Is it illegal for listing agent to hide good offers so friends can buy at LOWBALL price?Should it be illegal for the listing agent practice of hiding all offers from the seller (including banks) at asking and above so their family, friends, or investors can get a lower than market price? In California, approximately 30% of REO's are RESOLD within 48 hours of closing at a higher price. This is called "flopping" similar to flipping, but the house is sold at below market price to buyers. So,metio,mes escrow will close both transactions at the same time to attempt to hide the quick flip. The victims of these "flops" are usually banks or GSE's like FNMA OR GNMA.October 16 2011 - Pasadena00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.