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Answers (17)
- Lexie Longstreet, "Savvy"
- Contributions:1107
Sandgluff... I know how you feel. I think you are in Charlotte NC and I have to tell you, if you are, that you are in a tough market. Multiple offers are starting to happen, especially on houses that have been on the market, and dropped their prices repeatedly. At some point... they are just a good deal... and people jump. This whole "verbal" offer thing is happening more and more, because agents are just tired of writing up "lowball" offers... but eventually it backfires. The house could have had another low ball offer on it, and when those people got wind of your offer... they just jumped back in. What ever happened the listing agent should have called for "highest and best" offer. That would have gotten her clients the best deal. But maybe the other deal was cash, had a better closing date, and was more money... and had a drop dead date - so they took it.
If you really want this house, I would suggest your negotiate a back up contract on it. With the new NC Offer to purchase the current buyer can back out for "any reason or no reason" during their Due Diligence Period. They might go to the seller and try and get them to cut their price during this period. If you have a back up offer in... those sellers might just give those buyers the "heave ho" and you might still get the house. Or you can wait and see if the contract falls apart. But I would go for the backup contract... if you really want this house. I would suggest your agent meet and present your back up offer in person. And I would suggest you send a personal letter along with it saying how much you like their house...
Trust me, this works.
If you really want this house, I would suggest your negotiate a back up contract on it. With the new NC Offer to purchase the current buyer can back out for "any reason or no reason" during their Due Diligence Period. They might go to the seller and try and get them to cut their price during this period. If you have a back up offer in... those sellers might just give those buyers the "heave ho" and you might still get the house. Or you can wait and see if the contract falls apart. But I would go for the backup contract... if you really want this house. I would suggest your agent meet and present your back up offer in person. And I would suggest you send a personal letter along with it saying how much you like their house...
Trust me, this works.
- Annette Lawrence, "Palm Harbor FL"
- Contributions:28
Sandgluff, I can hear the disappointment and anger you are feeling with losing the opportunity to purchase the home you and your agent worked so hard to find. It can be a brutal endeavor. Too often we read about it being a buyers market and begin to act accordingly. Reality never surfaces until the home we love gets sold to another.
Have you ever been tempted to ask a listing real estate agent to notify you (or your agent) if an offer is received on a home which you have great interest but not ready to make an offer? How do you suppose that scenerio plays out? What if the listing agent did not notify you when an offer was received on the home you loved?
Real estate professionals are hired to protect the best interests of the ones we represent. It is their instruction that we are obligated to carry out. It is unlikely you will every be privy to the discussion between the listing agent and the seller. It is possible this agent was appealing to the seller to do the right thing. We will never know.
It is my hope that this was 'meant to be' because a home of greater significance is in your future. Good luck in your home search.
Have you ever been tempted to ask a listing real estate agent to notify you (or your agent) if an offer is received on a home which you have great interest but not ready to make an offer? How do you suppose that scenerio plays out? What if the listing agent did not notify you when an offer was received on the home you loved?
Real estate professionals are hired to protect the best interests of the ones we represent. It is their instruction that we are obligated to carry out. It is unlikely you will every be privy to the discussion between the listing agent and the seller. It is possible this agent was appealing to the seller to do the right thing. We will never know.
It is my hope that this was 'meant to be' because a home of greater significance is in your future. Good luck in your home search.
- SoCal_Engr
- Contributions:5661
Okay, so your REA is off the hook (i.e., put the deadline on the offer). You lost any leverage you might have had when you let the deadline pass and left the offer on the table. At that point, the seller is driving the deal...and you're just along for the ride.
Unless you're truly willing to walk from any potential deal, you have zero leverage on the seller. Killing the deal is the only card you really have to play. All other "ploys" are effective only if the "kill" card is actually in play.
So, yes, you got used and played by the seller. And, given your actions in the offer phase, any savvy seller would do the same to you again. Welcome to the wonderful world of real estate.
Unless you're truly willing to walk from any potential deal, you have zero leverage on the seller. Killing the deal is the only card you really have to play. All other "ploys" are effective only if the "kill" card is actually in play.
So, yes, you got used and played by the seller. And, given your actions in the offer phase, any savvy seller would do the same to you again. Welcome to the wonderful world of real estate.
- Debra (Debbie) Rose, "Livingston NJ"
- Contributions:2728
Truthfully, what "cost" you was.....a better offer came in.
The listing agent might be credited with rounding up another offer, who knows.
Apparently, from what you just shared, you were willing to let the deadline pass, and allow themto drag it out in the hopes it would work out for you. You and your agent had to know it was a risk, and were willing to take that risk, otherwise you would have withdrawn your offer when the deadline came.
It didn't work out in your favor - that's frustrating, but that's what can happen.
The listing agent might be credited with rounding up another offer, who knows.
Apparently, from what you just shared, you were willing to let the deadline pass, and allow themto drag it out in the hopes it would work out for you. You and your agent had to know it was a risk, and were willing to take that risk, otherwise you would have withdrawn your offer when the deadline came.
It didn't work out in your favor - that's frustrating, but that's what can happen.
- sandgluff
- Contributions:3
Just to be clear, we did put a deadline on it, but the seller knew we wanted that house, there was very little we could do. My REA tried his best everyday to get this closed. I do agree that he is not a main agent in the FARM that we were trying to buy in, and ultimately I think that is what cost us.
- SoCal_Engr
- Contributions:5661
Joseph -"It is unclear as to whether you had your own representation."
OP - "All along I voiced my concern to my agent that they were stalling and trying to get to the weekend because they might have another buyer coming on the weekend."
You should read before you post. In this case, the OP did have their own REA - and that REA failed.
OP - "All along I voiced my concern to my agent that they were stalling and trying to get to the weekend because they might have another buyer coming on the weekend."
You should read before you post. In this case, the OP did have their own REA - and that REA failed.
- Joseph Domino, "ScottsdaleAZHomes"
- Contributions:176
It is unclear as to whether you had your own representation.
If you did not have your own agent, this unscores why if you read post after post we preach "get your own agent".
If you did, your agent should have protected you. I would complain to your agent's broker.
If you did not have your own agent, this unscores why if you read post after post we preach "get your own agent".
If you did, your agent should have protected you. I would complain to your agent's broker.
- SoCal_Engr
- Contributions:5661
You (via your REA) screwed up by not putting any deadline on the deal. When you re-submitted a different offer, you nullified your prior offer and put the ball in the seller's court. Without any deadline/pressure from your side, the seller played a common (and not unethical) tactic - they kept you on the string while waiting for another offer that they were fairly sure was coming in.
The only chance they took was that you would take your offer off the table. Since you didn't, they were never forced to make any decision (i.e., accept your offer or wait for a better one).
Once the second offer came in, the seller was perfectly within their right to accept it - and they owed you nothing. Not a response, not a chance to compete, nada. Maybe not a nice way of doing business (especially from your perspective), but it's not like the seller has to worry about maintaining a business relationship with you.
More to the point, is that the listing agent also does not feel any need to play nice with your agent - which leads me to believe that your REA doesn't have much standing in that farm. I also question why your REA put the offer (essentially formalizing a verbal agreement) on the table without a deadline.
Your issue is with your REA, not the seller. Were they "less than nice"? Yes. However, this is the type of situation that your REA is supposed to keep you out of - or at least help you when it happens.
The only chance they took was that you would take your offer off the table. Since you didn't, they were never forced to make any decision (i.e., accept your offer or wait for a better one).
Once the second offer came in, the seller was perfectly within their right to accept it - and they owed you nothing. Not a response, not a chance to compete, nada. Maybe not a nice way of doing business (especially from your perspective), but it's not like the seller has to worry about maintaining a business relationship with you.
More to the point, is that the listing agent also does not feel any need to play nice with your agent - which leads me to believe that your REA doesn't have much standing in that farm. I also question why your REA put the offer (essentially formalizing a verbal agreement) on the table without a deadline.
Your issue is with your REA, not the seller. Were they "less than nice"? Yes. However, this is the type of situation that your REA is supposed to keep you out of - or at least help you when it happens.
- Debra (Debbie) Rose, "Livingston NJ"
- Contributions:2728
I understand how you feel, really, I do.
Unfortunately, until something is signed, it isn't a deal. Anything can happen.
By the same token, you could have found another house in the interim, too.
As each day dragged on without a resolution, I would have been concerned that something else was going on behind the scenes. If your agent was purposely mislead, that's certainly not an upfront way to handle things, but the sellers were in the driver's seat.
In regard to the seller offering you the chance to counter (or compete with) the other offer, the terms might be so strong (perhaps an all cash deal) that nothing you could do would beat it. You can't force the seller to continue negotiations with you.
How this exactly played out is hard to tell, and they may very well have been holding out finalizing your offer while they waited for these new buyers to see the house. Clealry, their offer exceeded yours.
Your agent, as your representative, can certainly make your feelings known to the other Broker, but there is little recourse (in my opinon) at this time. Your agent also might have been more forceful while they were dragging this along.
Good luck , and I am sure another home will come along!
Unfortunately, until something is signed, it isn't a deal. Anything can happen.
By the same token, you could have found another house in the interim, too.
As each day dragged on without a resolution, I would have been concerned that something else was going on behind the scenes. If your agent was purposely mislead, that's certainly not an upfront way to handle things, but the sellers were in the driver's seat.
In regard to the seller offering you the chance to counter (or compete with) the other offer, the terms might be so strong (perhaps an all cash deal) that nothing you could do would beat it. You can't force the seller to continue negotiations with you.
How this exactly played out is hard to tell, and they may very well have been holding out finalizing your offer while they waited for these new buyers to see the house. Clealry, their offer exceeded yours.
Your agent, as your representative, can certainly make your feelings known to the other Broker, but there is little recourse (in my opinon) at this time. Your agent also might have been more forceful while they were dragging this along.
Good luck , and I am sure another home will come along!
- Michael Emery, "MikeEmery"
- Contributions:7286
As you have guessed, the sellers probably did put your offer in their pocket and waited for another 'better' offer.
And most likely the listing agent contacted other agents with clients that had showed an interest in the property and told them there was an offer on the table. No doubt this shook loose an offer that was more palatable to the sellers.
The listing agent did what he/she needed to do to get their client the most money for their property. Is it unethical? No. Does it stink? Yeah.
As the offer was 'verbal' you had no binding agreement with the sellers.
And most likely the listing agent contacted other agents with clients that had showed an interest in the property and told them there was an offer on the table. No doubt this shook loose an offer that was more palatable to the sellers.
The listing agent did what he/she needed to do to get their client the most money for their property. Is it unethical? No. Does it stink? Yeah.
As the offer was 'verbal' you had no binding agreement with the sellers.
- sandgluff
- Contributions:3
We put an offer on a house on Sunday, the seller came back with a verbal counter offer, we countered, they repeated verbally. We thought about it for one day and came back and accepted their verbal offer. We sent the signed new offer on a wednesday. The sellers agent told us they would review the document and get it back to us THursday afternoon. On thursday afternoon, they came back and told us that the seller couldn't get around to it and would get back to us on friday, on friday we got the same story and were told it would be saturday, on saturday morning we were told they would definitely get it back to us on Saturday night. All along I voiced my concern to my agent that they were stalling and trying to get to the weekend because they might have another buyer coming on the weekend. Low and behold Sunday morning we were told that a new buyer came in completely unexpected out of the blue on saturday and put in a significantly higher offer. Obviously we were crushed, we had been promised that our bid was not being shopped and that the seller simply just hadn't had the time to go over the contract. We responded that we would like the ability to compete with the offer, or would like an offer back from the seller in writing that we could respond to, even if it was higher than the number we had verbally agreed to. We were ignored, and several hours later we were informed that the house had been put under contract. The house was on the market for 4 years, and was listed at its current price for 6 months. I have a hard time believing that our offer wasn't being held while they waited for this second buyer to come in, and then we weren't even given a chance to submit a competing bid. WHile we never got a verbal from the agent that we had a deal, we were led to beleive all week that the deal was done, although the agent was careful with their words, and that we were just waiting on the seller to have a few moments to get the document signed. Is this worth bringing up to the BRoker in Charge, or are they going to tell me that its just part of the business. Ethically I feel like we were treated unfairly
- Drew Ludlow, "DrewLudlow"
- Contributions:505
Just to clarify... since we Realtors sometimes use terms that mean everything to us and nothing to others.... Contact your Realtor's 'boss' - who is referred to as 'the broker' or 'Broker-In-Charge'.
- Ofe Polack, "Ofe Polack"
- Contributions:1416
So sorry for the bad experience you have had. Without further explaining how you were played and used, there is not much we can say, short of empathizing with your feelings. You can contact the broker in the first instance, a real estate attorney if necessary and depending on the severity of the actions of the listing agent, after you discuss the issues with the borker, you may want to contact the Real Estate Commission.
- Frank Coxx, "mrrealtor31"
- Contributions:31
Sorry to hear you had a bad experience...You will have to go to the broker in charge of the firm. Then go to the Real Estate Commission site to file a ccomplaint...Hopefully you can get it worked out with the broker in charge at the firm..
- Joan Braunschweiger, "Morris County NJ"
- Contributions:1543
Yes, please give details.
- Christine McGinty, "whitemountainagent"
- Contributions:273
Have you discussed your grievance with the agent or the agent's broker? I would start there, but "used and played by" is a very broad statement that is almost impossible to address here.
- SoCal_Engr
- Contributions:5661
What defines "used and played"? You can always go to their broker, or to the broker's franchising authority (assuming no help from the broker). However, "used and played" is a rather nebulous phrase.
I have just been completely used and played by a listing agent. how do I get recourse?
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