Home Buying in Gilbert>Question Details

Dennis Coffey, Home Buyer in Gilbert, AZ

My buyer's agent (nothing signed) said an REO home I really liked had offer and to best move on. He had gushed

Asked by Dennis Coffey, Gilbert, AZ Sat Jan 3, 2009

over the house, with comments to himself on what a find it is, almost as if I wasn't there. I called listing agent who said there were actually no offers. Do listing Agts. normally do this or is it my B.A.?

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There could be a lot of reasons for this, some legit, some not.

It's possible that he called the listing agent and was told that offers were either received or expected, so he considered it a "done deal". Expected offers aren't worth anything, so they shouldn't be considered when deciding whether to write an offer on a property or not. If an offer has not been accepted yet, as in received but not approved by the bank, then the property is still available. Some agents will also stop accepting offers when they already have several offers in hand, even though none have been accepted yet.

Also, in an office where a lot of REO's are handled, it's not uncommon for the assistant answering the phone to give incorrect information at times, either to you or to your agent, regarding the status of a property.
The other possibility is that this agent wanted to show this property to someone else, possibly a related party. It's not ethical for him to do this, but this could be what's happening with this property.

Ask your agent why you were told that the property was unavailable when in fact there were no offers. There could be a valid reason for this.
2 votes Thank Flag Link Sat Jan 3, 2009
Hey Dennis,

It is difficult to trust anyone, be it Realtor, Lawyer, Housekeepeer, or dogwalker.

Trust is earned, and it takes time.

Mistakes, misunderstandings happen.

Contact your Buyers agent. If this is the home you want, write the contract.

It is not uncommon for you and your Buyers agent to conferrence call the listing agent.

Have your Buyers agent ask the listing agent what position your offer is in. You can do this at the time of submitting your offer. You will get the real answers you want. The peace of mind you need.

Good Luck

Web Reference: http://WWW.AZRE.TV
0 votes Thank Flag Link Sat Jan 3, 2009
Mr.P, Other/Just Looking in Arizona
Dennis if you want to get me the address of the home I will investigate the situation for you and determine what is going on with the house you liked.

We deal with hundreds of bank owned homes and know the questions to ask to get to the bottom of most situations.
Web Reference: http://www.AzReoSales.com
0 votes Thank Flag Link Sat Jan 3, 2009
HI Dennis,

It is possible that there was a mistake made...a simple one though. When buyer's agents call listing agents to check on the status of any offers, the person answering the phone may have been confused & given info about another property. This is very common in listing offices with lots of REO's.

Most of the time, buyer's agents only get paid when their buyer purchases a home. So, your agent is highly motivated to help you buy a home. Unless your agent is also in investor and he wants the property for yourself, I'm fairly certain he's promoting your best interests.

I would encourage you to have your agent contact the listing agent again to verify the info. If you still want to submit an offer, then instruct your agent to do so. Also, you need to have a written agreement with your buyer's agent which will detail what your agent has to do for you. Just as sellers have written agreements, so should buyers.

So, to make things clear, I'm certain that the only thing that happened was that a simple mistake was made when your agent communicated with the listing agent or his/her office staff.

Buyer's Agent REALTOR
0 votes Thank Flag Link Sat Jan 3, 2009
OK, basic rule of real estate...

Agents must present all offers.

Dennis, if you instructed your Buyers Agent to write an offer regardless of any other offers on the table accepted or not, you agent is obligated to do as you instruct.

If they refuse to do so, then you are abandoned and I would seek another realtor.

Although you have nothing signed, an agency relationship may exist between you and this Buyers Agent which would arise in the form of "Implied Agency".

The issue may arise later with "Procuring Cause" if you get an offer accepted on this property and the agent had shown you the property, but that would likely be solved independently between brokers or it may escalate to Mediation/Arbitration where a commission is involved. You may be asked to participate.

We can not know all of the circumstances that may have arisen out of this action as you describe it so any opinion given here is simply speculative.

Hope this help,

Stew Keene
Ph (480) 220-7491
Fax (866) 711-8573
Keller Williams - Scottsdale, AZ
2008-2009 Master of Real Estate award recipient
0 votes Thank Flag Link Sat Jan 3, 2009
That is strange, I think Linda's answer makes a lot of sense. There could be extenuating circumstances here or he could have just been given some bad info. If he was that excited about it though, I would think he would double check the offer situation with the listing agent, especially if you had shown some strong interest in the home. I would have a detailed conversation w/ him if I were in your position and try to find out exactly what he was told and by whom...
Web Reference: http://www.DanMullarkey.com
0 votes Thank Flag Link Sat Jan 3, 2009
Again I ask something that should be asked and known before advice is given...

Did you instruct your Buyers Agent to write an offer?

0 votes Thank Flag Link Sat Jan 3, 2009
ODD I am assured your agent would love to earn commissions paid at closing. Perhaps listing agent confused on which property you were talking about, if not request for buyers agent recheck stating you spoke with listing agent must be some confusion.
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Sat Jan 3, 2009

Did you instruct your buyers agent to write an offer?

0 votes Thank Flag Link Sat Jan 3, 2009
I want to help you. Email me the property address and I will get the real story. It may be a combination of things. Also, this is not a solicitation trying to get your business or steal you from your agent, but an honest offer of help. There are a few crappy agents out there that are spoiling it for a lot of us. They probably do not even know who they are.
0 votes Thank Flag Link Sat Jan 3, 2009
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