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What would you do?

By Paul Pival

Real Estate Agent with Coldwell Banker Bain 49381

October 17, 2008 05:38 AM

Here's the scenario. An absentee owner invites an agent to list his home below market before it goes into foreclosure. He insists on using an attorney friend to negotiate any offer. Before an offer can be submitted, the home goes to the bank. Neither the owner nor the attorney notifies the listing agent. If you were the agent, what course would you take if you believed you could bring an offer to the bank?

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Bill Gillhespy

16 Sunview Blvd - Fort Myers Beach, FL

Fort Myers Beach Realtor, Fort Myers Beach Agent - Homes & Condos

Hi Paul, If the bank is now the official owner ( varies by state ) it is a moot point ! Either way, there needs to be a frank and candid discussion between all parties to get back on the same page.

Oct 17, 2008 06:00 AM

Richard Mielke

RE/MAX Results - Gettysburg, PA

REALTOR, Gettysburg Pennsylvania Real Estate

If the bank now owns the property, the agent no longer has a listing. The agent could try contacting the bank and explain that they were marketing the home prior, and would like the opportunity to list the home on behalf of the bank. If the agent has a buyer for the property, he can either contact the bank or wait until the bank lists the home for sale. As for the seller and the attorney not letting the agent know that it was going to the bank, that is a conversation that needs to be held.

Oct 17, 2008 06:08 AM

Konnie Mac McCarthy

MacNificent Properties, LLC - Cobb Island, MD

Broker/Owner - VA & MD "Time To Get A Move On!"

well..heck I would call the bank, and I have heard of agent doing that...and getting in with the bank to list their REOs that way

Oct 17, 2008 06:46 AM