An owner has just given local re agent a listing, how do I put a bid on the condo if it is not yet in MLS? Should i tell owner's agent or get?

Asked by Condogirl, Clearwater Beach, FL Sun Oct 30, 2011

my own? If other people are using the owner's agent, is he going to represent my interests or other interested parties? Is he obligated to communicate all bids to the owner?

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11
John Bennett, Agent, Orlando, FL
Sun Oct 30, 2011
To comment on some to the things said below.
"Hi, I love these types of questions...The sellers agent represents the sellers best interest, always. "

This agent that said this is from another state, and while it may be true in his state, this in NOT true of Florida.
Most agents in Floirda act as transactional Brokers - on homes as a Realtor, this is above 90% of the time.
In the case of the transactional Broker the agent will do the following (by law):
475.278 Authorized brokerage relationships; presumption of transaction brokerage; required disclosures.—(1) BROKERAGE RELATIONSHIPS.—
(a) Authorized brokerage relationships.—A real estate licensee in this state may enter into a brokerage relationship as either a transaction broker or as a single agent with potential buyers and sellers. A real estate licensee may not operate as a disclosed or nondisclosed dual agent. As used in this section, the term “dual agent” means a broker who represents as a fiduciary both the prospective buyer and the prospective seller in a real estate transaction. This part does not prevent a licensee from changing from one brokerage relationship to the other as long as the buyer or the seller, or both, gives consent as required by subparagraph (3)(c)2. before the change and the appropriate disclosure of duties as provided in this part is made to the buyer or seller. This part does not require a customer to enter into a brokerage relationship with any real estate licensee.
(b) Presumption of transaction brokerage.—It shall be presumed that all licensees are operating as transaction brokers unless a single agent or no brokerage relationship is established, in writing, with a customer.
(2) TRANSACTION BROKER RELATIONSHIP.—A transaction broker provides a limited form of representation to a buyer, a seller, or both in a real estate transaction but does not represent either in a fiduciary capacity or as a single agent. The duties of the real estate licensee in this limited form of representation include the following:
(a) Dealing honestly and fairly;
(b) Accounting for all funds;
(c) Using skill, care, and diligence in the transaction;
(d) Disclosing all known facts that materially affect the value of residential real property and are not readily observable to the buyer;
(e) Presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing;
(f) Limited confidentiality, unless waived in writing by a party. This limited confidentiality will prevent disclosure that the seller will accept a price less than the asking or listed price, that the buyer will pay a price greater than the price submitted in a written offer, of the motivation of any party for selling or buying property, that a seller or buyer will agree to financing terms other than those offered, or of any other information requested by a party to remain confidential; and
(g) Any additional duties that are mutually agreed to with a party.

"Anything you say to the sellers agent can and most likely will be used against you in a negotiation."
As you can plainly see, this is NOT the case in Florida.

So, If the Realtor is a Transaction Broker, you can count on a even hand, HOWEVER; may listing Realtor really focus on the listings, so you might be better off having your own Guy, someone you pick because you like them and feel good about working with them.

John


You can contact any other agent to represent your best interest and it shouldn't cost you anything, the seller typically pays the commission.
1 vote
Christopher…, Agent, Tarrytown, NY
Sun Oct 30, 2011
Hi, I love these types of questions...The sellers agent represents the sellers best interest, always. Anything you say to the sellers agent can and most likely will be used against you in a negotiation. You can contact any other agent to represent your best interest and it shouldn't cost you anything, the seller typically pays the commission.

Christopher Pagli
Licensed Associate Broker
Accredited Buyer Representative
GREEN Designated Agent
William Raveis Legends Realty Group
914.406.9023
Web Reference:  http://raveis.com/chrispagli
1 vote
Martha Matth…, Agent, Belleair, FL
Sun Oct 30, 2011
Some feel that they get a better deal if they do not have a buyer's agent. This is rarely the case. You will not lose anything by being represented by a different agent in fact you get an impartial set of eyes on the deal which may bring up issues you may not be aware of. The seller's agent get a negotiated amount from the proceeds and shares part with the buyer's agent if there is one. Both agents are concerned with getting the deal done.

Martha
1 vote
Anna Dementov, Agent, Clearwater Beach, FL
Sat Feb 15, 2014
The right action would be to go through his listing agent, and yes - he is definitely obliged to communicate all bids to owner unless owner asked him to withhold certain offers per contract.

Anna Dementov - Great Homes Realty - cell:727.222.6997 - email: annadementov@gmail.com - web: http://ClearwaterEstate.com (Waterfront and Beach Luxury Specialist - Immediate Personal Service - Russian speaking realtor In Florida)
0 votes
Vangie Pappas, Agent, Clearwater, FL
Mon Oct 31, 2011
In Florida, most agents are trasaction brokers, so they represent the seller and the buyer equally. The agent may have not placed the listing in MLS for all kinds ofo reasons, including not having all the necessary information or the required photos. You can call the agent or the brokerage with whom he is licensed, or you can find a different agent to represent you, and they will make contact with the agent/brokerage.

All agents are obligated to communicate all bids to the seller. Quite often, on a short sale, when an intial offer is submitted, other offers are also accepted.

Vangie Pappas
Pappas Realty & Management Co.
241 Windward
Clearwater Beach, Fl 33767
pappasguru@hotmail.com
727-501-3268
0 votes
Alma Kee, Agent, Tampa, FL
Mon Oct 31, 2011
Also if this is a Short Sale, the price is "ficticious" until/if the lender(s) approve the Seller for a Short Sale and they do their own appraisal.

Absolutely find your own agent to represent your interests.

All the best,
Alma Kee
Future Home Realty
813.244.9898
http://www.SoldOnTampa.com
0 votes
Pamela Cohn, Agent, Clearwater, FL
Sun Oct 30, 2011
Condo Girl,

As another Florida agent has already said, unless other wise stated, in Florida all agents are Transaction agents, with the duties and responsibilities as Mr. Bennett stated below. If a listing agent were a "single agent" for the Seller, they would not be able to show the property without disclosing a no brokerage relationship to the Buyer. This would also go for any other agent in their company, since listings are really under the brokerage and not the individual agent. Most companies want agents to be able to show each others properties, thus they are transaction agents.

If have an agent, let them know. They can show you any property in the MLS. If you want to us the listing agent that is fine too. Most important for you, is to find an agent you feel comfortable with. Someone that will help you throug the whole process- mortgage- pre-approval- comparative market analysis-contracts- negotiations-inspections-appraisal- insurance- it's not just finding the right place, but making sure everything goes fhrough from contract to close.

If the condo has not gone on the market yet, you can still have your agent contact the listing agent to see if you can preview the property and get they can get the information on it. If you are financing, most condo's require 25% down, unless they have an FHA approval. You want to see the condo docs and latest financials (which they usually won't give until a contract is accepted- then you have 3 days to review.). Your lender will want to check out the rental ratios. If they are too high they will not loan in the complex.

If it is a really good deal, you are probably not the only one that will think so. Check it out as soon as possible. If you are interviewing agents, give me a call. I feel an informed client makes the best decisions regarding their real estate needs. Let me know if I can be of assistance.

Sincerely,

Pam Cohn
Broker Associate, GRI, SFR, NHS
Real Estate Consulting, Marketing & Sales
Prudential Tropical Realty
2539 Countryside Blvd #3 Clearwater, FL 33761
pcohn@prutropical.com
727-204-7155


http://pamcohn.wordpress.com
0 votes
Coastal Prop…, Agent, Clearwater Beach, FL
Sun Oct 30, 2011
Condogirl, I woud also like to add that if you want to secure this condo you have your eye on, acting sooner then later will help you do so. With that said you will want to have a pre-approval ready if you plan to mortgage the property, or a proof of funds letter if you plan to pay cash? If you need a good resource for mortgage rates / quotes, I can certainly point you in the right direction.

I am available to get your paperwork started asap! (Tonight) if you can give me a call to discuss all the options, and help you secure this condo on the beach.

I look forward to your reply, thank you

Brent Laugesen
0 votes
Liane Jamason, Agent, Saint Petersburg, FL
Sun Oct 30, 2011
He is working in the Seller's best interest. You are better to get a buyer's agent to represent you (its free!) and negotiate on your behalf. I'm happy to help and work in Pinellas County!

Liane Jamason, REALTOR
Keller Williams Realty
727-755-3325
0 votes
Michele Hohm…, Agent, Palm Harbor, FL
Sun Oct 30, 2011
You want to be represented, you want an agent to help you strategize your offer and to hopefully get it for a price you feel good about. You also want to make sure it's an agent that knows the area well and can tell and show you other comprable properties you would like just incase you were out bid. I would love to help you and am very familiar with this area. If you have any other questions please feel free to visit my website and give me a call. Hope this helps!
http://www.michelehohmanrealestate.com
0 votes
Coastal Prop…, Agent, Clearwater Beach, FL
Sun Oct 30, 2011
You would use a buyers agent to help you write the offer, this way you have full representation. Let me know if you would like me to assist you with this.

Brent Laugesen, 727-735-1510
0 votes
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