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lookingforanswers | What can someone do if realtor will not submit offer? |
My friends wants to submit a full price offer on a foreclosure and the listing agent is basically saying that there is no point because he has a "good cash offer" already....Well so is her offer. Her realtor believes that he likley has a relationship with the person making the offer, likely an investor, therefore, even if she presented it, her realtor thinks he will just sit on it anyway, to make sure the offer he wants to get accepted does. This is unethical and infuriating, is there anything she can do? Her realtor seems to just want to do nothing, I think she should do everything she can to fight him on this to make sure that the bank sees her offer too, as well as to bring this to his brokers attention.
Other realtors, please advise! The property is in Michigan. |
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Mother Bear
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YOur friends agent needs to call the listing agents broker and insist that the offer is presented. It sounds like the agent may be representing both the sellers and buyers and is trying to assure themselves of a full commission.
If that brings no joy a little call to her states real estate board will bring joy, very swiftly, they are pretty aggressive with this sort of unethical BS. |
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godged
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I agree, some people don't understand your question.
I would have your friend talk to their Realtor's principal broker and if they are stonewalled there, call the listing agent's principal broker and the board of Realtors. What the listing agent is doing is unethical and the board frowns on this sort of thing, especially because the listing agent has advised that they are not going to present your offer.
I would tell your friend to make a just a tad over a full price offer ($100 or so) and get it presented.
Don't let your friend duck and run here, go get 'em! |
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Mr Placid
 |
Easy.
Contact the current titleholder directly. If it's a bank, it may take a few phone calls to find the right person. Your friend then should explain her interest in buying such and such a property, and agent so-and-so is refusing to convey her such-and-such cash offer. |
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Steve B
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You are most likley correct .. in the UK, it is quite well known that some listing agents pretend that 'no offers' have been received on a 'repossessed' (foreclosed) property in order to get the price dropped ...
Submit direct to the selling institution .. if you can find the original owners (or their lawyer), copy them ... they can ignore your offer, of course, but at least they will be aware that an offer has been made .. |
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glenn
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The National Association of Realtors has a code of ethics that in part says that a buyer's agent can require they be allowed to present the offer directly to the seller (of course the listing agent would be there and the buyer's agent would not be allowed to stay when the owner and their agent wants to discuss the offer's plus and minus). The owner is allowed to refuse this option. The banks generally do refuse this option and so do almost all sellers. It is not an option that often results in an accepted offer because it is seen as a challenge to the listing agent. |
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Weimaraner Mom
 |
Does this realtor work for your friend? If he does then yes, he has a fiduciary agreement to his client to present ALL offers regardless. It's up to the bank to reject or accept whatever offer they want to go with.
Your friend needs to call the agents broker in charge and file a complaint, if it gets no where then your friend should contact the Real Estate Commission for Michigan, they can go thru the Department of Professional Regulation, they will need the agents full name and the agency they work for, if the RE Commission finds fault with the agent they will be fined along with the Broker in Charge.
It is an agents duty to present all offers on a home, they are doing the seller an injustice by not presenting them with all options available, even if it is the bank.
If they are getting no satisfaction and this agent does not in fact work FOR your client (single agent transaction) then they need to find another agent that will work on their behalf.
Good luck |
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bookshop_lady
 |
I can see by the first answer that people aren't going to understand your question, so let me see if I can rephrase it a bit to clarify:
Your friend wants to buy a property and has given his agent (the buyer's agent) a contract to offer to the seller (the bank). The LISTING agent is refusing to present the buyer's offer because there is already a cash offer that the seller is considering.
Your friend can always contact the realty board in their locality as well as the state's board of realty and file a complaint against the listing agent and the agent's broker. He can also call the broker-in-charge (usually the president of the realty company) that the listing agent works for, and ask that person why his agent is refusing to submit a valid cash offer to a seller.
Yes, it's very unethical of the listing agent to refuse to present offers to the seller. The seller has the right to see all offers, even if they're unrealistic and unreasonable. |
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estielmo
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duhhh... Use a different realtor. |
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mortgage underwriter
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find another realtor to present the offer |
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