Posted by Berno on April 27, 2006 at 14:03:08:
I’m no expert, but I just just my own agent to show me whatever property I’m interested and submit offers through him. He then submits the offer through the listing agent. The listing agent is the one who actually talks to the bank.
The listing agent would know about your offer if you go through your own agent since it has to go through him ultimatly, but I’m fairly certain that he would be bound to present it.
Dealing with Uncooperative RE Agent with REO deal - Posted by Peter
Posted by Peter on April 27, 2006 at 13:35:51:
Hi,
I have a quick question. I know that lots of people have already come across this and I hope someone will be able to help me. Before I pose this questions, I just want to point out that I have nothing against RE Agents. Here’s the situtation. I found this REO in my particular area. I went over to inspect it, met with the representing RE Agent, found out that its been sitting on the market for a while without any bids, and it looks like most of the repairs are cosmetic.
Here’s the problem. When I told him that I wanted to put an offer on the house, all of a sudden there are 5 other offers and they are all above my offer. Few of them have been rejected so he doesn’t think that I should submit my bid because its a waste of time. (I think he’s lying because my offer is low and he thinks he can get more for it if he waits longer) I did research and I found out the house is owned by Fannie Mae.
Is there a way to make an offer without this particular agent’s involvement? Can I call up Fannie Mae and deal with them? How can I submit my offer? Also, if I have to submit my offer through this agent, (I would just send the offer to him and tell him to submit it) how do I know that he actually submits it? Thank you for all your help.
Successful investing,
Peter
Uncooperative RE Agent with REO deal - Posted by Natalie-VA
Posted by Natalie-VA on May 01, 2006 at 17:18:54:
Peter,
It sounds to me like the listing agent is being up front with you. The bank has already received offers higher than you are proposing and still didn’t accept them.
Believe me, the agent doesn’t care much how much it sells for…he would love to sell it and collect his money. He would even make twice as much if you don’t bring in your own agent. He just doesn’t want to waste his time on an offer that he knows won’t be accepted.
–Natalie
Uncooperative RE Agent - Posted by gman
Posted by gman on April 29, 2006 at 02:52:20:
I’d have a chat with the broker he works for.
Re: Dealing - Posted by Pat
Posted by Pat on April 27, 2006 at 21:33:43:
I’m no fan of agents either but they do have a place in my business albeit a small one. This is the type of situation where I’d use one as a buyer’s broker. When I am submitting an offer to a seller represented by an agent, I always go through my own representative. This way I know the offer will be presented. By the way, in my state agents must present all offers submitted by prospective buyers; I’m sure it’s the same in your area. Additionally, when a seller’s agent behaves as you describe, I always insist that my agent be present when the offer is brought to the seller. For that matter, you could insist on being there as well; I’ve done that too.
Re: Dealing - Posted by Berno
Posted by Berno on April 27, 2006 at 13:40:40:
I guess I don’t understand why you can’t just get your own agent and submit the bid throough him/her? I’ve done that on a few REOs and never had an issue.
Re: Uncooperative RE Agent with REO deal - Posted by Peter
Posted by Peter on May 01, 2006 at 22:07:54:
You may be right. It just seem like a little weird that the bank received at least 3 offers the same day that I was going to make an offer. When I spoke to the agent when viewing the house, he told me that the house ws on the market for at least 5 months without any offers. Go figure.
Re: Uncooperative RE Agent - Posted by Peter
Posted by Peter on April 29, 2006 at 08:01:44:
This guy is a broker.
Re: Dealing - Posted by Peter
Posted by Peter on April 27, 2006 at 13:46:40:
Well, I was under the impression that the bid has to go through that particular agent. So, I can have other agent submit the bid to the bank? Also, if I do that, will that agent know about my bid? Thanks.
Re: Uncooperative RE Agent - Posted by The Frisco Kid
Posted by The Frisco Kid on April 29, 2006 at 12:15:56:
Peter
He may be a broker, but is he the broker, many agents become brokers and never open their own office, so is he the broker? The broker is the one with a business at risk.
Re: Dealing - Posted by Jason
Posted by Jason on April 29, 2006 at 14:32:18:
As a Realtor and investor in Indiana, I can tell you that any buyer’s agent can submit on any property listed on the MLS, so if the listing agent is doing you wrong, get a buyer’s agent.
Re: Dealing - Posted by Joe
Posted by Joe on April 27, 2006 at 14:37:08:
I believe you are right about the listing agent. If you call FMae, they’ll probably just direct you to the listing agent. I would just submit the offer anyhow. Then if you don’t hear anything for a while, I might try calling FMae and see if I can find someone that would have seen your offer. Do that a couple times with different offers (start low and go higher). Then if you can’t find proof that the offer is being presented, talk to the listing agent. Let them know that you’ve talked to FMae and they’ve never seen your offers, and you’re wondering what is going on. That may get the truth out. Or if it doesn’t, you can mention talking to the local Realtor™ board (if they are a Realtor™).
Re: Dealing - Posted by Berno
Posted by Berno on April 27, 2006 at 14:03:25:
I’m no expert, but I just use my own agent to show me whatever property I’m interested and submit offers through him. He then submits the offer through the listing agent. The listing agent is the one who actually talks to the bank.
The listing agent would know about your offer if you go through your own agent since it has to go through him ultimatly, but I’m fairly certain that he would be bound to present it.