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We found a nice house, nice area, good yard and priced well, but it was bank owned, not that this fact had any bearing on our decision. Our realtor called the LA with the news that we were going to make an offer, only to be told that the LA was not taking any more offers, he had 3 one the table and was only going to present those to the bank. Nothing on the MLS verbage said there was a time limit or numerical limit to offers.
My question is why wouldn't the LA take other offers? It doesn't make sense to me, we were going to offer over the list price anyways. I detected a hint of collusion between the LA and one of the bidders based on some comments made by the LA that were relayed to me, but I have no proof of that. If this is business as usual then I really don't get it....
It happens, even with regular sales. If the LA thinks what he's got are already good enough (already at asking price or above), then why bother with more. Just move on.
Depends on the bank's instructions. This could be legit.
However, in my state, if you write an offer and give it to the listing agent, they have to present it to the seller unless they have written instructions not to.
So, if you really are interested, and going to make an offer that isn't wasting everyone's time, I would write it, send it, and ask for either proof that it was presented, or a copy of the seller's instructions that they didn't want to see it.
With 3 other offers on the table, if your offer isn't going to buy it, then you need to move on.
There is definitely shady business going on these days, not to say it's happening in your situation though. I scratch your back and you scratch mine. Is it legal? Who knows? Definitely gray area. Last year we saw a REO we really liked and wanted to make an offer. My agent contacted the listing agent and was told that he is not taking offers but instead they are doing an auction. Next thing you know the REO house was delisted. The listing agent did not return any calls. Three months later it showed up as SOLD and for few grands under the listing price. Shady indeed.
I would still write it up and have your agent send it over. In Oregon, it is law that the agent has to present all written offers to the seller unless the seller has given them written instructions to the contrary.
I would still write it up and have your agent send it over. In Oregon, it is law that the agent has to present all written offers to the seller unless the seller has given them written instructions to the contrary.
Right.
Good rule of thumb: In case of doubt, write the offer.
I came across that and I was told they weren't taking any more offers I made such a fuss that they went a head and took my clients offer and we got our offer accepted. Don't listen to them send it in who knows it may work and even if it doesn't you haven't lost anything.
We found a nice house, nice area, good yard and priced well, but it was bank owned, not that this fact had any bearing on our decision. Our realtor called the LA with the news that we were going to make an offer, only to be told that the LA was not taking any more offers, he had 3 one the table and was only going to present those to the bank. Nothing on the MLS verbage said there was a time limit or numerical limit to offers.
My question is why wouldn't the LA take other offers? It doesn't make sense to me, we were going to offer over the list price anyways. I detected a hint of collusion between the LA and one of the bidders based on some comments made by the LA that were relayed to me, but I have no proof of that. If this is business as usual then I really don't get it....
- Tim
Sometimes certain banks have things 3 offers must be presented befor ethey accept one. maybe they have their 3, the amounts are satisfactory and they don't want to complicate things more they are just trying to decide which offer is better based on terms.
Don't get too upset about it, when dealing with foreclosures and short sales these things happen
"The FBI is focusing its attention on real estate brokers to see whether ornot the broker submitted all offers to the lender in a short saletransaction."
"The FBI is focusing its attention on real estate brokers to see whether ornot the broker submitted all offers to the lender in a short saletransaction."
Interesting. Our short sale addendum allows a seller to submit all offers to their lender, but it's not required. In fact, many agents make a point of advertising that only one offer will be signed by the seller to be submitted and the rest held as backups to be submitted only if the first is not accepted. It's the listing agent's duty to insure that the seller sees all offers. The lender has never been included in that requirement as the lender is not a party to the contract, only a contingency for approval after the seller selects the offer to sign
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