Home Buying in 91914>Question Details

Bruce Smith, Home Buyer in 91914

I called a listing Realtor about a house that was listed for $800,000. to $850,000.

Asked by Bruce Smith, 91914 Mon Feb 9, 2009

The listing agent complained to me about how bad my agent was. by email he offered my agent a referral fee if he handed me over to him. The house was listed for between $800,000. and $900,000. My offer was $815,000. he came back with a counter of $860,000. This was a short sale and I know he never put my offer into the bank. He also emailed me scolding me for having my own agent.

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13
Mark,

The first paragraph of Article 15 in our Code of Ethics states, " REALTORS (R) shall not knowingly or recklessly make false or misleading statements about competitors, their businesses, or their business practices."

As time goes and the market becomes more saturated with short-sales and foreclosures, many agents are forgetting their fiduciary duties, standard work practices and code of ethics they are to abide by when doing business in our industry! It's only continuing to make matters worse and until someone steps in and starts to regulate how these offers are handled and processed for the short sales and REO properties, it will continue to worsen because the listing agents have found loop-holes in our system and abuse the system!

I will put the Code of Ethics on my web site for your reference.

Cassandra
1 vote Thank Flag Link Mon Feb 9, 2009
You should not be having any contact with the listing agent at all. It would be the same if you were getting a divorce and consulting with your ex's lawyer. It's just not in your best interest. And, that agent is crossing a major ethical line due to the fact he is speaking to you , saying bad things about your realtor and trying to steal your business. Your agent can file a complaint with the ethics board if he chooses to. That's a really poor way of doing business in our line of work!

Is it multiple offers? If not, Stick with your original price. Ask for a copy of the the signed contract from the seller (the seller still has to sign it before sending it to the bank). There should be a short sale addendum giving the bank a certain amount of time to respond to move the process along.

Can you tell me what house you're offering on? I'd like to investigate it a little further for you and especially it's not anyone at my office doing that! Not too mention, I worked with an agent who was trying to play games like that and I had to get my broker involved. If it's him, I'd like to know so I can put a stop it.

Cassandra
cassandra@cassandrauphaus.com
1 vote Thank Flag Link Mon Feb 9, 2009
First of all I feel that it is hard to do a dual agency because this agent is looking out for the sellers best interest and that would be highest offer. If I were u I would fing a Realtor who would just be representing your needs.

Jonelle Bechard
http://www.JonelleRealtor.com
0 votes Thank Flag Link Sun Mar 8, 2009
Dawn, this was last addressed 1 month ago, so why are you posting about it now (let alone not even providing anything constructive)?! What a waste.
0 votes Thank Flag Link Sun Mar 8, 2009
Hi Dawn, his question was clear
0 votes Thank Flag Link Sun Mar 8, 2009
Bruce,

This sounds like bits and pieces if a story. What is your question?

Dawn

http://www.dawnsellssandiego.com
0 votes Thank Flag Link Sun Mar 8, 2009
Dear Bruce,

The listing agent would have the obligation to present the offer both to the Seller for acceptance and to the Bank for approval since it is a short sale. You and your agent have the right to see evidence that the offer was presented.

I am not sure what prompted this behavior against your agent, but it is very unprofessional to involve you the Client, or make you feel your offer was rejected because you choose to use your own agent.

Sorry for your bad experience.
0 votes Thank Flag Link Tue Feb 10, 2009
Bruce
Just as a matter of information, in some short sales if the listing agent does represent the buyer also (called "dual agency", sometimes lenders take a dim view of making money from both sides.

It sounds to me as though you might want to ask yourself if this is the type of agent you want to associate.

From what you said there are Code of Ethics violations that could be reported and if found to be true, there could be serious consequences.
0 votes Thank Flag Link Mon Feb 9, 2009
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
Bruce,

Please do not let the words and actions of that particular listing agent reflect poorly on your agent. If you are happy with the services he has provided you thus far, please do him/her a huge favor and sign a Buyers Broker Agreement. This will stop any other agent dead in their tracks for trying to solicit your business once they know this document is in place.

Good luck with your purchase!
Cassandra
0 votes Thank Flag Link Mon Feb 9, 2009
Bruce,

Start by addressing all of your concerns with your agent and possibly their broker. There may be some mis-communication. Your agent is the one most likely acting for your best insterests. If you have a concern, discuss it with him/her first and get the facts.

Kind Regards,
Marcie Sands, REALTOR
Simply The Best Real Estate Company, Inc.
760-644-1562
0 votes Thank Flag Link Mon Feb 9, 2009
Hi Cassandra,

Thank you and I am painfully aware of the "bad form" and "lack of ethics". Went through it with a listing agent recently where we canceled the escrow due to some title issues and litigation.

I was personally curious as to why Bruce called the listing agent, therefore, opening the dialogue?

My best to you,

Mark
0 votes Thank Flag Link Mon Feb 9, 2009
Cassandra,

Bruce called the listing agent, hence, the listing agent can say what ever he wants as Bruce opened the door.

Mark
0 votes Thank Flag Link Mon Feb 9, 2009
Hi Bruce,

Ignore his bad protocol. You have to ask:

1. Is my agent doing his job?
2. Did he tell you why he was bad mouthing your agent? Past experience, etc?

Why did you call the listing agent?

Short sales are difficult transactions and most agents do not submit offers to the bank until they have a few in hand.

Hope this helps
0 votes Thank Flag Link Mon Feb 9, 2009
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