Profile picture for sam e christie

Listing agent bought the duplex he listed

Hi
I put in an offer below the offer price of the top unit of a duplex, allegedly the agent put this to the seller and my offer was declined. I ended up buying the lower unit.
As soon as my offer was accepted the listing agent purchased the top unit (I do not know the price he purchased it for).
This seems unethical to me- how can this be an arms length transaction?
Can someone let me know?
Thanks
sam
  • October 19 2013 - San Francisco
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Answers (7)

Profile picture for wetdawgs
P.S.  Yes, salespeople can be pushy.  That seems to be the nature of salespeople in many arenas.  It is not illegal or unethical.
  • October 19 2013
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Profile picture for wetdawgs
If it was not a short sale, there are no rules about "arms length transactions". 

Ultimately the seller, not the agent, accepts the offers.   A seller can chose a lower offer, or the final sales price can be lower because of negotiations that occurred in the process of selling.  This is not unethical or illegal, although it can be a bit irritating to other buyers.    (We (mere consumers) have had our offer accepted when it was lower than several other offers simply because the seller preferred us for reasons that weren't discriminatory in the Fair Housing laws. I'm sure some competing buyers were not happy, oh well.)

Many agents buy property, in fact, some of them get their licenses just so they can do this and save on costs.   While it may appear "unfair", it is one of the realities of the realty word.   I'm sorry you feel concerned about this.

I hope you enjoy your new home and can move beyond the shenanigans of real estate purchase.




  • October 19 2013
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Profile picture for sam e christie
I had my own agent-

it just seemed the listing agent was really pushing the lower unit.... which seems unethical looking back giving he had his eye on the top unit all along !

It was not a short sale

I will look at the sales price when it goes through and check it went for more than my offer.

It just seems if the listing agent had his eye on the property the right thing to have done should have had someone else at his office be the listing agent so that things looked fair to an outsider
  • October 19 2013
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Profile picture for nwhome.us
Another thought is to ask the managing broker of the office that listed the property.  that broker is responsible for all of the deals that go through the office and should want to steer clear of anything that might bring up issue later on.
Did you use the listing agent to make your offer?  Did you not have your own agent?
  • October 19 2013
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Profile picture for wetdawgs
Was this a short sale?   "Arms length" is defined as a relationship to the owner (seller).  The listing agent is not the seller and unless the agent is a family member, the agent is likely to qualify within the definition of "arms  length".
  • October 19 2013
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Profile picture for sam e christie
thanks- I will look at the amount it sold for once it closes and see if it was more- I know his company had "a problem" with it....... which made me think something was amiss....
  • October 19 2013
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Profile picture for CallTheSisters
If the agent presented your offer and the seller declined it I can't see any thing wrong.

There is more to an offer than price.  Your offer was lower than full price.  All the agent had to do was better your offer.  The agent might have reduced his commission thereby the seller would have realized more net.

The agent is at arms length.  He is not related to the seller.

If you do not know what he paid has it closed yet?  If it closed but is not reported in the MLS then I would think something was amiss.

Agents are entitled to purchase real estate. There is nothing unethical about that.
  • October 19 2013
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