Home Buying in Las Vegas>Question Details

Karmen, Home Buyer in Outside U.S.

Is my realtor working for me or against me?

Asked by Karmen, Outside U.S. Sat Feb 28, 2009

I was told by someone that real estate agents who work with REO and foreclosed properties pull for the banks firstly and themselves secondly by withholding offers on property because they are pulling strings to give preference to preferred clients. Is there a document from the seller (i.e. bank) that indicates that my offer was recieved?

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From a legal perspective, the listing agent is required to present all offers in a timely manor. However, we've some banks request that offers only be submitted on certain days to allow for multiple offers. In the event you are in a situation where multiple offers are being presented, you will typically receive a multiple offer form from the listing agent asking you to give your high and low bids.

I will say however that I have had some positive and negative experiences with some of the agents listing these REO properties. There are several agents that tend to have developed a bad reputation around town. I will not point out anyone specifically, but I have reported some agents to the division and association for disciplinary action. One the other side, there are some REO agents that appear to treat these transition ethically.
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0 votes Thank Flag Link Mon Mar 2, 2009
Hello Karen,
If you are going directly to a "sellers agent" whether that is an REO seller, a listing agent for a regular old bonified human seller, or a builders agent, they all work for their client, the SELLER. If you have an agent that represents you, a buyers agent, then they should be representing you. If you have been putting in offers on REO homes, the seller, even though its a bank, is still required by law to give you a rejection of your offer. If you feel your agent isn't presenting your offers, you can ask that they present the offers in person to the seller or their agent and request a signed receipt of your offers presentation. In our world of electronics, its become very easy, especially in a bank situation where as a buyers rep, you don't have the opportunity to present the offer to an actual individual seller, to get used to sending offers by fax. Unfortunately, the banking industry has for all intents and purposes hijacked the real estate industry, and until there is legislation and oversight to force them to deal with consumers in a timely manner, they will continue to take as much time as they please to respond to offers....bottom line, make sure you have an agent that is YOUR agent, dont just go to the sellers yourself. A buyers agent will represent you, usually free of any fee from you, receiving their compensation from the seller of the property. Its a great way to have someone on your side.
0 votes Thank Flag Link Sat Feb 28, 2009
If you have signed a Buyers Agency Agreement with a realtor, then that realtor is obligated by law to represent your best interests; that's why Buyers' Agency was created; so buyers would have the same representation that sellers have. If you do not have a buyers agent and are working only with the Listing Agent, you do not have realtor representation. The Listing Agent represents the seller; even if the seller is a bank. The Listing Agent is required by law to present all offers to the seller. The buyers agent will have documentation that the offer was delivered when they email, eFax, or Fax the offer to the sellers agent. If your offer was not accepted, you (your agent) can find out what offer was accepted after the deal has been completed. The seller has the right to accept whichever offer they choose to accept. Price is not the only term the seller will consider in their decision making process.
0 votes Thank Flag Link Sat Feb 28, 2009
Many banks and their agents are not providing signed rejections (as required by Nevada law). You could file a complaint against the listing agent with the Greater Las Vegas Association of Realtors. I believe your best bet is to find a buyer's agent who will represent you and look out for your interests.
0 votes Thank Flag Link Sat Feb 28, 2009
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