Not sure what this means: A listing agent is asking for Purchase Contracts from multiple buyers, to submit to the bank that owns the property. These need to be signed by the buyers, of course. Then, in one instance, where we accomodated this, it turns out that the sale goes to a contract for some $30,000 less than our buyer's offer, which was in fact submitted 5 days BEFORE the listing went into Pending Status. Then we are told we did not get the deal. And we see that the purchase if for this much less than our buyers offer. We asked the broker, who said it was simply because the other offer was accepted PRIOR to ours being submitted.

It turns out that the agent with the accepted buyer works for the same firm as the listing agent.

I suppose I look like an idiot, but I dont believe I am actually one... but it seems my looks ,ust have swayed this broker that he could make statements that dont fit the racts, and that I would somehow just agree.

Either it is time to change my looks, or time to step on this sort of practice.

What is your opinion, we would like to know.

Paul Silver, Owner

Focus Professionals, Inc.

Rhode Island Real Estate Services

 
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6 Comments on Confusion: Multiple Contracts on single properties being asked for

MAY
18
842,728 Points 213 Featured Posts Localism Sponsor Outside Blog Hit Router

When an agent admits that the accepted offer was before yours was submitted, based on the request to submit,

You simply cannot believe a word they said about anything.

 

4:38pm • #1
MAY
19
5 Featured Posts Localism Sponsor

too many such agents out there these days it seems.

9:47am • #2
MAY
20

This also has happened to me and it is very frustrating and makes us almost look incompetent! There needs to be a way to help this situation, can we ask for proof of when offers were submitted? If the bank knew this was the case they would be very disappointed, upset and probably feel as though the agent listing there property is incompetent!

6:52am • #3
5 Featured Posts Localism Sponsor

I cant say, Jessica, whether the bank knows about this, but I sincerely doubt it... it is a sad state of affairs...

10:47am • #4
Outside Blog

This has happened to me also.  I always ask if any offers are being considered and if multiple offers are being reviewed.  You can tell which ones are worth writing on.

1:34pm • #5
JUN
08
102,032 Points

Same here.  It's happened to me in the past as well.  There are certain agents in my market with whom I avoid business contact for this reason. 

10:44am • #6

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Rhode Island Real Estate, Buyers Agents, Paul Silver

Newport, RI

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Rhode Island Real Estate -- Focus Professionals, Inc.

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