We have a suspicion that the listing agent of a property we are interested in is lying to us. Is there anyway?

Asked by Zekedog, Florida Thu Jun 5, 2008

for us to have proof that he presents the offer to the bank (it is a short sale) instead of him just telling us that the offer wasn't accepted?

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5
Roger Theria…, Home Owner, Lantana, FL
Thu Jun 5, 2008
If the property was listed by the homeowner (which, in Palm Beach County, most "short sales" are) then the listing agent is only required to present an offer to the owner/seller. It's up to the seller to decide which offer(s), if any, to present to their lender(s) for approval.

And while a listing agent typically must present all offers, if he or she has been instructed by his seller (usually in writing) to automatically reject offers under a certain price or with certain terms, he may do so.

I regularly receive instructions to present offers only if they are accompanied by satisfactory lender approval letters, proof of funds, all requested disclosures and addenda properly signed, and properly completed forms. And occasionally my sellers tell me to simply reject anything under a certain amount, requests for seller financing, etc.

(And for Bank Owned, REO properties, sometimes they are even stricter... since they have a lot going on and they can't be reviewing everything that gets faxed to their listing agent)
1 vote
Robbyn Adels…, Agent, Covington, WA
Thu Jun 5, 2008
Also, being the director of the Foreclosure Division at my company I encounter this situation more frequently. A short sale can be very frustrating for a buyer and devasting for a seller. A bank will always negotiate. Banks want their money. There are certain formulas that they will accept. Most sellers have a first and a second mortgage. If market value is below the total of both it is much tougher though usually the second is the one who takes the hit. Most lenders will negotiate. Much too will depend on the strength of the buyer. It is hard to find a good agent who knows how to negotiate short payoffs and one that has success at them. Short sale negotiators can be very effective, but are also costly when there is not enough money in the first place. There are always sacrifices, but if the bank turns down your offer, then find out how much their appraisal came in at. If you are under that, meet it. I am sure you are still getting a great home.
Web Reference:  http://www.robbynsells4u.com
0 votes
Robbyn Adels…, Agent, Covington, WA
Thu Jun 5, 2008
It is sooo important to understand that a listing agent represents a seller exclusively and has a contract with that seller that they will look out for their best interest. It is like a lawyer being on both sides of a lawsuit. You need to find an agent in your area that will represent you, your needs and your interest. I help people all the time even if you do not live in my state, or are in my area, find agents that will look out for the buyer by interviewing you, finding out as much information about your needs and then in turn interviewing an agent to find the right fit. I am in the National Top 2% and would not be there if I did not help people and satisfy what they are needing.
Web Reference:  http://www.robbynsells4u.com
0 votes
Robert Clay, Agent, Brevard, NC
Thu Jun 5, 2008
Personally, I'd go to the source. I know of a similar situation where the buyers, like you, weren't entirely confident that their offer was making it to the right people...and that the sellers agent wasn't playing fairly. This couple did their research, found out who was in charge of the sale for the bank, and established a direct line of communication with the bank. They continued to work the deal out through the agent, but conferred with the bank rep as well. Sometimes banks chooses firms to represent them in these sales without knowing much about them....especially when the property is in an area where the bank has no office....which was the case here. But in the end, if you don't trust your agent, find one that you can.
0 votes
Deborah Madey, Agent, Brick, NJ
Thu Jun 5, 2008
You can ask the agent to provide you, for your files, written confirmation that the offer was presented. When the agent has fully presented the offer, there is no reason for the agent to decline.

The bank will not provide you written confrimation, as they owe you nothing, and don't participate in activities for the convenience or courtesy of agents or buyers.
0 votes
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