December 17, 2007
What do you do if a listing agent delays presenting your full price offer on a new foreclosure listing?
What do you do if a listing agent delays presenting your offer? I found a foreclosure that just came on the market. My husband who is a new agent in another county presented this listing agent with a full price purchase offer along with loan pre approval. We scanned an emailed the docs to her. We believe the listing agent is delaying the presentation of the offer in hopes of finding a buyer of her own (without co-brokering). She said she did not know when she could present the offer to the seller/bank because of weather conditions. Is making a phone call/sending a fax/email dependent on snow fall? Is there any recourse for stalling?? I looked up the listing agent and she IS a broker.
gave us the impression that the offer would have a better chance if it was not a co-broker sale.
offered to pay a referral fee but it seems as if she wants both sides to do anything with it.
he have to give up the buyer and commission to get this offer looked at.
the buyers are my parents. we're OK with the bank taking time to go through their process. We just want to see that the offer gets in so it can start. We talked to the listing agent/broker again today.
said she would submit it, but she sounded hesitant. At this point we don't know how and if we need to verify she really did.
Comments
December 17, 2007
patrick said:
There is plenty of recourse, and it involves reporting her to the MLS board, and filing a complaint with the state's Atty General's office.
is in violation, and could lose her license. Do remember that if this property is bank owned, then the wheels will grind very slowly.
offer will be reviewed by committee, have to have departmental approval, need legal approval, and if it is less than than the outstanding balance of the original loan, may require additional approvals.
dont say how long youve been waiting. However, remember weekends dont count in a bank buyback.
no circumstances should you contact the bank directly.
banks have a conflict of interest policy that forbids the foreclosure department from discussing any transaction directly with a potential buyer, or buyer's agent. (It is to prevent any appearance of fraud, and or kickbacks).Should you contact the bank directly, it may prevent you from buying the property.
need to state categorically to the agent that you insist upon co-brokering, as permitted by state law, and that should for any reason you not get this property, you will file a complaint with the MLS, and file civil suit for damages.