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I don't have a real clear idea of what's gong on, but it seems to me that where the listing agent went wrong was offering to hold the first offer until she could submit both. This is strictly an opinion not based on any real estate knowledge, but if I was in a short sale situation I would want any offer that came through to be submitted right away so I could get on with moving on.
Maybe the agent told the owners she was holding an offer and waiting on a second and they asked her to just send in the one she had?
As far as your offer being higher, the other offer may have been lower but more concrete. Maybe it was a cash offer or had no contingencies, making it a more appealing offer.
I would contact the seller directly..not sure what if anything can be done, but the seller should know for sure. I would not hesitate to call that other agents manager and threaten some kind of litigation unless a reasonable response has been given. It sounds totally unethical.
Did it go to contingent -- or have they just not updated their records yet. Couple of things -- they may be slow to update their records AND./OR the bank may be slow to accept the offer the seller signed. A bank wouldn't look at an offer on the week end probably. So it may not be active AGAIN...it may still be listed as active.
If the listing is active AGAIN....contact uour agent and resubmit the offer. It means the bank refused the original offer the seller accepted.
I understand but the offers were 1 day apart because the listing/selling agent would nit return our calls to show the house then when we finally got a hold of her she was showing the house to the other person that made the offer then she referred us to a buying agent from her office and we looked at the house the next day and put our offer in and she said she would give both of them to the seller but only gave the other offer to the seller. And I know for a fact my offer was higher than his, so the only thing I can think of is she didn't want to split the commission with our agent
Well our agent said she talked to the broker and the broker is the one that said there is nothing that can be done since the seller signed the other offer. Thanks for all responses
Since the broker is working as a seller's agent, it is their fiduciary duty to present ALL offers - even if a house is in contract! In a short sale situation, the bank decides what price to accept. If a broker is found to have "withheld" a higher offer for the property, they could lose their license because they didn't act in the seller's best interest.
Since the broker is working as a seller's agent, it is their fiduciary duty to present ALL offers - even if a house is in contract! In a short sale situation, the bank decides what price to accept. If a broker is found to have "withheld" a higher offer for the property, they could lose their license because they didn't act in the seller's best interest.
I've been doing a little research and is it OK for me to contact the seller or the bank directly, we signed the approval and gave our agent a $500 check for earnest money deposit at the time we signed the offer. Then after she told us the bad news she 'said' we were put on the property as a back up offer. Does this mean the bank is aware of my offer? Or do they only look at mine if the first one falls through? I have the banks info and will call them tomorrow, I just want to know if I can go directly to the bank or do I have to get the seller to sign my offer for the bank to even consider it. The bank is Wells Fargo is that helps, and the payoff on the loan is 139k and our offer is 128k and the other offer is 125k, the listing is for 125k.
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