We had a contract signed by the seller in a short sale. We bid 80,000.00 over asking price on a distressed property in zip code 34285.

Asked by Septemberhillfarm, Venice, FL Sun Sep 15, 2013

The listing agent notified us by e mail that the bank chose a different offer. We were never told there were designated back up offers. My understanding was the bank had to give written notice of the rejection- which they did not. The home closed. Listing agent got both sides of commission. House sold for $81,200.00 over ask price- strangely $1,200, over our contract price. To make matters worse, list agent recorded the sold price in MLS at $460k , the house closed at $455,100(verified by public records). Why would list agent falsify sold price in MLS?

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Linda Dillon, Agent, Sharon, MA
Sun Sep 15, 2013
I would need more information to give you a good answer. I would need to know the MLS number so I could look into the matter. If you think you suffered damages because the agent acted improperly, you could file a complaint with the Real Estate board and they will check it out. You my also want to contact an attorney. Short Sales can be very complicated and it is always a good practice to get an attorney involved as soon as possible.
2 votes
Suzanne MacD…, Agent, Succasunna, NJ
Sun Sep 15, 2013
First, the bank does NOT have to give written notification of rejection, in fact, they often refuse to do so. Second, if it is a HAFA short salte, the listing agent is required to present ALL offers to the bank or be in danger of being charged with bank fraud. I do, however, agree that it looks suspicious. I would have expected the listing agent to advise you that they had a higher offer and ask if you wanted to meet or beat that offer. It's called a bidding war. I had a bidding war on one of my short sales as well. I have no explanation of the 'sold' price in the MLS. If you are really upset, I would first speak to the listing agent's broker of record, and if I was still not satisfied, I would go to the real estate commission.
2 votes
Chuck Roberge, Agent, Canton, MA
Sun Sep 15, 2013
It sounds unethical, but a lot of banks won't pay a single agent for both sides of a transaction. Typically they have a set amount for each side of a transaction. Remember the bank is paying the commission on a sale that they are loosing money on. They simply won't pay the same agent twice. My thoughts are that the list agent probably took credit in MLS for both sides.

My guess is that the list agent is probably stacking his or her stats for future listing presentations. If this property was listed in Canton your agent could report it to the MLS as this would most likely be a violation of MLS policy. I know pinergy the MLS for Canton doesn't take kindly to falsified information.

My advise is to move on and be weary of dealing with this agent again as there is very little to gain other than revenge and it is better to move forward than waist your energy on an unethical agent.
1 vote
Thank you- the buyer was a LP that the agent has sold 7 properties to. Her listing and her buyer. Listing was in FL
Flag Sun Sep 15, 2013
Margaret Has…, Agent, Tampa, FL
Sun Sep 15, 2013
If you have questions about the validity of a transaction, you should contact your state's real estate commission.
1 vote
Thank you. This happened in Venice, Fl. Who can I contact in FL?
Flag Sun Sep 15, 2013
Heath Coker, Agent, Falmouth, MA
Sun Sep 15, 2013
You can always complain to the Licensing Board and to the MLS (MLSPin in this case I think) to see if they can identify any improprieties.
In many cases, there is more involved than the price.
Terms also make a deal.

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0 votes
Lisa Johnson…, Agent, Newburyport, MA
Sun Sep 15, 2013
I'm so sorry you had to experience this. Short sales in Massachusetts are tricky. The lender makes the rules and changes them when they feel like it. Different types of loans have different requirements. Some short sale programs require seller to accept one offer only and others require all offers must be submitted to the lender after seller has accepted one pending further approval. There are no requirements that say the lender must respond on writing to you. As frustrating as this is its just how they do things. Most short sales go through the equator system and when an offer is rejected they send a status update. You could ask if there was a negotiator for the seller and see if they are willing to speak to you. Another point to remember is the other offer may have had stronger terms not only offer price. Your real estate attorney should be able to help you determine if you have any recourse. Best of luck.
0 votes
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