A house in ripon was put on metrolist on Thursday for 474,000. At at 8:00 I check metrolist saw the house and

Asked by Mandy, Ceres, CA Sun Jul 27, 2008

called the agent and sent a e-mail. The next day I got a call from the agent and he said the house was sold. The person had offered more for the house and the bank had accepted the offer the same day, he said the house was sold. On Friday I saw another house for sale I called the agent and the next day ,Saturday , I made the offer. This agent told me he could not submit the offer for at least 5 days. MY question is how come my agent has to wait 5 days before he can submit the offer, yet the the first agent submitted his offer and got it accepted the same day. Also he is not willing to accept any back up offers, for he knows I may have offered more. Something does not seem right. I have the feeling of insider trading. Could this be true or is this really possible. Because some else may have offered more the house

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Jim Walker, Agent, Carmichael, CA
Sun Jul 27, 2008
BEST ANSWER
The answer is in your own question. "on Friday I saw another house for sale"
The reason why these two listings were handled differently is that they were --- two different listings.

You can not expect any two listings to be handled identically even if you are dealing with the same seller and the same listing agent.

Every house is different, every listing is different, even if they are very similar. They may still be handled differently.

Some sellers want to see offers as the come in. Other sellers want to see all the offers from the first week at the same time so that they can pick the best of the bunch.

This is really possible. It happens all the time. There is nothing in the story you told that provides evidence of insder trading. On the other hand, nothing in the story proves the absence of insider trading either.

If you feel strongly enough abut forcing the issue, you could ask your buyers agent to submit a back up offer regardless of the sellers or listing agents, reluctance to consider one. You have the right to do so under the 1st amendment of the constitution.

The seller retains the right to ignore or reject your offer, even if it is better than some other offer.
2 votes
Rocky G.H. H…, Agent, Ripon, CA
Wed Aug 13, 2008
Currently the Real Estate market in Ripon is heating up and as a result, there has been a flurry of activity. Understanding that there is no excuse for your situation, my recommendation would be to find “one” agent to work with. Agents work together and can show all homes on the market. What important about that is that you will have someone looking out for your best interest instead of the sellers best interest. In addition, you should select an agent that is willing to discuss with you all of the reasons why he or she is approaching the situation in a specific way. Most of all you will have someone that understands your needs. Remember an agent representing a buyer doesn’t cost you anything. The seller pays that agent to represent you.
Web Reference:  http://www.hz-realty.com
1 vote
The Hagley G…, Agent, Pleasanton, CA
Sun Jul 27, 2008
It all depends on the bank. Some banks want homes on the market at least 3 days...some 5....and some do not care. It all varies by lender, not the agent. I know it's frustrating.

As a Realtor, I suggest that my bank owned buyers submit their offers immediately - sometimes site unseen - on really great priperties. Once the offer is accepted, there is usually a 3-5 day delay before we get the bank contract, which gives us plenty of time to view the home. The bank contract usually favors the lender, so the buyer may not want to acccept the contract based on the lender contract.

I ionly do this for neighborhoods that I know extremely well. I do not recommend this technique for all buyers on all homes. An offer, if accepted, is still a contract. Further, this is NOT a technique to low ball an offer "just to see what happens." I have been in many of the homes that end up as bank owned...I can usually find old photos on the MLS for my buyer to view......they are educated on the market and the community....and the intent of the offer is to buy.

An expereinced Realtor can guide you. Good luck!
Web Reference:  http://www.cindihagley.com
1 vote
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