I must say that I am very disappointed with greed and unprofessionalism of some of the listing brokers.

Asked by younessi, New York, NY Mon Apr 22, 2013

When we made an offer on a house using our buyers broker, we were told that there is another offer on the table (listing brokers customer). She asked that we both present the highest offer to give to the seller. We were told that we lost and the seller took the other offer. We just found out that the house closed at the price we had offered in cash. When confronted, the listing agent indicated that the contract offer was $500 more. This actually makes the case even worse. It means that the listing agent informed her buyer of our offer and made sure her buyer get the house so she can make the full commision. Shame on her.

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George Raymondo’s answer
George Raymo…, Mortgage Broker Or Lender, Fort Worth, TX
Mon Apr 22, 2013
This kinda dog do-do happens all the time! I am sick to my stomach that some Realtors get away with this type of behavior. We lenders have been beat up, smacked down, and the now we are held to such a high standard that many Loan Officers can no longer hold licenses because our credit isn't good enough, yet these yo-yo's get away this garbage and no one complains to the powers that be. You as a consumer have more power than you know. If enough people complained somebody would be paying the price for this unethical business practice. You can contact the Listing Agent's Broker, the local Board of Realtors, the Department of Real Estate, or even an Attorney. But I can tell you most people just take the beating and go on to the next house and the next one. Such a shame. I am sorry!

Best of Luck!
0 votes
dave, Agent, Charlotte, NC
Mon Apr 22, 2013
Younessi,

sorry to hear that. it is a shame that the lsitign agent represented both sides of a transaction with multiple offers. I have been in situations before where I had the listing and i represented a buyer who put an offer in on the house. At the same time another offer came in. In respect for my industry and to serve as fair and honest as possible; I would hand the buyer off to another agent in my office explaining that it would be a conflict of interest to represent both parties knowing what the price for the other one is going to be.

I am embarrassed for our industry that a Realtor would jepordize her client and ethical responsibility by representing both sides of a transaction in a multiple offer situation.

Dave diCecco
Realtor/Broker
Coldwell Banker United
Cell;704-519-7895
ddicecco@cbunited.com
http://www.davedicecco.com
1 vote
My NC Homes…, Agent, Chapel Hill, NC
Mon Apr 22, 2013
These things happen and I agree that it is likely the listing agent swayed their client to accept their offer.

This is an example where you should have considered either going in above the list price or possibly putting in an acceleration clause so that you indicated you would beat any bonafide offer by say $500 or $1000 up to a maximum price of $XXX. Evidence of a bonafide offer would ordinarily be the first page of the other offer signed by the buyer.

Listings agents should be cautious in these situations as there's always someone(s) who is likely to be upset when they lose and if you're truly representing your clients best interest as you've sworn to do when you listed their property you need to be advising them thoroughly so that they really understand the pros and cons of each offer. otherwise you leave yourself open to someone filing a complaint against you and having to defend your actions. i also always have my sellers write "Reviewed and rejected" and then sign and date the first page of any multiple offers not accepted so that the buyers who are losing out know that their offer was in fact presented tot he sellers.
0 votes
Marge Bennett, Agent, Fort Myers, FL
Mon Apr 22, 2013
was this agent a Realtor? if so, an ethics complaint can be filed with the local Realtor Association. If she wasn't,. a good reason to use a Realtor as noted in the comments below
0 votes
Daniel Fisher, Agent, Charlotte, NC
Mon Apr 22, 2013
Good afternoon, Younessi:
"The term REALTOR® has come to connote competency, fairness, and high integrity resulting from adherence to a lofty ideal of moral conduct in business relations. No inducement of profit and no instruction from clients ever can justify departure from this ideal.

In the interpretation of this obligation, REALTORS® can take no safer guide than that which has been handed down through the centuries, embodied in the Golden Rule, “Whatsoever ye would that others should do to you, do ye even so to them.”

Accepting this standard as their own, REALTORS® pledge to observe its spirit in all of their activities whether conducted personally, through associates or others, or via technological means, and to conduct their business in accordance with the [Realtor Code of Ethics] tenants" (from the Preamble to the Realtor Code of Ethics)

If you have a concern/complaint that a Realtor® has not upheld Realtor® Code of Ethics, you can request that the Realtors® Association of which they are a member review their conduct. If you appreciate an answer, please give thumbs up. For the most helpful answer, please say thanks with a best answer click.
0 votes
Kathleen Ball, , Charlotte, NC
Mon Apr 22, 2013
I'm so sorry you had a bad experience with this realtor. It can be very frustrating, and I'm sure your buyer's agent is frustrated as well. This is why I won't practice true dual agency when I list a property - there are so many possibilities to be accused of unfairness to either party.

There are many factors considered by the sellers when selecting the offer - not always just the price. Sometimes they can be influenced by a more beneficial closing date (earlier or later, depending on what works best in they're particular situation). Many buyers will also ask for an item of value to be included in the purchase (ie refrigerator, washer/dryer). It sounds like this was a very close offer and perhaps something else swayed the seller the other way. I certainly hope this was an ethical realtor and it was just one of these other factors, but unfortunately, there our some out there who don't take their ethical duties as seriously as others.

Best of luck in finding the right home!

Kathy Ball
Helen Adams Realty
704-575-3700
0 votes
We had given cash offer with most favorable closing time.
Flag Mon Apr 22, 2013
Marta Rosario, Agent, Orlando, FL
Mon Apr 22, 2013
Good Morning Younessi,


I am very sorry to hear that you had a bad experience with a Realtor but not every realtor is the same, some of us take a lot of pride in our work. Always before hiring an Agent try to check all their reviews online. That is my best advice to you, but do have representation for Real Estate transaction, is always good.

Marta M. Rosario
Charles Rutenberg Realty/ Agent
http://www.imsellingflorida.com
407-232-4333
0 votes
Larry Story, Agent, Greensboro, NC
Mon Apr 22, 2013
Sorry to hear that you did not get the home you were after. One thing that we cannot know is that the agent may have also negotiated some off their commission which would net the seller more money also. In this market with the level of inventory being so low in most markets in NC we are seeing many deals that are multiple offer situations. As Christina mentioned though it is a gray area as far as the agent working as a dual agent and thereby knowing what the competing offer is. It would be a question for their Broker-in-charge as to whether they would designate another agent to be that buyer's agent in this situation.

The only suggestion I can make is to act quickly if you do find the home you want since the longer you wait the more chances of having a multiple offer situation you will have. The days of a buyer's market are over here. While prices have started to crawl their way up we have not seen wholesale prices going up yet.

Hope this helps,
0 votes
Frank Coxx, Agent, Indian Trail, NC
Mon Apr 22, 2013
It is easier to buy a HUD home or a Fannie Mae home.....you put in your offer online and it is just you and the system....I am sorry you had to go through this kind of stuff....I hope you come out better on your next deal
0 votes
Christina Ha…, Other Pro, Morristown, TN
Mon Apr 22, 2013
Unfortunately it does happen, but legally because the other offer was indeed higher I seriously doubt the State Licensing Dept of Agents will find any fault in the deal.. I do hope you get to find another home you liked as much as this one.

Best of Luck;

Christina Solorzano;
CEO & SR Credit Repair Specialist at
Everlasting Credit Repair
423-254-0555
http://www.everlastingcredit.com
0 votes
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