What should I do? Real-estate ?

[steveny]

I am buying up foreclosures in one particular area. The bank always seems to price the properties well under their market value. The bank uses the same listing agent, who I despise with a passion. Every property I have put a bid in on with my agent the listing agent always seems to find a buyer slightly above my bid. I am guessing the listing agent is looking at my bid then finding a buyer at a higher price so she will get the full commission. I have heard nothing but horrid stories from other people who have dealt with her or her firm.
Is there anyway I can legally submit my bid directly to the bank so she does not get to view my bid? I have been beat out on two properties by less than 1k each in the last month by this biotch. Are there any legal ramifications I have? My agent has become so pissed about this that she gave up her commission on this last deal to make my bid look better than it really is. BTW I put in a full price offer on this last one and because my agent said zero on her commission my offer is actually thousands above a full price offer. I was suppose to hear back today whether or not I got the property but I am assuming it is a no because no one called my agent.
Any ideas how to stick it to listing agent on the next deal? What can I do about her seeing my bid?

 

[White92]

Can you make a complaint to someone about her? There was an auctioneer doing something like that here not too long ago. He was reporting that he performed the auctions. It turns out, he never did. He was just selling the property for pennies on the dollar to family members before hand. Someone complained eventually. I'm not sure who you could complain to though. There's got to be someone who regulates them, right? You've obviously proven a pattern here.

 

[nsxtasy]

I would first try discussing it with an executive at the bank. Another possibility is that if the real estate agent works in an office, talk to the person in charge of that office...

 

[steveny]

I would first try discussing it with an executive at the bank. Another possibility is that if the real estate agent works in an office, talk to the person in charge of that office...

The entire office is corrupt. A friend of mine got beat in a similar way by the owner of the firm in question.
My experience has been corruptness trickles down from the top.
I am currently on the hold with the bank right now although I suspect they may be closed and I could be on hold for quite sometime. :biggrin:

 

[FRANK]

Hello,

I'm a real estate agent up here in Montreal, Canada. My recommendation is to make the offers directly with the listing agent even though you don't like her, if your an active buyer with good credit and cash available you will get in well with the bank she represents and the bank will come to favor you over other clients in future deals. The object is to win, if you insist to make offers with your own agent you will always have an unfair atvantage.

Good Luck.

Frank

 

[steveny]

Hello,

I'm a real estate agent up here in Montreal, Canada. My recommendation is to make the offers directly with the listing agent even though you don't like her, if your an active buyer with good credit and cash available you will get in well with the bank she represents and the bank will come to favor you over other clients in future deals. The object is to win, if you insist to make offers with your own agent you will always have an unfair atvantage.

Good Luck.

Frank

I would rather not even have the property if it will put more money in the listing agents pocket. If I told all that I know you would know why I feel the way I do.

What you say is exactly what she wants me to do. I won't play that game. The fact is I won't get on her good side or the good side of the bank. She looks at every deal like " how much can I screw the people involved on this deal"

 

[Bilulan]

If you're buying below market value, then I would overlook your personal feelings and view it strictly from a business decision.

When I want a property I feel is under priced, I usually offer a bit more than is being asked and put more cash down w/ my bid (5-10%.) Get a good mortgage company that can close you fast, and reduce your time to close! (ie offer to close in 3 weeks) This will get that agent her commision check faster.

One other thing is to put it in the contract that you're accepting it as is. You should still have 48 hours to inspect and back out if you find something REAL costly. You're just telling them that you won't pester them for additional credits later on in the closing. Most foreclosures assume this.

 

[steveny]

I would first try discussing it with an executive at the bank. Another possibility is that if the real estate agent works in an office, talk to the person in charge of that office...

I did both. I called the bank and asked if I could directly submit the bid, no was the answer. I then had my agent call the office manager for the listing agent and submitted a bid 10k above the asking price just to see what would happen. I waived all contingencies as well.....I just got an email, I was out bid. At least I made them jump high I guess.

BTW Here is the property;
http://www.ithacarealtors.com/ibr_listing.taf?_function=detail&ls_id=157701

This property is easily worth 99k without even lifting a finger to clean it up. 150k with 10k worth of materials to fix it up.

 

[Ponyboy]

Hmph...I'd say that your best recourse would be to just deal with her at present and keep looking for a way to work around her. If what you say is correct, not saying that it's not, then this company, sooner or later, will get what's coming to it - "you reap what you sow." Sounds like they're in business for the short term.

 

[steveny]

Here is another great one just happened a few minutes ago. I had the listing agent for this property flat out refuse to show me the property until he showed it to his buyers. He says if I want to see it this week then I have to use him. If I wait until next week the house will be sold to one of his clients. He wants all the commission and does not want to split it with my broker.


http://www.cortlandmls.com/public/search/advanced/summary.asp?Listing_ID=20050183

 

[White92]

I don't think it's even legal to refuse to show anyone a propery. I'd make a complaint on that one. That agent will probably get their license taken away.

 

[NetViper]

Can you talk to your local board of realtors?

 

[Ponyboy]

I don't think it's even legal to refuse to show anyone a propery. I'd make a complaint on that one. That agent will probably get their license taken away.

But he's not refusing to show the property all together...just after he showed it to his buyers. I think he's walking a very fine line.

 

[White92]

I think it's a thin line also, but if he's refusing to show it until next week because he wants to show it to someone else first, then I would think that's a breach of contract to the seller. What if Steve was to look at it tomorrow and offered what they were asking? The listing agent doesn't get to pick and choose who and when he shows a property to. I think he has a valid complaint about this agent.

 

[steveny]

See this is the part I don't understand. This agent wants to show this property to his faithful buyer, but he wants me to be unfaithful to my agent. If I am unfaithful to my agent he will then be unfaithful to his buyer and show me the property.
Not someone who I want to do business with. Looks as though he is willing to screw over the buyer or the seller as long as he get the full commission.
These are the people who I love to roast. They have nothing but information. with that information they make money, without it they are screwed. They have zero skills dealing with people or sales.
I put in a full price offer contingent upon seeing the property. That will make his buyer either jump high or run away. Either way I have made it not as easy for him to be an A--hole.

 

[NsXMas]

I agree, the agent is a jerk. His time will come...

 

[White92]

Yeah, he sounds like a juvenile prick. You should sleep with his wife. :biggrin:

 

[93B18]

The listing agent has the fiduciary reponsibility to the seller he or she is representing not his or her own wallet. He has to present all offers simultaneously to the owner and the owner makes the ultimate decision on who gets the property. The owner could care less who gets the commission but wants the most he/she can get for the property as quickly as possible (ie. no contingencies). I'd approach the local board of realtors like someone already recommended.

 

[spartan2-3]

Here is another great one just happened a few minutes ago. I had the listing agent for this property flat out refuse to show me the property until he showed it to his buyers. He says if I want to see it this week then I have to use him. If I wait until next week the house will be sold to one of his clients. He wants all the commission and does not want to split it with my broker.


http://www.cortlandmls.com/public/search/advanced/summary.asp?Listing_ID=20050183

My goodness, if I can find properties like those (@ that price) in Northern Cal, I 'd buy 5 of them all at once. I've been looking for other properties in Northern Cal and the least expensive fixer upper runs well over $300K

Good luck with the agent from hell :biggrin:

 

[steveny]

My goodness, if I can find properties like those (@ that price) in Northern Cal, I 'd buy 5 of them all at once. I've been looking for other properties in Northern Cal and the least expensive fixer upper runs well over $300K

Good luck with the agent from hell :biggrin:

The house does need a roof, but if it had a roof ~5k in materials and labor then it would be worth the price of this one which BTW has the same owner as the house for 42k.
http://www.cortlandmls.com/public/search/advanced/summary.asp?Listing_ID=20050185

I called the owner directly tonight and talked with him on the phone for a little under an hour. Sounds like an older couple who are tired of the hassles of owning rental property. He wants to cash out and put his money in the stock market. LOL. I thought of the recent decision here on Prime.
I informed him that my broker has a full price offer and that his broker said he won't accept it. He was pissed to say the least. I wonder how all this will work out. Either way I feel pretty good about the owner and hope he takes my offer. This property is a no brainier gift price.

 

[steveny]

The listing agent has the fiduciary reponsibility to the seller he or she is representing not his or her own wallet. He has to present all offers simultaneously to the owner and the owner makes the ultimate decision on who gets the property. The owner could care less who gets the commission but wants the most he/she can get for the property as quickly as possible (ie. no contingencies). I'd approach the local board of realtors like someone already recommended.

I tried to contact them today and the hour are 9-1 weekdays. I will call again on Monday.
The way I see the situation, it is like trying to turn a cop in for speeding. Might be a waste of my time unless the sergeant wanted the guy off the force before I called.

 

[X-spdfrk]

Well,
Just to get an email saying you were outbid is not enough to begin with. Any an all offers have to be presented bythe listing agent regardless of amount or contingencies. Have your agent make sure the rejection, counter, or acceptance comes back from the seller, signed by the seller stating one of the above. This is a nasty trick on the listing agents part and at this point you dont even know if your offers are even being submitted. Always ask for a rejection or counter offer to be signed by the seller.

go here http://www.realtor.org/leadrshp.nsf/webassoc?OpenView&Start=30&Count=30&Expand=35#35 find your RE local board of realtors and file a complaint

 

[steveny]

I signed the paperwork on this one today at 4 pm.

http://www.cortlandmls.com/public/s...ing_ID=20050183

What a screaming deal. This place was WAY under priced. Excellent solid house with a few minor problems. I have now once again passed the million dollar mark in real-estate holdings.