choice of lenders before their offer is considered. Did your listing require that? Is it possible that they either didn't call the lender and become pre-approved? This would also constitute an incomplete offer, by your own standards, if it were required.
Courts can get very specific, you say you never 'saw' the offer. Did your agent mention to you that there was an incomplete offer awaiting further documentation, or if that documentation was received or not?
It is my opinion that you should talk to your agent. Ask them about the offer and see what they have to say.
The standard of Practice for listing Brokers/Realtors shall continue to submit to the seller/landlord all offers and counter-offers until closing or execution of a lease unless the seller/landlord has waived this obligation in writing. In other words, Realtors shall submit offers and counter-offers objectively and as quickly as possible. Your recourse would be to contact DRE Commissioner of California, Jeff Davi in writing and explained in detail your complaint. The Department of Real Estate is consumer friendly and their job is to protect the public from any wrong doings relative to Real Estate. As a Real Estate professional, I'm apologize for any inconvenience you've experienced in this matter. However, taking the necessary steps to correct this is a good thing.
Your agent shouldn't have withheld any offer from you. Call your Real Estate Attorney and contact the California Real Estate Commission. Remember that you'll have to show prove that your agent didn't inform you and give you that offer.
Any offer IN WRITING must be given to the seller, to accept or reject, or to give a counter offer. If there is, in fact, a written offer on the property that was never disclosed to you, you have every reason to be upset. Even after the property is in escrow, offers should still be presented to you, for possible back-up status. There is a line for you to sign in order to reject an offer. If there is an outstanding offer, you should obtain a copy and consult a real estate attorney. In addition, it's a good idea to lodge a formal complaint with the California State Department of Real Estate, as well as your local Board of Realtors, to protect other consumers from falling vitim to this agent.
This is the reason you need a well-trained and ethical Realtor to represent you. I am so sorry you had a negative experience, and hope it can be resolved to your satisfaction.
Certified Short Sale Professional
Certified Home Retention Specialist
Blogging at: http://TheBremnerGroup.com/blog
Was this a short sale or regular sale this makes a difference? If it was a short sale, it is treated like a regular sale in regards to how you receive offers. The only difference between a short sale and a regular sale is one contingency the short sale addendum, asking the back to approve the shortage. As with regular and short sales you received multiple offers within a short period of time all offers should be countered. With a short sale once an offer has been accepted by you, the seller of record, and sent to be processed by the negotiator all other offers presented would be put into back offer position if the first buyer cannot perform. The timing is everything as to when this offer may have come to your agents attention and the type of listing.
Jennifer Ricco CDPE, PSC
You may also try contacting the Agents Broker in this matter. Whatever you do, make sure you document everything precisely to save your behind if ever it goes to court. I'm sorry to hear what happened to you and hope everything works out in the end.
The agent cannot withhold the offer from you and has a duty to present it. Do you have proof that an offer was not presented? Ethically this is incredibly wrong and I'm sorry to hear if this is the case. I'd recommend consulting an attorney.
Keller Williams Realty
The seller is required to present all offers received to the seller. I would file a report with the DRE and also perhaps consult an attorney and go over the details as you may have recourse. Did the offers come in after you accepted the offer?
The Carrabba Group
Keller Williams Hollywood Hills
I'm in Alaska so the only answer I can knowledgeably give you is to say, "Call a local Real Estate Attorney". A reputable real estate attorney (one with a reputation that either a friend or close business associate is familiar) will probably answer your basic question without charging you anything.
Also, the local Board of Realtors can assist you in determining whether or not you have a viable grievance against this Realtor. Remember, timing is everything in contracts.