Is this REO agent for real?!

[Taylor Shapiro]

Hey all,

I recently put an offer in on a foreclosed apartment building. The LA called me up a few days later asking for highest and best and mentioned the deadline was the following day at 1PM. I went out on a limb and asked him what I needed to come in at and we eventually settled at a price that worked for the both of us.

The following day (deadline) he called me and said my offer was the highest and best but the bank doesn't allow agents to represent themselves when purchasing REOs in this particular case. Since I am licensed, I would need to forfeit the commission completely or have this LA represent me. I'm new to the business, but having purchased 4 REOs this year so far, this is the first time I've ever heard this. Is he pulling my leg? Do I ask to see it in writing?

Two days after deadline he calls me again and tells me that he's received an offer that's "unbelievably higher than mine, like $40k higher". He goes on to say that it's probably someone from NY who wants to lock it up and then renegotiate the price back down. Either way, the offer was accepted after deadline. 

Can/Should I complain to his broker that he's accepting offers after deadline? If the buyers don't come through and I get to close, do i ask him to show me why I'm giving up commission?

I don't want to shoot myself in the foot by calling and complaining to his broker at this time. 

[Chris Lengquist]

When dealing with banks, the rules seem to change. It's their property.  They can make the rules, so long as it doesn't violate local license law.  If you had nothing in writing, signed, sealed and delivered I'm afraid you may be out of luck.

Working with 100+ REO property purchases taught me that banks do whatever banks want to do. And that includes Fannie and Freddie.