I submitted an offer on a shortsale in Keller, Texas. Before I even looked at the house I had my agent check to see if they already had a contract\offer so I would not wast my time. Ended up submitting an offer over the weekend. Today, Wednesday my agent gets and email saying they decided to submit a diferent offer. Sound like to me the agent sat on my offer. Isn't tha against the realtor code.
It depends. He might of did a verbal conversation regarding your offer. He might of asked the listing agent was there an approved price from the lender/investor. If your offer was too low, it is no use sending it in. Your agent was working with another buyer who maybe more qualified to close the deal. .... At least you know ahead of time that your offer needs to be better. It does not matter which agent you work with, if you plan to low ball the offer. It is the listing agent job to submit the best offer to the lender - Not the buyer's agent.
If you feel your offer is good, then ask to be a back up.
Sounds to me that there were more offers presented over the weekend than just yours. Your Agent would have submitted your offer to the Listing Agent. Banks aren't open on Saturday or Sundays.. so there may have been several offers on the table by Monday morning. The listing Agent has to prepare net sheets for each offer and submit the highest and most likely to close offer.
Don't get discouraged.. Many times the first Buyer backs out due to the length of time it takes to get to the closing table. Resubmit a better offer as a backup.
Thanks for the reply. I have been dealing in real estate for years and knew there was a law on regular sales but wasn't for sure if it was in place on short sales. Seems like Agents do whatever they want on short sales. I normally put a very short timeline for an agent to submit my offer to the seller to get around crooked agents. Dealing with the banks that won’t work. Who would you file a complaint with on this?
Well let me say this, to file a compliant, you have to have proof! If you are a Licensed Real Estate Agent you would have to ask your Broker how to handle it. Here's one thing, I have a friend who is a Broker or her own small real estate brokerage and she was having trouble with the listing agent handling a short sale that she was trying to buy to flip it. The listing agent kept telling her she couldn't do that, that it was illegal. So she just told the listing agent that it is legal, and since you have to present "all" offers to your seller, plus and if you do not present my offer, and have the owner sign off on it, then I have the right to go directly to the owner myself. Now she is a Broker, and that was in Georgia. Hope this helps.
I think that a lot of people are confusing exactly who the seller is in a short sale. ......so listen really carefully. In a short sale scenario, the HOMEOWNWER is the actual seller (not their lender). If 5 offers come in on a short sale property over a weekend and the listing agents sits down the with the seller and presents the offers, the seller has the ABSOLUTE RIGHT to choose the offer in which they decide to choose as the best one for their situation and submit that offer to their lender. Remember, the a short sale is only a stipulation or contingency to a deal being consummated. We're still talking about basic contractual law. As for Shirley's friend in Georgia....if the listing agent submitted the offer to her seller client and discussed his/her lender's policy regarding short sales and flips, then they seller may opt to execute another purchaser's offer and submit that offer to her bank. It is neither unethical or illegal.