How doI find out if a listing agent is doing wrong?

Asked by Rick.dottie, Schwenksville, PA Sun Dec 16, 2012

I looked at a home, went to put in a bid and she wouldn't even accept my bid I was told the home was sold? This home is a short sale, and was only listed 1 day. She claims it was already sold prior to listing. Is this ethical?

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5
Annette Law…, Agent, Palm Harbor, FL
Mon Dec 17, 2012
Kathleen described very well the process. Didn't need all the caps however.
Short sales are highly complex, totally convoluted, illogical, opague process. It is the "Wild, Wild, West of Real Estate," where there is an illusion of rules but anything can and does happen.
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The nature of your question suggests you are not sufficiently familiar with the process to identify well what the status of the property, seller or lender are, therefore making any reasonable response possible.
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Short sales are not for everyone. If you are easily discouraged, easy to disappoint, make emotional connection the homes you want to buy, have any suggestion of a timeline, think the price you see is the price you will pay, or perceive there will be an element of fairness when negotiating with a bank or investor group, short sales may be a poor choice for you.
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You can not win if you don't know the rules. If you don't know the rules you look for others to blame. "Listing agent doing wrong" is a first warning of someone who may not know the rules...as vague as they are regarding short sales. If you want the same opportunity as the buyer you mention, consider becoming part of a real estate agents 'A-List' Buyers. These 'A-List" buyers often get 'first look' opportunities.
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I was at Walgreens yesterday to buy a big box of chocolates. The register clerk tells me, "You must be a member of the 'awards' system to receive the sale price. (NOTE: this big box of chocolates was not on sale.) However, Walgreens apparently realizes citizens WILL sign up to receive benefits. There are benefits with membership. Call a local real estate agent and get signed up for 'First Look' benefits as an 'A-List' buyer and receive the benefits of moving to the head of the line and the potential savings that can be the result.

Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
727.420.4041
http://RealEstateMadeEZ.us
0 votes
Andrew Tisel…, Agent, clifton, NJ
Mon Dec 17, 2012
Find your self an experienced buyers agent that can help you.
0 votes
Kathleen Lor…, Agent, Baxter, MN
Sun Dec 16, 2012
IF THE LISTING AGENT IS WORKING AT THE DIRECTION OF AND IN THE BEST INTEREST OF THE SELLER- IT MAY ALREADY HAVE HAD AN OFFER PRIOR TO PUTTING IT ON THE MLS SYSTEM. THE LENDER FOR THE SHORT SALE MAY WELL HAVE LISTING IT ON THE MLS AS A REQUIREMENT AND SO THEY DID. TECHNICALLY IT IS NOT "SOLD"- IT MAY BE PENDING OR EVEN ACTIVE CONTINGENT UPON THIRD PARTY APPROVAL, HOWEVER PA MLS MAY HAVE A DIFFERENT STATUS FOR THAT THAN WE DO HERE IN MN.
SOLD WOULD MEAN IT HAS APPROVAL AND HAS BEEN THROUGH CLOSING AND EVERYTHING IS FINALIZED. EVEN A TRADITIONAL SALE WOULD NOT HAPPEN IN ONE DAY.
IT IS NOT UNETHICAL THAT YOU DID NOT GET TO PUT AN OFFER ON THIS PROPERTY AND SOMEONE GOT THERE AHEAD OF YOU, THE SELLERS GET TO DECIDE.
0 votes
Helene Jeane…, Agent, Metuchen, NJ
Sun Dec 16, 2012
It's the "sold" part that troubles me because short sales don't close in one day. Any sale requires three days of attorney review and shorts can sit in attorney review for months. When you refer to "she," are you referring to the Listing Agent? If so, you should find a Buyer's Agent to represent you. Preferably someone not with the office of the LA. I cannot determine if there is a violation of ethics here with this information but if you wish to pursue it, contact the Board of Realtors for your area, they do have a Code of Ethics that must be adhered to.
0 votes
Steven Tambu…, Agent, Cherry Hill, NJ
Sun Dec 16, 2012
Rick
Sounds a little fishy. Call your local board of Realtors to start. Then you
May want to call the real estate commission. The local board will have the number for the real estate commission. Good luck.
Steve
0 votes
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