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Updated almost 14 years ago on . Most recent reply

User Stats

44
Posts
14
Votes
Philip Rowe
  • Investor
  • Washington, DC
14
Votes |
44
Posts

Shaddy Listing Agent

Philip Rowe
  • Investor
  • Washington, DC
Posted

I am an Agent in South Florida. I have a Buyer who made an offer on an REO Property.
Originally the property was listed at $49,900, my buyer offered $51,900 (All Cash). Being an REO I knew it shouldn't take more than a few days to get a response.
I received e-mail confirmation from the listing agent that the offer was received. I called and called the agent tring to get an update, being $2000 over asking price I was pretty confident that I had a good shot at landing the deal.
Whenever I did get the agent on the phone, I seemed to get the "run-Around"... "Call me back in an hour", or "Still haven't heard anything, let me resubmit it". I ended up putting a 60 day acceptance period on the contract and resent it at $51,900. A few days later after the property had been listed for a month, THE LISITNG PRICE DROPPED to $39,900. I was confused.
Why did the price drop, when I had an ALL CASH deal already over the original asking price? I sent the listng agent an e-mail and CC'd his broker highlight the lack of communication on his part and questioning the deal. I immediatedly got a call, "Could you resend the contract? not sure what is going on". I resent it, got an e-mail conformation; than the same thing over the next few weeks. No contact, calls and e-mails are ignored.

Now the property is "under contract" as shown by the MLS.

Not sure what to do at this point. But being an honest guy and building my reputation on that honesty, I feel that something "Shaddy" is going on.
I would appreciate any advise on how to handle this matter. The property is owned by Deutsche Bank, and I would love to report his behavior to the asset manager there. DO I have grounds to file a complaint with the DBPR, or local real estate associations?
I would love to expose this guy and their company, so any help would be GREATLY appreciated.

Most Popular Reply

User Stats

1,899
Posts
725
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Anson Young
  • Flipper/Rehabber
  • Denver, CO
725
Votes |
1,899
Posts
Anson Young
  • Flipper/Rehabber
  • Denver, CO
Replied

As a former REO team agent, I can say this is very, very shady.

The only reason the price would drop, is if there was no offer, or if an offer fell through. They wont reduce the price when there is an active offer in their system. They will reduce after a monthly status report or 2, with no current offers.

Sounds like the agent lost your offer, or didnt submit it. The longest wait we had was 2 weeks or so, that was with Bankers Asset management or one of the DARES/Power REO outsourcers (TERRIBLE response time). Any normal sized bank, BoA, litton, wells, etc is a 3-5 day turnaround.

Go to the broker, then go to the real estate commission. You got hosed.

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