Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I just had something happen and I guess I'm shocked because I'm an honest person --and most of the other Realtors I've dealt with in the last 4 years have also be quite honest, upstanding and trustworthy. I have finally met someone who chilled me to the bone and took away my trust.
I have customers who are looking to rent a house.
I took them to this particular house and they made an offer $200 below the asking price.
I sent the offer over to the listing agent with my customers credit reports, proof of income and an MLS rental deposit form filled out with the stats of date when they proposed to move in, price they offered, security amount etc.
I got a call from the listing agent the next day that the offer was accepted by the landlord.
She gave a date for the lease signing as this coming Sunday.
I spoke to my customers and told them they were accepted, they were very excited.
I called the listing agent back to tell them that Sunday would be fine.
She didn't answer, I left a message.
She didn't call me back. The next day I called her and she told me that they got another offer. A higher offer and that the landlord was taking that offer.
Never have I ever had a Real Estate Agent tell me we had a deal and then reneg on it.
In the past when an offer has been accepted the agent usually discloses to new people calling that there is an accepted offer, no more showings OR there is an accepted offer but you can see it as a back up should the deal not work out.
I've never had an agent tell me that an offer was accepted and then between the time it was accepted and the lease signing....give it to someone else.
Wow, this blew my mind. In the world of rentals all we have are the word of the listing agent....and if we can't trust them....?
If nothing was signed you didn't have a deal.
The agent had to let the owner know about the other offer otherwise they would have been neglectful of their fiduciary duty to their client. (Don't know if I phrased that right my brain is fried today)
The owner then accepted that offer as was their right.
The other agent did exactly what they should have done.
Verbals are "Technically Binding" but in court it comes down to "he said, she said" which usually makes them be thrown out. In NY no deal is a done deal until Contracts/Leases are signed. That's why when I get an offer accepted - especially on a rental - I push to get leases signed within 24 - 48 hours. Especially in this market as rentals are flying off the shelves.
And this is one reason that I communicate via email these days, or back up a phone call with an email saying something to the effect of "Pursuant to our conversation of X date, X time, here's the gist of what was said".
As for the responsibility to her client, the landlord, if a higher offer came in and she had already given you a verbal acceptance, she should have let you know (with her client's permission, of course) that a higher offer came in in order to give your clients the opportunity to beat that one. That might have resulted in her landlord getting even a better deal, after all.
The listing agent's job is to get the best deal possible for the seller. Not look out for you. It sucks that it happened, but you'd do the same for your client. Or at least you should.
Definitely get things signed asap. You can't trust anyone's word.
Same thing happened to me. I was told my client was accepted and the next day told the owner accepted someone else. I was very upset to say the least about my clients.
Now I always push for signatures as fast as I can get them because those famous words always come back to say.....if it's not a signed LEASE it's NOTHING and the owner can accept any other offers up until that time. I also make it a point to tell my clients that same thing...especially in this rental market!
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
