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we were checking out a foreclosed house. It needed much repairs and I estimated the cost to be around $15-20k. The listing agent told me that the house was once sold for $700k, but now has listed it for $450k as a bank REO. Well, as I have said, it is in need of repairs and with new houses just a tad bit more expensive, I thought I would put in an offer of $420k.
The listing agent scoffed and refused to present my offer to the bank.
is this legit?
(originally from another forum that I mistaken posted this on)
My agent has never refused to submit my offer. She offers her opinion that if I really want it I may want to bump it up a bit, but she is great and always writes it up and faxes it over. No scoffing, lectures, etc. I couldn't work with someone like that.
PS - I don't think your offer is outrageous at all considering your dealing with a bank. There is currently an REO by me that sold for $900k in 2007 as is currently listed at $325k. (6 1/2 acres, lakefront, 5000 square feet). Problem is nobody wants any house that big and the taxes are OUTRAGEOUS as it is still assessed at 1 million dollars.
My agent has never refused to submit my offer. She offers her opinion that if I really want it I may want to bump it up a bit, but she is great and always writes it up and faxes it over. No scoffing, lectures, etc. I couldn't work with someone like that.
PS - I don't think your offer is outrageous at all considering your dealing with a bank. There is currently an REO by me that sold for $900k in 2007 as is currently listed at $325k. (6 1/2 acres, lakefront, 5000 square feet). Problem is nobody wants any house that big and the taxes are OUTRAGEOUS as it is still assessed at 1 million dollars.
Since she's the listing agent and the one working with the bank/asset managment company she probably already knows it's a waste of time at this point.
What you can do is go to another Realtor® and have them submit your offer to her.
we were checking out a foreclosed house. It needed much repairs and I estimated the cost to be around $15-20k. The listing agent told me that the house was once sold for $700k, but now has listed it for $450k as a bank REO. Well, as I have said, it is in need of repairs and with new houses just a tad bit more expensive, I thought I would put in an offer of $420k.
The listing agent scoffed and refused to present my offer to the bank.
is this legit?
(originally from another forum that I mistaken posted this on)
This does not sound right. Something is missing.
The house is listed at $450k
Your offer was $420k
That is 93% of listed price which is a reasonable offer.
The listing agent is required to submit all "written" offers to the seller, (along with pre-qual letters or proof or funds). That is, unless the seller has accepted a prior offer and instructs the listing agent to not submit any more offers.
You can file a complaint against the agent. They are required to submit all offers, reasonable or not. Yours is not out of the question, in fact I would say it is a good offer.
It is not up to the agent to judge the offer, but submit it.
Go to another agent and let them know what issue you had. This way they can ask for a sign ed rejection from the owner. I will submit all offers but I let people know if they are being realistic. Wouldn't I feel foolish if their offer was accepted? Working for the buyer iit is your goal to get the lowest price possible. working for the seller is the opposite.
I would simply file a complaint with the board and get another agent to represent me on this deal
was this offer in writing? Did you sit down and write one, make out an earnest money check, give her your pre-approval letter?
yes, I have filed an official offer with all the fixings.
The listing agent was a bit on the questionable side when at first he refused to show me the property because I was working with my own realtor. His response "why should I show the property for free?" (I had found the property myself and could not get in contact with my realtor. Initially when I spoke to the listing agent, he said he lived nearby and could open it up for us...but as soon as he found out I already had a realtor, he gave me the cold shoulder)
yes, I have filed an official offer with all the fixings.
The listing agent was a bit on the questionable side when at first he refused to show me the property because I was working with my own realtor. His response "why should I show the property for free?" (I had found the property myself and could not get in contact with my realtor. Initially when I spoke to the listing agent, he said he lived nearby and could open it up for us...but as soon as he found out I already had a realtor, he gave me the cold shoulder)
Then you have other issues. Where is your buyer agent in all of this? Get them to take care of it. If they aren't doing their job get a new one. I wouldn't want to do another agents work either.
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