This is an interesting article I read today, which I thought I would re-blog so my readers can also see this. I Hope you like it as well.
The title says it all in this post. Sorry Leslie, I know I told you no more rants, but there really wasn't any other way to bring this topic to light.
I submitted an offer for my client on a home last month. The home was listed for just under 200,000, and was priced below market purposely by the seller in hopes of having a "bidding war". I quickly assessed the situation, and after showing the home to my buyers, I showed them EVERY active, pending, and sold home in the area, and I then proceeded to educate them on the true market value, which was closer to 250,000.
I suggested they write the offer at $240,000, as the home did need minor work, but it was not only in the neighborhood they loved, but it had THE best lot in the community, and my buyers instantly fell in love with the home. I wrote a VERY CLEAN offer, I did not ask for closing costs, my clients were putting 20% down, obtaining conventional financing through a VERY reputable direct lender, I allowed Sellers choice of all services, even though in California the buyer can elect to choose their own. I didn't ask for anything outside of the 50/50 escrow fees and a title policy, heck, I even was paying the $335 home warranty out of my own commission!
Once finished, I really felt good about this offer, had it qc'ed by my TC, and proceeded to not only email the offer along with all supporting documentation over to the listing agent (as requested in the MLS remarks), but I also dropped off a copy at the front desk of their office, as their office was only 10 minutes away from mine! Little did I know this would be the last pleasant memory with this particular property!
I waited 72 hours (again, following the MLS remarks) to check in on status of my offer, because it was an REO property, and I know not all banks respond the next day. On day 4, I called and checked in to see if my clients offer had been accepted. "This property is pending", says the receptionist. I quickly let her know my buyers last name, as I know that I had a very strong offer, so I assumed our offer was the one accepted. "Sorry, It wasn't your buyer" After asking her if she could tell me if it went higher than $240,000, she quickly gives me the "I can't disclose that speech" which is total BS, an agent can ABSOLUTELY disclose prices unless they have an exclusion form on file with their seller.
I politely got off the phone, and marked "watch this listing" on my MLS. Fast forward to today, when I got a friendly "Update" telling me the property was now sold. I anxiously hop onto the MLS, as I wanted to see how much over $240,000 the property had sold for... Here come's the "fall out of my chair" moment... I not only see the property did not sell for more than $240,000, but even more disturbing is seeing the SOLD price at $190,000, to a cash buyer, with "TNONMLS" marked, which if you are not familar with this lingo, it means "out of area agent" which is a joke in itself, because the IMRMLS changed now to pull agents from all surrounding counties, so 95% of the time TNONMLS on an REO means the listing agent double ended the home.
Fast Forward 10 minutes later. I finally am calm enough to call the listing agent. Perhaps the sold price was a mistake, after all, mistakes can happen. I get her on the phone, and ask her why the home just closed $50,000 under my buyers conventional offer price. She quickly tells me, "oh, it was cash, that's why". Well for 1. I am not an idiot, having worked with banks there is NO WAY IN HELL a bank would take $50,000 less just because of cash. And for 2. I know dang well my buyers are going to be just as angry as Iam, as they still haven't seen a home they liked as much as that one.
I ask the Listing Agent for proof my offer was submitted, so that I can not only show my clients I did my job, but prove to myself and my clients that this wasn't a case of their offer having never been submitted. The listing agent refused, and not only did she refuse, she hung up on me after I asked to speak with her Broker. Fast Forward to right this moment. What would you do? Call the broker? Call the bank/seller directly? File a grievance with the board? What really are my options, as none of them willaccomplish what I want to have accomplished, which is getting my clients the home they DESERVED, the home they CLEARLY should have gotten!
After a quick Google search, it appears this isn't the first time someone has had a problem with this agent at this office. It's too bad that agent's choose to be unethical. Is it really worth ruining your reputation for a quick paycheck? You just cost your seller $50,000! Do you not see an issue with this? If you don't, then you NEVER should have became a Realtor in the first place, because adhering to the code of ethics should always be your #1 Priority! SHAME ON YOU!
Tom Bashe, Broker - SCA Real Estate
27710 Jefferson Avenue Suite 102 Temecula, CA 92591
(951) 225-3030 - Office (951) 491-5052 - Mobile (951) 253-9077 - Fax
I specialize in Homes For Sale in Temecula, whether its a Short Sale, REO, Bank Owned home, Corporate owned home, or simply a standard sale, I CAN HELP! I also highlight communities in Temecula, and blog about local Temecula Events.