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Updated almost 8 years ago on . Most recent reply

User Stats

72
Posts
15
Votes
Clayton Crawford
  • Investor
  • Hope Mills, NC
15
Votes |
72
Posts

Once again, i disagree with my broker. need some advice

Clayton Crawford
  • Investor
  • Hope Mills, NC
Posted

About two months ago my Real Estate Broker offered me a condo before it was put on the market. I declined the offer because the price was too close to market value. I'm looking for buy and hold properties and i want to be able to cash out REFI once we close in order to get our capital back to re-invest.  I waited for a couple of months and watched the condo to see if was going to sell at the asking price. I figured, weather the condo sold or not, it would be a lesson learned. Well, the condo didn't sell so i wrote my broker this morning and asked her to put in an offer for me that was 15k less than the sellers asking price. My broker called me and explained that she wouldn't do the paperwork on the offer because it wasn't likely that the seller would agree. She said she would call and verbally ask the seller and see what happens. She went on to explain that in this market, at this current time, it isn't likely that I will find a seller that will take less than market value. I imagine that for her it seems like needless paperwork and that she may be wasting time by filling it out, but for me it seems like a missed opportunity if we are not putting our best foot forward to find and close deals.

Now, given the information above, i have a couple of questions. 

#1: Should i move on to another broker?

#2: Is my broker right in explaining that she wouldn't do paperwork?

#3: Should i look to invest outside of my area? if so, please give advice as to where/how  

Thanks everyone for your time and input. 

Most Popular Reply

User Stats

151
Posts
106
Votes
John Barrows
  • Real Estate Broker
  • Auburn, WA
106
Votes |
151
Posts
John Barrows
  • Real Estate Broker
  • Auburn, WA
Replied

Mr. Crawford,

It is time to rid yourself of your SELF SERVING BROKER! "It is (BY LAW) the job of the Broker or agent to present all offers"! The fact the the Broker made a decision for the seller is a form of REDLINING and/or DIRECTING a transaction... I would submit that if you go to the licensing department they will have another term for your Broker and it might be (a fine or suspended) license. 

The Brokers fiduciary duty is to present all offers and NOT MAKE decisions based on price for the seller, UNLESS the seller has written a letter to the broker (PRIOR TO REFUSAL OF YOUR OFFER) that the seller will not look at any offer below this XYZ price! 

You may want to speak to an attorney on this matter OR go to another agent and write the offer... Depends how your state laws are in your state. 

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