Real Estate Agent Refusing to take Offer (Trenton: condos, co-ops)
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I just got off the phone with a realtor I've been seeing different co-ops with. I told her I'd like to put an offer about $25k under the asking price of the co-op, which isn't priced very high at all, but needs a lot of work (new bathroom, new kitchen, new floor, etc). She told me my offer was unacceptable.
Can she really deny me the right to make an offer? Is that legal?
She's not the listing agent, but works in the office where the co-op is listed. They sell a lot of the same kind of units, and all of them have been going for about 5-10k under the list price, but this one in particular needs more work than the others.
I'm really annoyed....she also denied me from bidding on more than one unit at the same time....
Am I really a monster, or is she just trying to keep the price as high as possible so she can profit?
Can I bid on the same properties with a different agent? Afterall, I found all the units I wanted to see myself and called her just because her office had the listing....
Any written offer *must* be presented to the seller. I would recommend having your own agent regardless, you're not buying FSBO properties, the commission is already there, may as well get someone to fight for your side.
^^ I agree, you should definitely have your own agent representing you. You want an agent that is looking out for your best interest, not their own or the sellers.
Unfortunately though, this agent already showed her the condo - so she's kinda stuck with her now - at least for this one. She can not legally refuse to take an offer - if she doesn't take your offer to the listing agent call the broker.
Unfortunately though, this agent already showed her the condo - so she's kinda stuck with her now - at least for this one
I'm not so sure here. If there is no buyer's broker agreement, is there an agreement in place? If this agent isn't presenting offers, they certainly aren't really representing the OP anyway (atleast imho).
She has to give the offer - what the heck is wrong with her? How unethical can you get - If I was selling a condo I would want to know about ALL offers - no matter how low. The woman is nuts!
She MUST present ANY offer to the seller - it's her job. Since she refused to present your offer, she cannot represent you - I think she automatically nullified her agent-client relationship with you, if any existed. You have the right to report her to NJ Real Estate Commission. Before you do that, you should talk to her broker and give him a chance to fix this situation. The best solution for you would be to get your own agent who works for a different broker to represent you in this transaction - it's completely free for you.
I guess she is trying to manipulate the prices in the condo complex by rejecting your offer; as soon as your low price is recorded as a sale, it becomes a "comp" that may drive down the prices of other condos.
The Agent must present all offers, ask her to present a verbal offer on your behalf, if she refuses call and speak with her broker. If you get no satisfaction you can go to another broker, but by that time you should move on, unless you must have this one unit. you could make another offer with another agency, but it still must go to this agents office, odds against you. But let me tell you, as someone currently making a living in this market, most sellers will not consider less than what they think it is worth, until motivation is high. I wont write a contract unless i think it might get accepted and/or haven't i already heard that offer before? And it was turned down 10 times already?
If you calculate agent dollars on any deal 25k equats $1500 divided by four, buyers brokers(1), agents(2) and sellers brokers(3) and agents(4) which equals $375 to the agent. Why try and cheat you out of $375? and I loose my license?
Are your estimates for repairs fair 25k, A Co-op Kit is usually small, along with the bath, an average bath should range 3-5k kit 5-7k, and don't remember everything, but you can spread those cost over time by doing one project a year, unless the place is not fit for anyone to live, which would make your offer good, maybe...
As far as buyers agency in NJ, any agent that you think is working for you
is your agent, and if that agent shows you a property is procuring cause.
Technically you can't go to another agency, for the same property you saw with that agent. We get burned on this a-lot, Can you show me this property, I have an agent, and will make the offer with them, then that agent should show it to you, don't waste my time.
Sorry i get emotional about these things...
Step 1 Call the agents broker - complain, explain, or talk it out, don't get upset though
Step 2 Find an agent you like and trust, what usually starts of bad, ends bad.
And remember Wuusaaa
Some of these realtor's are still hoping that buyers are desperate and want to make off like its 2005 !!
Reality will set in eventually ...
New Jersey Real Estate Commission License Laws
Statute 45:15-17-E:
Any conduct which demonstrates unworthinesss, incompetency, bad faith or dishonesty...
Real Estate Assistance
New Jersey Real Estate Commission
P.O. Box 328
Trenton, N.J. 08625-0328
Call (609) 292-8300 to file a complaint against a licensed real estate agent, broker or solicitor. HTML REDIRECT - NJDOBI WebSite Re-Design
The Agent must present all offers, ask her to present a verbal offer on your behalf, if she refuses call and speak with her broker. If you get no satisfaction you can go to another broker, but by that time you should move on, unless you must have this one unit. you could make another offer with another agency, but it still must go to this agents office, odds against you. But let me tell you, as someone currently making a living in this market, most sellers will not consider less than what they think it is worth, until motivation is high. I wont write a contract unless i think it might get accepted and/or haven't i already heard that offer before? And it was turned down 10 times already?
If you calculate agent dollars on any deal 25k equats $1500 divided by four, buyers brokers(1), agents(2) and sellers brokers(3) and agents(4) which equals $375 to the agent. Why try and cheat you out of $375? and I loose my license?
Are your estimates for repairs fair 25k, A Co-op Kit is usually small, along with the bath, an average bath should range 3-5k kit 5-7k, and don't remember everything, but you can spread those cost over time by doing one project a year, unless the place is not fit for anyone to live, which would make your offer good, maybe...
As far as buyers agency in NJ, any agent that you think is working for you
is your agent, and if that agent shows you a property is procuring cause.
Technically you can't go to another agency, for the same property you saw with that agent. We get burned on this a-lot, Can you show me this property, I have an agent, and will make the offer with them, then that agent should show it to you, don't waste my time.
Sorry i get emotional about these things...
Step 1 Call the agents broker - complain, explain, or talk it out, don't get upset though
Step 2 Find an agent you like and trust, what usually starts of bad, ends bad.
And remember Wuusaaa
NJ Broker, Your first sentence says All agents must present all offers. Then about 6 sentences later you say,"I won't write a contract unless I think it might get accepted". Well which is it, whatever is convenient for you or the law protecting the person making the offer. This is one reason why most of the general public does not trust realtors. The market sucks present the offers. If people want to sell they will.
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What to do, really
