REO/Bank owned Listing Agents....What's the Deal?

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Real Estate Agent with The Majestic Group 0225079749 VA

Okay...I was with a client, showing homes..I came across this home that was Bank Owned...I called the agent for the combo box code...he tells me "We arn't showing the home today, it is digusting, there are flies, and it is a health hazard inside"  I said..."We are standing outside...looking in the window, and my clients are willing to take responsibility for going in"  The guy still refused to let us in...he said  "I am pulling it off the market right now..."  I call my broker and said "Hey, can he do that"  My broker made a phone call...and I was in..

 The house was fine...it was better than fine, located in an upscale, Golf Course Community.  I called the agent back and said "My clients like it they want to write on it"  He says.... "You can't write a contract without submitting the bank disclosures"  I said.. "Cool, where can I get them"  He said  "i'll have to send them to you, but I can't until tomorrow"   Two days, and several phone calls later...the guy tells me that it is okay to submit the offer, WITHOUT the bank addendums.... So, it's Friday morning at this point, I submit the offer by 3:00 p.m.  Monday I email the guy and ask him when we can expect an answer.... he says...He is submitting our offer WITH another offer that MYSTERIOUSLY came in on  Sunday... (Mind you, this home owas only on the market for one day, the day I tried to show it, and this agent pulled if off the market the second I tried to show it)  So my question is....What's up??.....since then I have run into other agents who are listing bank owned propeties, and I have not had a good experience with them as well......Is there something I need to know here......what the heck is going on...????

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Rainmaker
400,608
Eric Bouler
Gardner Realtors, Licensed in La. - New Orleans, LA
Listening to your Needs
Just let your buyers know that sometimes these transactions can be more difficult. The agent was chosen more than likely as to who he knows and not the type of job that he does. I am sure you will remember the agent for the rest of your career in a negative way. 
Aug 24, 2007 08:24 AM #1
Rainer
131,625
Susan Trombley
Trombley Real Estate - Raleigh, NC
Broker/Realtor, Raleigh, Cary, Wake Forest, Youngsville
Always go to the BIC and they will make sure you get what you need. They will undercover if something funny is going on and make sure both clients are takin care of. Ultimately the firm is responsible for clients they are the firms not the agents is how is works in NC. Check you laws and BIC will help. Good Luck
Aug 24, 2007 08:29 AM #2
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534,064
Konnie Mac McCarthy
The Majestic Group - Mc Lean, VA
Associate Broker - VA & MD
Hi Susan...thanks.....no to sound uninformed..but I am in this regard...what is a BIC....??
Aug 24, 2007 08:42 AM #3
Rainer
10,702
Got Real Estate Team -
Keller Williams - Windsor, CO
The listing agent is shopping you.  he may have been allowed to by his seller.  many banks will ask for the agent not to send in offers unless they meet certain guideline typically outlined by the banks pricing matrix they also may not look at any offers until they are open again.  (bankers hours)  so if your showing was on a weekday he might try to lead you out so he can submit all offers over a long weekend.  this would be totally unacceptable for an agent representing a normal seller but a bank may be actually telling the agent to act like this for them.
Aug 24, 2007 08:50 AM #4
Anonymous
Anonymous

Konnie, I know the answer to your question.  BIC in North Carolina stand for Broker In Charge.

It sounds to me that this agent is probably violating MLS rules and the Code of Ethics.  Even though the Buyer can expect a little more trouble when dealing with Bank owned properties, the listing agent should not be a stumblingblock.

Aug 24, 2007 08:54 AM #5
Anonymous
Anonymous
In retrospect..it felt like he was putting a deal together for himself.....this house was in a nice community...and it was a STEAL....for it to be on the market 1 day, then he pulled it off the second  I wanted to show it...when I went back in and did some research he had the listing on the market for literally 5 minutes 3 weeks prior to the day I found it...  So, he had it on for 5 minutes (long enough to generate an actual "Listing" for a lender...then it was taken off...then he put it on for 1 day, took it off again......and had 2 contracts very strange....But, we'll never know the truth.....thanks for the comment
Aug 24, 2007 08:54 AM #6
Anonymous
Anonymous
Dur....Broker in Charge...Yes, my broker did call his broker....day one....because he would not let me in the house.....every since then.....his broker was uncooperative....thanks for the comment
Aug 24, 2007 08:56 AM #7
Rainer
202,996
James Gordon
Sibcy Cline Realtors® - Cincinnati, OH
REALTOR, PBD SFR SRS
Did you ask if one of the offers is by the listing agent? In Ohio that is something that must be disclosed if asked.
Aug 24, 2007 10:28 AM #8
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Konnie Mac McCarthy
The Majestic Group - Mc Lean, VA
Associate Broker - VA & MD
That is the first thing my broker asked his broker....my client is not very happy, he did end up buying another home...but he really wanted that one....so if this guy did do something unethical, my client is determined to do something about it.......but is certainly was an eye opener
Aug 24, 2007 10:32 AM #9
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Renée Burrows
Savvy Home Strategies Realty, LLC-REALTOR®-Estate-Probate - Las Vegas, NV
Las Vegas Real Estate Broker - www.urLVhome.com

Pocket listing perhaps?  He wants to bring the buyer?

We have so many hard to show, hoops to jump through listings.  I have one buyer, this week, willing to write an offer on a short sale "subject to interior inspection" but call agent xyz for details first.  Yea right, do you think after 5 days I am getting any response?

Can people be responsible and take these listings that aren't sellable OFF THE MARKET and KEEP THEM OFF?

Thanks for letting me rant! 

Aug 24, 2007 10:52 AM #10
Anonymous
Sean Guerrero
Thank you for leaving a response. As of late I have been referring my listing contacts out. We are in a buyers market, the advertising expense is outragous! Obviously this guy was trying to double side it. Is that legal were you are? There are so many unscrupulous agents in our industry.
Aug 25, 2007 11:28 AM #11
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534,064
Konnie Mac McCarthy
The Majestic Group - Mc Lean, VA
Associate Broker - VA & MD
You know I hate to be so suspicious..but from the get, this guy seemed like he had an agenda...He told me that there were (and this is NO joke) GREEN flies in the house.....it was a health hazard......  When we went in......well...I didn't see on TEET -SEE fly anwhere....so, I don't know if it is illegal..but it sure seemed unethical....I
Aug 25, 2007 01:06 PM #12
Rainer
22,834
Sue Pirrone
Pirrones Graphic Designs - Fredericksburg, VA

this does sound a little suspicous, I have had this happen to a friend of mine...agent kept the deal for himself

Feb 18, 2009 07:37 AM #13
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Konnie Mac McCarthy

Associate Broker - VA & MD
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