Real Estate Agent
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 7 years ago, 03/21/2017
When broker isn’t interested in selling the property
Hello,
I'm facing a situation when a broker behaves strange. Two weeks ago I sent the letter of intent to purchase multifamily property asking a broker to respond in 7 days. Broker didn't reply. In 10 days since I've sent the LOI I called the broker. He told me that he didn't see my email that's why he didn't send it to the owner of a property. He apologized and promised to do it asap. 10 days have passed since my call. There is no answer. Do you have any ideas why broker isn't interested in selling multifamily property?
Thank you
P.S. There weren’t conflict situations.
They may not believe you to be a serious buyer if you do not have your own representation.
- Russell Brazil
- [email protected]
- (301) 893-4635
- Podcast Guest on Show #192
Locate the owner and contact them yourself. Cut the fat from the deal.
Bob Pester Where were you in the deal cycle? Was this just to memorialize a verbally agreed upon price? If so you'd think the owner was expecting it, after all they were almost certainly involved in negotiation. Did you letter came with proof of funds? A pre-qual letter? Something to let them know financing was assured?
@Andrew Johnson, a price wasn't agreed upon verbally. The LOI didn't come with proof of funds because I wasn't asked to do it.
I wonder if its because he isn't interested or whether he's just really terrible at his job....
Bob Pester So you just made an offer and haven't gotten a response? That really tells you all you need to know. Only three scenarios: 1.) a horrible listing broker, 2.) he believes your offer was so bad it went to the bottom of his "to do" pile because he believes it will be rejected, or 3.) the owner can't makeup their mind about a number for a counter. My advice would be to try again but include proof of funds or a pre-approval letter from a bank. But only allow a 3 day window for response.
@Russell Brazil , I do not have my representation, you might be right.
Thank you @Andrew Johnson, I appreciate your help.