I recall an offer I made through a listing agent that was accepted by 4 heirs. One day not long after this I got a call from an attorney?..who represented a fifth heir. He asked if I was the guy who was “wheeling and dealing” with his clients property. He went on to say that his client owned 50% of the property, and had never signed a listing agreement, and obviously hadn’t signed my offer.
I made a quick call to the title company?.yep, the attorney was right. My next call to the agent?.he was sure he could work everything out, didn’t know how this could have happened. I said I hoped so, because as far as I was concerned his 4 heirs had agreed to sell me a property, and that I would be filing suit if they didn’t. I also said that I was sure the real estate commission would be interested to know that a licensee was attempting to sell a property through the MLS without authority of all of the owners.
On the day of closing, the title company was in an uproar. The fifth heir was demanding more money. Everyone had it all worked out if I would just pay more?..I refused. The final resolution of the deal didn’t occur until the agent had forfeited his and his broker’s entire commission. Oops.
Obviously the agent should have verified the ownership of the property when he listed it?.he didn’t, and the other 4 heirs weren’t talking.
As far as qualifying buyers?.I’ve made a lot of money over the years getting people financed who agents had rejected because of one reason or another. Amazing isn’t it?
Since I already have private investor lines of credit, I don’t bother with the financing contingency most of the time. I use subject to inspection type of contigencies.
Since I am a realtor, I will be my own best contact.
Re: Realtors, why are they so dumb?!?!?! - Posted by leslie dear
Posted by leslie dear on April 08, 1999 at 01:41:33:
Frankly, my dear, I don’t know what I mean. It’s a term I read here and guess it means giving the seller a choice of two or three well thought out offers rather than a take it or leave it single offer from you.
Jim,
I also experienced the same thing, I put in a offer for a property for 35k and mine was rejected according to the realtor and the bank accepted a offer of 31k ! Now figure that out… on top of that I’m a realtor and have presented his deal’s as the law states. Real estate is a ruthless business and the longer I’m in it the more I see.
PS: As much as I hate courts I have to take him there.
Regards,John
Such is the nature of dealing with REOs or proerties in foreclosure. The lender is in complete control of which offer gets accepted. They don’t have to make counter offers, or let you meet other offers. Also,I’m curious. Do your realtors get tired of submitting multiple offers that don’t get accepted and eventually lose interest in representing you?
I’ll tell you what, I was told in RE school that when listing propert you should ALWAYS get a copy of the deed, title policy, insurance policy, survey, will, etc. This covers you when you list so the above situation you spoke of us less likely to occur.
Now, I’ve seen 100’s of listings come and go through my office and I don’t think I’ve seen even a HANDFULL of listings accompanied with a complete set of this info.
Hell, some of the property shouldn’t even have been listed to begin with! (sellers upside down with no way to pay to get back).
Be careful, you may get what you wish for. - Posted by Rick Vesole
Posted by Rick Vesole on April 08, 1999 at 12:39:49:
You have all made good points, but consider this. It wasn’t all that long ago that someone else complained that the “dumb” realtor refused to list a property that they had under option because they didn’t “legally own” the property.
I don’t want a realtor telling me whether or not I have good title and whether or not I am able to sell a property that I full well know that I have the right to sell.