Q: Can a listing agent hold or refuse to submit my offer to buy a condo, for whatever reason? I submitted an offer to buy a short sale condo, and the listing agent does not want to submit it for review, is this even legal? I know the listing agent does not want to submit my offer , because he texted (he avoids calls) ?multiple offer have been received, they will be submitted tonight.? Ten days later, he replied with same verbiage, through a Realtor. Can he even do that legally, to submit whenever and whatever he considers is fair?
?MVP Buyer, Phoenix, AZ
strong>A: In California he may not do that unless the seller has directed him to do so. Of course, this is difficult to prove and could put the seller?s agent in a situation to get sued. The seller agent?s best recourse is to present the offer and simply have the seller initial the refusal of the offer.
Now, there is an assumption that your offer is fair. If you have made an offer that is ridiculously low, the agent may have some legal point to stand on as to why your offer was ignored.
You are making an offer on a short sale and this brings in another set of issues. The lien holders usually requires the homeowner present all offers. Not doing so could jeopardize the short sale, especially if you had an offer the lien holders would have desired over the others.
What is your real estate agent doing for you in all of this? Have they made any recommendations?
Sometimes a seller agent may become overwhelmed with the offers on a property, but this does not remove their duty to present all offers. Here are some options for you to contemplate.
Contact the sellers? real estate agents manager or employing broker and tell them what their agent is doing in regards to your offer.
Contact the sellers agent local Association of Realtors to file a consumer compliant about what the agent is doing in your case.
Make sure you have proof that you actual did present the offer, such as a fax record of transmittal or a hand written receipt from a staff person at the seller agents office. Remember the agent is actually working for a broker and the broker is who is ultimately responsible for the actions of their real estate agents.
Adam Aguilar is a Realtor? with Reliantra in West Toluca Lake, CA.
A: I don?t sell real estate in Arizona but I believe the laws are similar to California?s. No, he is required to submit all offers to the sellers who then choose the best offer and that is submitted to the bank. If he is holding them call his broker and complain and then file a complaint with the Board of Realtors of Arizona. You should be able to find them online. What he is doing is unethical and a breech of his fiduciary duty as a Realtor.
When an agent holds offers like that, generally they?re trying to double end the deal and find their own buyer. Report him to his broker, the local board of Real Estate and the State. Don?t wait. Do it now.
Lenore Wilkas is a Realtor? with Prudential Fine Homes International in Burlingame, CA.
A: Basic law dictates that all bona fide offers must be submitted to the seller for review. I suggest you have your Realtor check the circumstances which are preventing the offer from being submitted.
Harold Huggins is a Realtor? with Harold H. Huggins Realty in Burtonsville, MD.
A: Short sales are a completely different ball game than regular resales or foreclosures. You need to discuss the situation with your current Realtor and have them explain things to you in better detail. If you don?t currently have a Realtor and instead went directly to the listing agent, you need to call them and have them explain the process for you. If they refuse or are uncooperative, go to their broker and ask the broker to either explain what?s happening or to re-assign you to another agent at that office who is able to explain the situation to your satisfaction.
Joshua Hanoud is a Realtor? with Tropic Shores Realty in Spring Hill, FL.
A: It depends on what agreement is with the seller. Typically we want to submit everything. If this is a foreclosure, at some point we do cut off the offers. If you think yours is higher and better than the other 10, you will close faster, or yours is for all CASH with great supporting documentation of your CASH on hand, have your agent push more. In my opinion there would be no reason they wouldn?t want to submit the highest and best offer. On some of the foreclosures we get so many offers that at some point we have to cut things off. If your offer is weak, with financing, more restrictive types of financing, the property is not in good condition, you have low down payment, or restrictive terms, they may know from experience it is not competitive and not worth submitting. Ask your Realtor for advice?..make sure on a property that is getting tons of offers that your offer is lock solid and will compete with the best of them. Good luck?..keep after it?.you?ll get one.
Bruce Lynn is a Realtor? with Keller Williams Realty in Coppell, TX.
A: There may be more to it, but normally the agent would be required to submit any offer they receive to the seller (not the bank). The exception is if they received other instructions from the seller (not the bank) not to submit offers below a certain price, which i would doubt in this instance.
If your offer was submitted through your own agent, ask them. If you made the offer through the listing agent, ask them. If the bank requests information for all offer submitals and yours did not have everything, that could be why it was not submitted to them for approval. It could also be that an offer was accepted by the seller and is waiting for approval from the bank. The seller cannot accept other offers and therefore the bank cannot approve any other offer.
Jim Basquette is a Realtor? with Huff Realty in Cincinnati, OH.
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Source: http://rock-n-rollrealestateagent.com/can-a-listing-agent-refuse-to-submit-an-offer/
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