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Old 03-19-2008, 11:20 AM
 
50 posts, read 215,148 times
Reputation: 17

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Question for those of you who are in the real estate business, or are well versed in real estate...

I bid on a short sale property two months ago. The listing is at 295, but there were several bids, so I topped them all. I then got outbid, so I came back with a bid of 315k to top him. It's been 6 weeks since I made my 2nd bid and as far as I know, I'm the highest bidder and the strongest buyer, with 25% downpayment and good credit.

My agent has been calling the listing agent for updates, and at first, the listing agent returned calls and explained the situation.

So my agent calls about once a week for an update.

After about 4 weeks, the listing agent stopped taking my agent's calls, and never returned voice mails.

It's been 6 weeks and both my agent and I kinda gave up, until I sat here today and got angry.

I called the listing agent asking for info on the place without letting her know who I was. She asked if I was a buyer or agent, and I said buyer. I asked for more info on the place, and she told me it was a foreclosure (not sure if the status changed from short sale to foreclosure, or if she was just saying that). She also told me there were several bids.

I asked how much was the highest bid, and she told me the highest bid was 312k. I then told her who I was and that I had put in a bid of 315k 6 weeks ago. I went on to ask her why she hadn't been returning my agent's calls, why she would tell someone the highest bid was 312, when I have a bid in for 312k, etc.

My agent and I suspected from the beginning that this agent wants her own bidder to win this property so she could take a bigger percentage I guess.

What power do I have? Should I instruct my agent to deal only with this listing agent's broker? Can my agent get the bank info and deal with the bank? I know this agent doesn't have to return calls or let my agent know if I have been outbid, but that most do.

I really want to be aggressive and am ready to outbid anyone who outbids me, but when an agent is so biased against me, it puts me in a bad situation.

HELP! I really want this place!
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Old 03-19-2008, 11:23 AM
 
Location: High Bridge
2,736 posts, read 9,643,716 times
Reputation: 673
I think having your agent contact the seller's agent's broker would be the right step to take.
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Old 03-19-2008, 11:31 AM
 
Location: Piscataway, New Jersey
531 posts, read 2,144,583 times
Reputation: 160
I think you need to arrange a beat down.

Sorry, I just spent the last 5 minutes reading the I got attacked in Newark thread.
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Old 03-19-2008, 11:57 AM
 
Location: central fl
467 posts, read 1,685,961 times
Reputation: 158
Quote:
Originally Posted by metro1026 View Post
Question for those of you who are in the real estate business, or are well versed in real estate...

I bid on a short sale property two months ago. The listing is at 295, but there were several bids, so I topped them all. I then got outbid, so I came back with a bid of 315k to top him. It's been 6 weeks since I made my 2nd bid and as far as I know, I'm the highest bidder and the strongest buyer, with 25% downpayment and good credit.

My agent has been calling the listing agent for updates, and at first, the listing agent returned calls and explained the situation.

So my agent calls about once a week for an update.

After about 4 weeks, the listing agent stopped taking my agent's calls, and never returned voice mails.

It's been 6 weeks and both my agent and I kinda gave up, until I sat here today and got angry.

I called the listing agent asking for info on the place without letting her know who I was. She asked if I was a buyer or agent, and I said buyer. I asked for more info on the place, and she told me it was a foreclosure (not sure if the status changed from short sale to foreclosure, or if she was just saying that). She also told me there were several bids.

I asked how much was the highest bid, and she told me the highest bid was 312k. I then told her who I was and that I had put in a bid of 315k 6 weeks ago. I went on to ask her why she hadn't been returning my agent's calls, why she would tell someone the highest bid was 312, when I have a bid in for 312k, etc.

My agent and I suspected from the beginning that this agent wants her own bidder to win this property so she could take a bigger percentage I guess.

What power do I have? Should I instruct my agent to deal only with this listing agent's broker? Can my agent get the bank info and deal with the bank? I know this agent doesn't have to return calls or let my agent know if I have been outbid, but that most do.

I really want to be aggressive and am ready to outbid anyone who outbids me, but when an agent is so biased against me, it puts me in a bad situation.

HELP! I really want this place!
I think your agent isnt very aggressive and should know what should be done at this point to pursue this house
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Old 03-19-2008, 01:00 PM
 
Location: Chester, NJ (Morris County)
127 posts, read 542,296 times
Reputation: 40
I agree with CuCullin with one correction: your agent's broker (not your agent herself) should contact another broker if the direct communication between the agents didn't work. A similar matter was discussed on this forum before:

http://www.city-data.com/forum/new-j...ake-offer.html


Quote:
Originally Posted by CuCullin View Post
I think having your agent contact the seller's agent's broker would be the right step to take.
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Old 03-20-2008, 11:57 AM
 
50 posts, read 215,148 times
Reputation: 17
My agent just got off the phone with me. She was talking to the broker who informed her that the property sold for $310k.

It's very apparent that the broker and agent didn't submit my offers.

I just got that 310 deal cancelled though, even though it past attorney review and everything. They knew they were wrong so my offer is the one accepted!

WOOHOO
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Old 03-20-2008, 01:04 PM
 
Location: NJ
23,786 posts, read 33,229,160 times
Reputation: 30580
congrats! I'm glad it worked out.
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Old 03-20-2008, 01:14 PM
 
Location: Stewartsville, NJ
7,577 posts, read 22,542,163 times
Reputation: 1260
Quote:
Originally Posted by metro1026 View Post
My agent just got off the phone with me. She was talking to the broker who informed her that the property sold for $310k.

It's very apparent that the broker and agent didn't submit my offers.

I just got that 310 deal cancelled though, even though it past attorney review and everything. They knew they were wrong so my offer is the one accepted!

WOOHOO
Good for you! Well done standing your ground and coming out the winner. Are you goignt o file a formal complaint against the other realtor/broker? Or are you just happy it all worked out? Where are you moving to?
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Old 03-20-2008, 01:37 PM
 
Location: Savannah GA/Lk Hopatcong NJ
13,365 posts, read 28,595,460 times
Reputation: 11989
Quote:
Originally Posted by metro1026 View Post
My agent just got off the phone with me. She was talking to the broker who informed her that the property sold for $310k.

It's very apparent that the broker and agent didn't submit my offers.

I just got that 310 deal cancelled though, even though it past attorney review and everything. They knew they were wrong so my offer is the one accepted!

WOOHOO
Congrats..and good for you for standing your ground
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Old 03-20-2008, 01:45 PM
 
1,308 posts, read 4,606,430 times
Reputation: 246
we bought a foreclosure years ago to rent out as an investment. Like any idiot would I went through realtor that listed it, they actually had me in a bidding contest till my lawyer figured it was a bidding war with ourselves, needless to say I got it at my initial offer and sold it two years later for a really good profit. Lesson learned!
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