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My realtor called the realtor about a property they had on the market for almost 2 yrs. The realtor told my realtor that she had another realtor that was planning on putting a bid in. We rushed the paperwork and put our bid in because on a foreclosure the realtor in charge of the property is suppose to submit the first bid. Well my realtor just called me and said that she talked to that realtor 2 days after we submitted our bid and she said that she also has the bid from the realtor and her bid is a cash offer but our offer is better. My realtor said that more than likely since it's a realtor and its a cash offer that she will prolly submit that first because of the cash offer and being easier to handle when it comes to a foreclosure. That really upsets me that a realtor would help out another realtor that way because what she wants to do is fix it up and resell it at a higher price because it needs some work.
Last edited by Marka; 05-31-2011 at 01:26 AM..
Reason: Moved into a new thread
I often make low ball offers, on distressed properties, so whenever I sign an offer with a realtor, I mail a copy to the sellers address on record with the town hall along with a letter and contact info. Why? Many realtors think they can get more money for the house and never submit the offer to the seller or will tell the seller, they had an offer, but it wasn't serious. So if the realtor is trying to screw them, the seller can contact me directly.
My realtor said that more than likely since it's a realtor and its a cash offer that she will prolly submit that first because of the cash offer and being easier to handle when it comes to a foreclosure.
Hah, submit the offer through another realtors office. Dont give up. They could care less about you.
...put our bid in because on a foreclosure the realtor in charge of the property is suppose to submit the first bid. ...
By "foreclosure", I assume you are talking about a bank owed home (REO)? All bids are supposed to be submitted to the bank for review until the bank selects the bid to accept and signs the contract. The bank will review all offers and select the one that best meets the terms they want. Cash offers generally are viewed more positively if they can close fast, even if they may be a bit less than another financed offer.
Hah, submit the offer through another realtors office. Dont give up. They could care less about you.
LOL, there are too many "realtors" in the OP's post so it's a bit confusing. If I read this correctly, there's the OP's agent, the listing agent, and the buyer/agent. The buyer/agent is submitting a cash offer, which the OP's agent thinks may get more attention from the listing agent. As I said, if this is a bank owned home, all offers must be submitted, and order of submission will not make much difference at least up until they make a decision. Going to another office will likely not help.
Agents telling lies about having multiple offers is probably the most common lie told about real estate these days. As a property owner and investor has bought a number of homes over the years, I'll say that EVERY house I've been interested in is reported to have multiple offers already in. And more often than not, I've found this to be a lie.
Buying a house is a lot like buying a car when it comes to seller/agents/car salesmen lying, unfortunately.
By "foreclosure", I assume you are talking about a bank owed home (REO)? All bids are supposed to be submitted to the bank for review until the bank selects the bid to accept and signs the contract. The bank will review all offers and select the one that best meets the terms they want. Cash offers generally are viewed more positively if they can close fast, even if they may be a bit less than another financed offer.
Rightee-oh. Your agent should know this. I'd suggest asking her about her experience and knowledge after this.
LOL, there are too many "realtors" in the OP's post so it's a bit confusing.
I had assumed he placed the offer with a buyers agent and his boss in the same office is placing a offer to the listing agent in another office. Nevermind.... I sound even more confused now. LOL.
Agents telling lies about having multiple offers is probably the most common lie told about real estate these days. As a property owner and investor has bought a number of homes over the years, I'll say that EVERY house I've been interested in is reported to have multiple offers already in. And more often than not, I've found this to be a lie.
Buying a house is a lot like buying a car when it comes to seller/agents/car salesmen lying, unfortunately.
Gosh...and I've had so many times (not so many lately) when an investor came in posing as a homebuyer to avoid the mandatory 1 year ownership clause.
How do you know that the agent was lying? Often times offers are rejected or withdrawn....
[quote=BiggJoe4181;19338446]Gosh...and I've had so many times (not so many lately) when an investor came in posing as a homebuyer to avoid the mandatory 1 year ownership clause. [quote]
Doesn't he have to live in it for 1 year then, still?
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) when an investor came in posing as a homebuyer to avoid the mandatory 1 year ownership clause.
