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I'm so frustrated right now! Tell me if I'm being naive. Here's the situation.
I represent the buyers. We submitted an offer on Thursday, they countered on Friday morning, we countered about an hour later. At around 2:00 Friday afternoon the listing agent called and said the seller accepted our offer. I revised the contract and sent it back to the listing agent around 5:00. She didn't get back to me until this morning when she called and said she received my email but not the attached contract. I sent it again and she received it, but said it was illegible. She then asked that I resend a legible copy to her seller to sign. We had it to the seller within the hour. I confirmed with the seller that she had received it ( at about 10:15). Then I didn't hear from the listing agent for another 10 hours! Only to tell me they weren't sure what they were going to do until tomorrow because they had received two more offers. I realize this is probably not binding legally, but is this totally unethical or am I just being naive??? Doesn't someones word count for anything anymore? What the heck do you think my buyers think of me now?! Aren't there any repercussions for doing something like this?
Give it to me straight!
So disenchanted seriously thinking about getting out of the biz.
Well, not completely. I asked the listing agent to tell me their response to our last counter verbally because I was going to be away from my computer/office yesterday. I of course realize now it was a stupid thing to do. Been in the biz 2 years. I guess I need to wise-up!
There's your problem. You left them an out - it's not a deal (or a true counter) until it's in writing.
On the other hand, as my sales manager said to me over something else when I was about to have a meltdown, "If this is the worst thing that ever happens to you in this business, you'll be getting off easy."
A contract isn't a contract until all the parties have signed on the dotted line. Obviously the sellers were ready to sign at 2:00 Friday. However it sounds like there was some last minute activity and another offer came in. Technically, the other agent should have disclosed a multiple offer situation. However it probably wouldn't have changed anything except that your buyers might have upped their counter offer.
Remember the listing agent is working for her seller, which means trying to get the best possible price for her clients. She was probably stalling you, waiting to see if they would get this other offer. Until the contract/counter offer has been signed by all parties you don't really have a deal, and any offer/counter offer can be rescinded before the other party has signed.
Especially when the market was "hot" I think we all had it happen where we thought we had a deal for our clients, only to have somebody present a better offer at the last minute.
I know you're right THL. I'm just felling sorry for myself for being so dumb! I just hate letting my clients down! Gonna go watch Mad TV and try to lighten up now. P.S. Love your posts TexasHorseLady! Hope to be as wise as you someday!
I had that happen to me once early on in my career...the listing agent said the sellers were initialing on the one minor change that was requested but I didn't get that page sent back to me. When I called her the next day to find out where it was (I had very happy buyers), she said that another agent made a better offer and the sellers accepted that one instead. She didn't represent her sellers very well, because my buyers would have paid more. She should have notified all parties that there was another offer coming in and to make the highest and best offer for the seller to choose from.
Needless to say, I lost the buyers (it was my fault for not following up on the complete documentation) and I lost several nights sleep worrying over the situation. That will never happen again! Sorry to hear about your situation. Let it go - live and learn.
Beating yourself up over this is not doing anybody any good. Find out if your clients still want the house and submit another offer with an escalation clause. Who knows if the other offers are going to come to fruition. Just make sure it's all in writing and fax the offers, instead of emailing it. This way you have confirmation.
Alexis, someday you may be in this position where your SELLERS direct you to not respond to an offer, waiting for the second offer to materialize. You are bound by your fiduciary duty to represent your client.
and it is the Sellers decision as to notify other parties in a multiple bid situation. It is even in our contract as to whether I have permission to notifiy.... Yes I think it can be handled to the sellers benefit to perhaps up the selling price, but also both buyers could walk.
so, it is the Sellers decision and may not be any thing to do with unethical behaviour.
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