Viewing a few homes with a client yesterday we drove up to a new listing that just went on the market 8/24/2009. I had noticed TMS numbers were not matching the county records immediately when I pulled the new listing but put it on our schedule anyhow. The listing said lock-box, sign and vacant so no appointment needed.
Upon arriving there was no sign and no lock-box, but because I knew this area I was able to identify the property. The door was open so we viewed the home. The customer was immediately ready to write the offer as it was a fantastic deal! (well undervalued) A full offer all cash no contingency's.
We wrote the offer and I called the REO Broker that had it listed as no fax number was on there company information and I had a few questions anyhow. I was asking questions about the TMS to make sure my offer had the right information. Then she broke it out "Its Under Contract" and we are not accepting backups offers on this home. I questioned had the offer been accepted and was told pending inspection but its listed AS-IS? What? how can it be pending then? To make a long story shorter I was told several things that just didn't smell right to me. You know, one of those stenches of lies. One of those elusive Hidden listings?
First South Carolina Real Estate Black Book law requires a Broker to act as below.
(2) in accordance with subsection (A), promote the interest of the seller by
performing agency duties which include:
(a) seeking a sale at the price and terms stated in the brokerage agreement or at a
price and terms acceptable to the seller, except that the licensee is not obligated to
seek additional offers to purchase unless the brokerage agreement provides
otherwise while the property is subject to a contract of sale;
(b) presenting in a timely manner all offers and counteroffers to and from the seller,
even when the property is subject to a contract of sale;
(c) disclosing to the seller all relevant facts concerning the transaction which are
actually known to the licensee or, if acting in a reasonable manner, should have been
known to the licensee, except as directed otherwise in this section;
Second I decided to call Fannie Mae. The representative confirmed that all offers should be presented to them and they would entertain backups until under contract. He also said that they show this home as just listed with no contract being received on it to date. The rep also advised me to present my offer to the listing Broker.Then he referred me to upper management and I got voice mail boxes. What a shock right?
I will take this a step further today and I am looking for some advice from my AR members. Where would you go from here? My Clients want me to push this! I have a game plan but need some other ideas.
Keller Williams Boise - Boise, ID
Boise Idaho Real Estate
Laura,
I think Stewart Penn ran into this type of situation and the listing agent was trying to double end it, which is becoming more common. Best of luck getting to the bottom of this.
Aug 27, 2009 10:31 AM
Park Place Real Estate, Broker-In-Charge - Winston-Salem, NC
CRS, ABR, Broker-In-Charge
I also agree with Lenn Harley, She is exactly right! Friendly, Nice, and most definately Relentless!!
Aug 27, 2009 10:38 AM
Coldwell Banker Sea Coast Advantage~ Ginger Harper Real Estate Team - Southport, NC
Your Southport~Oak Island Agent~Brunswick County!
I am having a hard time talking with real people. Leave messages and they never get back to you.
Ginger
Aug 27, 2009 10:59 AM
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland
The real problem here is that this listing agent/broker is breaking the rules and they will probably get by with it.
I report listing agents almost daily who have the listing ACTIVE and when an agent calls it's "under contract". But, that's a little thing. I believe the COE requires that we submit all offers until and unless the owner instructs in writing that the listing agents not accept any more.
Sadly, once an agent gets by with these violations, they feel emplowerd to break other rules because they know that they can. One thing leads to another and you've got a broker who just doesn't care.
None of the boards investigate unless they get a written complaint with the code violations to investigate.
Aug 27, 2009 11:23 AM
Olsen Ziegler Realty - Cleveland, OH
Broker Owner Cleveland Ohio Real Estate
I would get your broker involved, your state realtor association, your local board, and if a license law was violated, I would file a complaint with your state real estate division.
Aug 27, 2009 12:50 PM
Advantage Realty #1 - Sebring, FL
863-212-5441
Submit the offer to the agent/broker with acknowledgement of receipt. Copy the bank/owner by fax and email and use every fax number and email addy you have. Notify the agent/broker that the bank/owner is being copied by fax and email on this offer.
Aug 27, 2009 12:55 PM
Keller Williams Milwaukee - Brookfield, WI
Dittos to all of the above with special emphasis on DOCUMENT, DOCUMENT AND DOCUMENT every bit of communication. And don;t forget to CYA and not do anything questionable yourself.
Aug 27, 2009 02:07 PM
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA
I have the same situation.
The problem is:' hand deliver' and 'in person' don't work with this REO agent( btw, she is in this business about 7y).
In MLS it is said: No calls or email will be returned, updated every day, u must !email! offer, no fax, no walk in, u can check status of your offer online ( their) website, updated again daily.
kh, kh???
The LP is 550k, I want to write full price or more, it is not all cash, but a very strong offer. But again, the remark: submit your best offer.
Any suggestion? No negotiation, no conversations, no cooperation or any help from agent....................
Aug 27, 2009 06:45 PM
Gibbs Realty and Auction Company - Columbia, SC
It seems I may have rang some bells as I forwarded this post to the management of Fannie. It now seems to be top priority for them and the offer has been submitted to the Asset manager via Me. I also have a SC state complaint form being faxed in today. Ill keep this post updated.
Did Active Rain find another way to flex its muscle? With your help...I think so!
Aug 27, 2009 11:46 PM
Keller Williams Realty - Spartanburg, SC
Realtor - Spartanburg, SC
Laura: As usual Lenn is right, present it in writing and hand deliver if possible. Please keep us updated on what happens here. We submitted and offer in a situation like this one and after about a week went by, called and were told that the house was under contract. We need to stick to our guns and hold these agents accountable to the law and to the best interests of the public.
Aug 28, 2009 01:33 AM
Coldwell Banker - Columbia, SC
Columbia, SC Real Estate
It seems every where we turn these days there's another bad story like this, but I'm glad to hear that you now have their attention.
Aug 28, 2009 10:21 AM
eXp Realty LLC - Tigard, OR
Principle Broker Oregon
I would be calling the local MLS board also, because I'm guessing they are breaking some rules with them also.
Aug 29, 2009 01:30 AM
BMC Real Estate - Oakland, CA
Laura,
Take it as far up the ladder as you can, my dear!
If we do not hold each other accountable, how can we expect others to respect and trust us with the most important financial decision of their lives?
Go Girl Go!
Aug 30, 2009 06:44 PM
RE/MAX EXECUTIVE - Cornelius, NC
Search Lake Norman Homes For Sale - Lake Norman NC
You go get them! I am so glad that someone is going after those REO firms that are breaking the rules!
Sep 01, 2009 01:40 AM
www.mrbrownsellsgr.com - Grand Rapids, MI
Grand Rapids Real Estate Bellabay Realty, West Mic
They need to be taught a lesson. I work for a Broker who exclusively markets REO properties and he helped me thru a situation with another agent who was trying to get the buyers earnest deposit even thought they were denied the loan and a denial letter was sent to them as well. We won and the buyer received the money back. It's starting to be a "war zone" out there.
Sep 02, 2009 06:01 AM
Anonymous
Laura,
I am keeping my eye and ears glued to this. I too am in the same position as you here in Nashville, TN.
I wish you well and I look forward to reading more about this. I am keeping a paper trail on my side.
Best advice is, DOCUMENTATION/DOCUMENTATION/DOCUMENTATION...........
Good Luck
Oct 03, 2009 05:08 PM
#48
www.mrbrownsellsgr.com - Grand Rapids, MI
Grand Rapids Real Estate Bellabay Realty, West Mic
Push the issue as far as you can as you represent the buyer. They want THAT house and my assumption is they're backing you all the way on this. Good Luck.
Oct 20, 2009 04:23 AM
Gibbs Realty and Auction Company - Columbia, SC
Ok here is the update and I have been meaning to write a blog about this. Long story short until the blog is that my buyer moved on but I didnt. After several weeks of crawling up the Fannie ladder I received and email from them telling me the home was being placed back on the market for 5 days with sealed bids due. The end of the story is that agent is no longer a Fannie REO agent and I bought the home myself. I won the bid for 53K on a home that we valued at over 200K. The recent appraisal was 225K. Her investor was really mad but I was really happy! Chaching. A screw up on them made a real deal for me. 25% on the dollar.Later we found out she was a owner in the investment company that had it UNDER CONTRACT.
Nov 30, 2009 03:59 AM
Anonymous
Yes ! that happen everyday , the reo listing put the sign listing and THEY DONT LISTED THE PROPERTY IN MLS UNTIL THE GOT A CONTRACT or correct address !!!!!! then that they have a contract follow the rules and regulation putting the listing active 2 day in MLS but is already pending
there are cities like Cicero and Chicago in illinois that everybody know who are these Realtors ...or investigate these reos ?
Why NAR is allowing this realtors ? they are violating the Code of Realtors
Sorry European in USA international real Estate
Dec 19, 2009 03:52 AM
#52
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Coldwell Banker Realty
Those that don't, won't or can't play by the rules are announcing to the world that they are incompetent and should be avoided.
Sep 06, 2010 03:24 AM
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