Property flip by listing agent to his own wife!!!

Last September I saw a BANK OWNED property listed for $18500. I told my realtor to make an offer for $20500. Because the listing agent worked at the same Keller Williams office he send him an email saying that next morning he will be making the offer for $20500. First thing in the morning I signed the offer and when the realtor was on his way to fax the offer he received a phone call from the listing agent saying that he already have an offer for $27000 and if I want the property I should offer $28000. I accepted to offer $28000. I meet again the realtor we cross out the original $20500 and place the $28000. The listing agent start saying that the property was mine but I need to wait because the bank needs time to pay the liens. To make this history short after two months I get a phone call from my realtor saying that the listing agent told him that the bank became in so many expenses that I should go to $31000 if I want the property. The situation was so frustrated that I accepted to pay the $31000. At the time of the closing I found out that I was buying from an LLC and not from a bank. I started researching and found that the LLC was owned by "the listing agent wife" who is also a realtor and the property was sold to her for $19801.
 I asked for a meeting with the broker and listing agent without saying what I know. They told me that because of my poor english I didn't understand that there was another transaction in the middle. Listing agent told me that the bank accepted an offer that was placed before mine but he has no proof.
What should I do? Any recommendation? Who is in fault? Listing agent? Buyer (also a realtor)? Broker? The three of them?
Thanks for your help.
  • May 13 2012 - West Palm Beach
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Answers (8)

The listing agent must have disclosed in MLS that the seller is a close relative or family member.
You can call DRE to file a complaint.
Charge them with Non disclosure

Sincerely,
Ali Bozorgi Talab
Realtor
San Jose, CA
  • May 14 2012
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If the property was owned by the LLC, who accepted your offer, in FL the listing agent should have disclosed that he is related to the seller in the MLS listing itself, plus provided another addendum to you disclosing that as well as part of the contract.

You should have your Realtor contact the FAR (Florida Association of Realtors) Legal Hotline on your behalf.  If they will not, you have a problem.

You should then go to www.myfloridalicense.com/dbpr where you can file a complaint against the license of the listing broker and the brokerage of the company.
  • May 14 2012
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Profile picture for sunnyview
Before you file the complaint, I would send the agent an email to "clarify" the details of the offer and what you were told with a bcc bak to yourself. You need to tell them you do not understand and ask them to explain. Tell them that you are upset about it.

Once they reply, you may have what you need to file a complaint. What the broker/agent told you will have less weight in the complaint process than the statements from the agent in black and white. It is worth trying to get the details in their own words.
  • May 14 2012
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Profile picture for Ofe Polack
This is totally a legal matter, try to obtain as much information as possible in writing.  I am sure that your buyer agent can help you with that.
  • May 14 2012
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Nicojaki-

This is not exactly the answer you're looking for here, but as real estate broker who also happens to teach English as as second language (volunteer here in Chicago), you're question is better written then half if not three quarters of the questions I've seen on these real estate advice sites. Seriously! And it's obvious you did NOT use google translate to write it. So anyone saying your English is "poor" is full of it as they say stateside.

Good luck.

Seth
  • May 14 2012
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Disclosure,disclosure,disclosure.
  • May 14 2012
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After reading this a second time. That was shady business. The listing agent disclosed the supposed $27000 offer from the mystery buyer and told your agent to offer $28000. Why were you chosen to be special? If there were any leins they wanted you to pay them and protect the profit margin. If the bank accepted another offer before yours , why didn't the property go under contract? Or go into a multiple offer situation, with all parties being notified and then submit highest and best offers. Your agent should have sent the offer first and then notified the agent. If there was shady dealings , a verbal notice would get someone to calculate their profit margin in this wholesale flip type of deal. Read the MLS description and see if it says owner by contract. Future reference, do not submit a large proof of funds. Show what you are offering or a little +/-. I am willing to bet the farm , of you only showed $20500 you wouldn't be going through this.
  • May 14 2012
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Profile picture for Sharon Lewis
Did you speak to the listing agent's broker in charge? Next step as mentioned is to speak to the legal department at the Florida Real Estate Commission to get it all clarified. The commission is set up to 'protect and help' the public.
Best of luck to you.....
  • August 12 2012
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