The offer, as your Attorney might, tell you, died on the third day. They let it go away with out responding, which is legal, but not very nice or effective.
Not sure owner being in Jail, nor government having to approve is needed to be disclosed. Your attorney will be on top of that. Some people, and yes Realtors, confuse the terms, Offer and Contract, and use them as one, and believe they are one in the same. An offer is just chatter until acceptance, while a Contact is document that the courts stand ready to enforce.
NAR Code of ethics require all offers be presented in a timely manner.
"Standard of Practice 1-6
REALTORSÂ® shall submit offers and counter-offers objectively and as quickly as possible. (Adopted 1/93, Amended 1/95) "
Now maybe its because he is in jail, they can not present - but they should have someway of getting to him, like US MAIL or via his attorney.
Anyway Doug, Your offer is dead- unless they comeback to you AND you agree to talk again. From what you tell me, it looks as if the listing people are enjoying having open houses and marketing the property to buyers in the market place. Some Realtors, as I agree, do not have open houses as it we feel it is not in the best interest of the seller, only a way for the listing Realtors too find buyers.
Suggest you keep working with your attorney as regards this property and also suggest you get a Realtor who is in the market place and one that can work with your Attorney as a partner to find other properties.
Some deals are not worth the trauma! If this is an investment, and you think you can get a good deal on it then continue through your attorney, at this point in time, as regards this property, your attorney is all you need. If this is going to he a place were you live, then maybe you need to drop this (sounds like a real hornets nest of problems), find a good Realtor and move on to finding a home.
Sales like the one you are in are very hard to complete, and can take a long time, much money and end up with nothing. There a tons of great deals out there, REO owned that get back with in 48 hours.
Thanks for all of your answers. By the way, my wife and I were just upset that the listing agent keeps saying they are waiting to get the offer to the owner. If they just would have said "no thanks" or not even answered we would have moved on. Also, its not in foreclosure. The house is paid for and up to date on tax payments. BUT, it was paid for with tainted money from illegal operations.
I will speak with our local real estate agent tomorrow.
It's hard to tell what's going on but, the fact of the matter is your interests do not appear to be represented. Some body dropped the ball and the first place to start is the agent that took your offer. Demand that they get to the bottom of this ASAP before you consider more serious options.
Where in Orlando is this property? I would assume it is still in Foreclosure since the owner is still in Jail.
That in itself forces a problem, and your attorney should have known that and advised you so, which would have immediately killed your offer due to your 3 day offer / right to cancel.
My suggestion is that you have a written formal withdrawl of the offer and regroup and either submit another offer or look for another property but be sure to do so with an agent who is proficient with short sales.
I personally service East Orlando and if you are looking for a property in another area, I might still be able to help by suggesting to you a qualified Realtor. You did give great details, but something is amiss here. 71% of listing price may have been so low that the owner may have considered it not worth looking at? There are just so many questions that I would have to give you any suggestions........
Is your offer justified by anything else other than 71% of the listing price? Other recent sales etc.
I don't know there there is sufficient reason to force a DBPR investigation, but there is enough reason to be upset and confused as to what happened. But since you are using an attorney to submit offers, he should be communicating with the sellers agent to find this information out for you. MY BIGGEST SUGGESTION: find a full time Realtor who does this for a living! They will assist you and get to the bottom of it all.
Firstly, you offer became null & void after the 3 day period you allowed for the owner's response. Secondly, you may consider filing a complaint with the DBPR at http://www.myfloridalicense.com/dbpr/index.html. They will decide via all your information if the complaint is legally sufficient and proceed from there.
If you have any additional questions, please do not hesitate to contact me.
Marc Grossman, GRI - Broker
Marc It Sold!
BACKGROUND: The owner of the house is in jail. The goverment has to approve the sale price of the house and retains all proceeds. I had to find this out myself because the listing agent didnt disclose it.
OFFER. The seller had 3 days to respond and after that the buyer has the option to cancel the contract. the list agent is acting as a transaction broker on our contract.
OPEN HOUSE: The agent at the open house, who said they havent had any offers, isnt the agent we did the contract with, but works with her at the same agency.
I spoke with the listing agent in Dec 29 and on Jan 6 and she said they still havent presented the offer to the owner who is in jail. Obviously, this is a complete lie and they are trying to get a higher offer than ours. I don't mind that, I just dont like that they keep lying to us and stringing us along.
Sounds as if you have issues.
Did/DO you have a Realtor?
Did he/she make the offer?
The agent who says they still have not had an answer - is he your person or is he the listing agent?
Is this a short sale?
Is this a REO?
How long did the contract you signed give them to respond.
Sounds as if:
1. Your offer has expired (they need not answer you all)
2. They are NOT required to negiotiate with you.
3. The Ethical actions they take, or don't take, is on the contract you signed.
Doug, as you are now aware, this house buying thing is tricky. Suggest you contact and find a
good Realtor, there are some good ones out here.
They will cost you NOTHING as the Selling agent will share his commission with your person.
I work Some of the Orlando area, so If you are doing business in that area I could help you. Otherwise I can find you a agent you would like.
Do you present the offer with the listing agent? You has the right to call the agent's broker or office's manager for inmediatly answer. It is not ethical to keep you waiting for 25 day for an answer even if the seller do not like your offer. Make the phone call or visit your agent office ASAP.