Realtor malpractice or just bad luck?

Question

we wanted to buy this condo that was selling for very cheap. The seller's realtor (the owner was a bank) wasn't telling us enough information for the bank (our bank) to give us the loan to buy it. At that time we didn't have a realtor so we contact one and she found out all the information necessary for us to get the loan. When we put our offer, the seller's realtor got really mad. She told our realtor that she invested so much time for us to do this to her (what time? she showed us the condo one time and that was it) and now she wouldn't have the full commission for the sale and that somebody else had put an offer before we did. (very suspicious). The property was still active (for sale) on the internet. We didn't get any response from the other realtor. So yesterday we check on the internet and we saw that the property was sold for a less amout that we offered. The funny thing is that the sale day for the property was a couple of weeks after we put our offers. Does this mean she didn't want us to have the condo just to get back on us for not getting the full commission? or There really was somebody else that put an offer before we did?

If anybody knows about this thing let me know please. I feel like we were robbed by her and just want to have an advice on what to do.

Answer 1

The issue is that the listing agent had "procurring cause" because she showed you the property first. However because the listing agent did not seem intrested in you and did not service you properly you had every right to find another Realtor. Since the listing agent just showed you the property and did not write an offer with you the matter would have been resolved with your agent offering a referral fee. When your offer was presented the listing agents obligation to the seller is to present ALL offers. She can't by law make the decision to which offer is best for the seller. All rejections must be in writing and signed by the seller. To many agents out there are making improper decisions on the sellers behalf. I would bet that the seller never knew of your offer.

As for agent 2. She needs to be fired as well. She did you no service at all. I can't figure out why she did not pursue the listing agent and get your offer looked at by the seller?

I would file a greivance against both agents. The listing agent for not presenting your offer. Agent # 2 for not pursueing and getting your offer to the seller. She should have gone to the listing agents broker and complained or if the listing agent was the broker she should have gone to the board. You can contact the local Board of Realtors and find out how to do this. If a complaint is made and it winds up at the Department of Real Estate this infraction will stay on their record FOR LIFE. So most agents will do anything to prevent this from happening.

When you make the complaint you need to name the brokers as well because they really are responsible for their agents.

Good Luck  

Answer 2

IF you are certain she acted to your disadvantage, make a written complaint to her broker and to the MLS

Realtors have ethical standards and codes covering the submitting of bids and offers received

However, with a bank as owner, they are surprisingly not necessarily acting what appears logically

They choose what they feel is the best offer--a cash deal, no mortgage involved is they can get it, regardless whether price is higher or lower

Answer 3

If someone else's offer was in and accepted before yours, I don't understand why the listing agent (agent representing the seller) would care.  Also, as the listing agent they would have known about the prior offer.  When you say "active on the internet" the big question is where on the internet?  If your new agent says it's active on the mls, there's an issue there.  If it's "active" on some website somewhere, it doesn't mean anything as other sites can take a while to update.

Did the listing agent provide a "duties owed" form when they first showed you the home?  If you feel you might have been wronged by the listing agent, you should first talk to your agent for an explanation.  If you're not satisfied and feel your offer was passed over because of the listing agent, you can file a complaint with the local board of Realtors.  If you file a complaint, be prepared to put some time and effort into presenting and making your case.  Have a timeline - dates, copies of paperwork, when and who you talked to.  

Answer 4

The offer could be offered, but the actual sale date would be later.  The sale date is when the papers are signed, which is after the bank approves.  They probably did put an offer before you.  Because if they didnt, then she would not have been mad.  Why get mad when they get an offer?  See?  The other buyer did in fact offer first.  And this also directly proves it because the offer comes first, but the sale date will not be final until the papers are signed, which could be months later.  And even if their offer is lower, it could be because the realtor would have made less if she accepted your offer OR, that the other people put a down payment alot higher then your payment.  Or they were just better in credit ratings and income.  So, in your case, it was bad luck....

Answer 5

I doubt she did anything wrong.

People get confused about buying bank owned homes.

They do not accept the highest offer.

They accept highest and BEST offer.

The buyer could have had more cash down (your agent can verify this) or even simply better credit.

The offer that looks like it will be most likely to make it to closing is hte one they take.