Home Buying in Pensacola>Question Details

Patti, Home Buyer in Pensacola, FL

Can an agent bid on a bank owned home listed with their own broker? How do I insure my offers submitted?

Asked by Patti, Pensacola, FL Wed Apr 1, 2009

When all offers and paperwork are submitted to the listing broker to be submitted to the bank, are there legal obligations, by the listing broker or his agent, to inform other buyers (or their agents) of the progress (ie: showing confirmation of submittance to bank? )

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2
Patti,

You have asked a question that many buyers have asked us. It is not a simple yes or no answer. Many times the banks want the highest and best offer that is submitted. The banks are overwhelmed right now and do not have the time to go through all the offers, so they depend on the agent to submit the highest and best. The listing agent is required to act in the best interest of their client (the bank) and submit the highest and best.

This is a difficult process, so I suggest the you get your own representation. That way you know that you have someone that is acting on your behalf and will follow-up and ask the questions that need to be asked of the listing agent.

Darryl

The Singleton Team
Darryl Singleton, GRI, EAgent
850-554-9614
LaDawn Singleton, GRI
850-554-9513
Email: ContactUs@SingletonTeam.com
Website: http://www.SingletonTeam.com

We are here to help
0 votes Thank Flag Link Thu Apr 2, 2009
Patty,
Can an agent "bid" on a Bank owned property listed by their own broker? Yes.
Are their legal obligations to inform other buyers of the progress. When a property is made available and there are multiple offers,the listing agent asks each interested party for their Highest and Best offer.
Once submitted the Bank will accept the Highest and best.
I hope this answers your question.
Side note: I have seen multiple offers ( as high as 17) for a single property. Can you imagine how many calls the listingagent has to make for the highest and best offer.
Realtor Rick.
0 votes Thank Flag Link Thu Apr 2, 2009
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