Profile picture for amc2

Can a listing realtor refuse to deal with me if I am not paying 100% cash?

I called the listing realtor on a property which is bank owned and he refused to talk to me (show me the house or disclose other details) because I would not be paying 100% cash of the selling price.  I do however, have enough cash to put down 50% and finance the rest.  Can he do that?
  • July 11 2009 - Alessandro
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Answers (12)

The listing agent can easily and politely explain that the seller is only accepting cash. They may not be required to explain why and they can certainly refuse to show a cash only for sale home to a non cash buyer. I would be curious to know whether this agent included "cash only" or similar language in the MLS or wherever the OP found the property.
  • July 14 2009
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Profile picture for rjon.101
jkonstant, Roberto

thanks for the info

as for persenting paperwork to prove the agent does not have to present a listing I was thinking in terms of it would be polite for an agent to be able to present paperwork and an expanation of why the agent would not accept/present an offer,  Not drawn out ordeal but a quick polite PR explanation.

again thanks
  • July 14 2009
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rjon: I am not speaking to California law, but general agency law as it applies to the principals instructions. I'm not sure the listing agent in any state is required to provide written proof of a sellers instructions. California law might have a quirk I am unfamiliar with, but according to a broker in Rancho Santa Fe with whom I network, this is perfectly legal provided these are the instructions from the client.
  • July 13 2009
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With written instructions from a client, a listing agent can refuse to present offers. For example, if your client gives you written instructions: No offers under 250K, well, then you don't bother him or her with lower offers. Ditto if the client insisted on all cash offers.

However, if a listing agent simply fails or refuses to present an offer for his/her own reasons, then a buyers agent has the right to directly present the offer to the seller. There is a requirement to notify the listing broker I believe 24 hours in advance... (its been a while since I've had to do this, so the exact notice I'd have to look up)

rjon: various states will have different timings/methods, but basically the same intention.
  • July 13 2009
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jkonstantnot meaning to be rude but are you sure your statement applies to california where this occured , I believe you are licensed in Virgina. If the laws have changed I would like to know.  And if your information applies to california what documents  must the agent provide to show he can legitimatly refuse the for the client.  thanks
  • July 13 2009
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When acting as an agent for a principal and with written instructions, an agent can reject offers on behalf of their client. Most agents and therefore most consumers don't know this is legal and not too uncommon when dealing with bank owned property. It all depends on the listing agreement and the relationship established by the seller and broker.Nothing the OP has in his/her brief explanation gives evidence of a legal or ethical violation.
  • July 13 2009
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Profile picture for space_acer
take the money and run... the oldest scam in the book.
  • July 13 2009
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Profile picture for rjon.101
since you are in Ca this listing agent may have violated California real estate law, talk to a lawyer about it if you are really concerned. Then have  the lawyer present your offer to the listing agent ,unless he has the lenders backing on this all cash offer I bet his attitude will change very quickly. He may just want to wait for an easy all cash offer. The cost will be a few hundred to you if you decide it is worth it.  You can also talk to the bank directly. Nothing prevents this. If the bank did not spec cash only offers the bank/lender may be very interested to hear what the listing agent did. Or the lender may not care at all, it will depend on if you talk to the correct people at the lending instution. If you need to find the lender/loan manager name and number you can use Realtytrac they have a free 1 week trail period and you can get this loan contact information online rather than spending the day at the county recorders office. You could file a complaint with the Ca dept of real estate but they are not really good at much of anything in protecting consumers. A buyers agent may help but if the listing agent wants to say no to the same offer  the buyers agent can not contact the listing agents client to cause a problem (its not illigal it is just against the  NAR ethics code)  And is  this issue  worth the trouble or is it best to move on.  Or do you really want this particular house.
 ps unless some law has changed a lot that I do not know about  listing agents  do not get to filter and reject offers  for the client that the client knows nothing about. If you present an offer in writing with a deposit (even $100) the listing agent must present it to the client for the client to consider and accept or reject.
  • July 12 2009
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You may want to locate an agent to represent you in your RE transaction Find one who knows which properties are available to you based on your available finances.  Some listings today given the circumstances of the property are available only to Cash/Conv buyers.  I have a few listings like that as well....if you'd like a more detailed explanation...feel free to contact me.
  • July 12 2009
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Just as there are some agents that work only with buyers, there are others that work only with sellers. There is a broker locally that has this business model. All communication with the broker is by email, fax, phone, etc including the submission of offers. This broker does not attend closings, only lists foreclosures and does quite well for and by himself. As stated above, the property condition or a title issue might be such that financing is not possible and therefore you are not qualified. For the record, buyer's agents don't like to show homes to unqualified buyers either.
  • July 12 2009
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Some properties are 'cash only' properties due to the condition of the property and the presumption that no lender will lend on the property.

Check with a Realtor to see what the financing limitations are on any properties you may want to view in the future.
  • July 11 2009
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Profile picture for real estate mike
Sure so what? You should have your own buyers agent anyway and this jerk you dealt with just proved it. Also, if I were you, I'd bring in a good negotiator as your agent and see just how good of a deal you can get. The sour news is that since he basically refused to present your offer you might be better off trying somewhere else. You might consider shooting his broker an email explaining what happened and see if that changes his attitude. best of luck to you!
  • July 11 2009
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