you submit a offer to the bank broker, can he just put it in online auction without dealing with you first.

Asked by Sue, 48026 Wed Feb 11, 2009

I submitted an offer on a Wednesday, we tried to get a hold of this bank broker for 2 days plus weekend. On Monday this guy is thinking of putting it on an online auction, with out dealing with my offer first. I think it is flat out wrong. I bet he didn't even look at my offer.

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Maureen Fran…, Agent, Birmingham, MI
Wed Feb 11, 2009
Sue,

There is a lot of craziness going on with foreclosures right now. They can be very frustrating to deal with.

It does not sound like you are working with a buyer's agent. Did your agent submit an offer to the other broker?

He is obligated to submit your offer in a timely manner. Do you know what bank foreclosed?

It really would not be his decision to auction the property. It would be the bank's decision. I have seen banks do crazy things like lower the price when there are offers in they haven't decided on. Often the left hand does not know what the right hand is doing.

The broker might be able to provide you with proof he submitted the offer. You can ask for it, at least. When I have represented banks I got a fax within 24 hours acknowledging the offer. I always submit the offers within an hour of receipt and then their is a web page where I could track the bank's review. Sometimes it was quick. Sometimes it takes weeks.

Good luck.
Web Reference:  http://miOaklandCounty.com
1 vote
Derek Bauer, Agent, South Lyon, MI
Wed Feb 11, 2009
I am not defending the broker, and I totally disagree with how your situation was handled given the facts that you stated, but the listing agent of a property can not agree to an auction without the permission and agreement of the Seller (bank in this case). So, part of that may have been at the direction of the bank, but you still are surely owed a timely response.

If you are not working with a buyer's agent, you most certainly should be going forward. We would appreciate the opportunity to speak with you more about that. Feel free to phone me at 734.678.4745, and/or visit us online at http://www.DoorToDreams.com

Derek Bauer, Associate Broker / Realtor
Real Estate One
Derek@DoorToDreams.com
Web Reference:  http://www.DoorToDreams.com
1 vote
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