Something Fishy - Posted by kathleen

Posted by Redline on March 16, 1999 at 13:31:21:

Hehehe … I like that.

Well, yes it’s tough to figure out if you can’t be present. There are ways (it’s not IMPOSSIBLE) however …

As far as knowing who the owner is, that’s easy. I’m a realtor and it’s probably listed on the MLS. (If I wasn’t, I would just visit the local tax office).


Something Fishy - Posted by kathleen

Posted by kathleen on March 13, 1999 at 22:08:07:

The last six offers that I have made have been on foreclosures that have been on the market for at least 3 months. I call and ask the listing agent if the property is still available before I write the offer. Each time they have said yes. So I send in the offer and a few days later I call to see if there is a response. Each time I’ve been told that there is another offer in and each time the other offer has been accepted.

I am beginning to suspect that the agents are having their own people put in an offer higher than mine. How can I find this out and what can I do about it? I’m getting very discouraged looking at so many properties, narrowing down to the ones I feel are good prospects and then being outbid!

Re: Something Fishy - Posted by HankM

Posted by HankM on March 14, 1999 at 11:10:05:

Well … it happens, just like “secret” listings that never get to the MLS. An agent’s job is to get the best price for his/her client.

The presentment issue is separate, if you feel that you’re offer isn’t being presented, ask to be there when it’s presented; but this can be colossal time waster if you are writting lots of offers. I don’t like dealing with agents much anyway, but if you have to expect that they are the sellers representative and will do what is needed to get the best sale … if that means soliciting an offer from someone while one is one the table, they will do it.

I did one 6 months ago that a friend of mine called me on … it was in foreclosure, collapsed ceiling, insullation all over … just a mess and some drywall if you knew what you were looking at, no offers for 120 days, so I threw a 1 year L/O offer in at about $500.00 over what the seller would need to clear the bank and pay the agent … The offer was presented and the sellers attorney was agreeable, but wanted to tweak some things … while that was happening, the agent went “ah Ha!!!” … wish I thought of an L/O and call some of her friends who ripped off the idea and submitted similar offers with slightly higher prices and language the seller’s attorney didn’t find objectionable … I lost; but I’m not that upset … I like my agreement and think the contract that was entered into was to seller friendly and the deal was pretty tight profit wise. But I never blamed the agent for acting in her clients interest.

Just another point of view. Good Luck.


Re: Something Fishy - Posted by SCook85

Posted by SCook85 on March 14, 1999 at 10:45:51:

As we have discussed I intend to get to the bottom of this. It really bothers me when I find out (now that some banks call me directly) that they never even received offers from me on certain properties. I spend all this time going out and looking at homes, writing offers, and waiting for these weasals who hold out to get both sides of the comission. I can assure you that there will be some upset agents in the area in the very near future. You know of one if he doesn’t present my offer immediately Monday.


WHEW! thot you were talking about Karp again ! - Posted by Laure

Posted by Laure on March 14, 1999 at 09:53:45:

Just my nasty sense of humor ! Have a great day, all !

Laure :slight_smile:

Re: Something Fishy - Posted by Dan (NC)

Posted by Dan (NC) on March 14, 1999 at 08:22:57:

I had a similar thing happen several years ago - but we actually caught the agent faxing our offer to other investors so they could tailor their offer accordingly. Needless to say, we’ve never even considered calling that agent again. Could you find who owns the property, either through court records or another agent and contact them directly? Cut out the suspect realtor entirely, at least during negotiations. Or, if you can obtain proof they’re playing under the table, contact their broker. Fighting agents usually doesn’t do much more than make you feel good.

Re: Something Fishy - Posted by Dave T

Posted by Dave T on March 13, 1999 at 23:22:13:

Are these bank owned properties…Government foreclosures?

Re: Something Fishy - Posted by Redline

Posted by Redline on March 15, 1999 at 15:08:54:

That’s garbage. We’re talking about two separate issues here.

In your case, you didn’t have the property under contract so someone stole it from you. This stinks but it happens and I won’t argue it.

What we’re talking about here are realtors BREAKING THE LAW. Period. Plain and simple.

And as far as being present during offers, in my state (NJ) and my board … listing agents do NOT have to let you be present during the offer presentation. So unless you do some investigative work (which isn’t easy) it can be tough.


Re: Something Fishy - Posted by Redline

Posted by Redline on March 15, 1999 at 15:05:14:

This is what I was going to say …

Don’t think for a SECOND that there aren’t Realtors out there who don’t ‘table’ offers and shop them around. Alot of agents are getting ILLEGAL kickbacks from rehabbers/developers and that’s where the properties are going.

The only thing you can do is try and investigate (log EVERYTHING) whether or not your offers ever were received by the banks. If they didn’t, threaten a lawsuit. Then you’ll see how quickly they respond.


I don’t think we’re that far apart … - Posted by HankM

Posted by HankM on March 15, 1999 at 18:48:44:

You’re correct, I lost a deal because I wouldn’t conceed on some language and someone else would … I’m OK with that.

The part I’m having a problem with is if someone “else” is getting the contract with basically, the same (but marginally better) terms, why didn’t they have an offer in some time ago? If I were an agent,(eekkk!) and I got a creative offer I’d present it, but if the client was receptive to the concept and I thought it was a new avenue, I might suggest tabling while I the agent could explore other alternatives on “this new path”. Rarely is an institutional seller “desperate”; I’d call that doing my job.

With respect to the “non-presentment” problem … if you can’t be present by law you’ve got a tough nut to crack, the only thing I could suggest might be to write a cover letter for the offer and cc the bank … whether you actually do it could be a bluff or you could send it to the REO Manager. Now, that would necessitate a little research if the agent wouldn’t tell you who the bank was, but it’s an option.

Maybe that’s just more garbage, but it’s fresh from the manure pile between my ears:)