Some realtors are just plain crooked

I put a full price offer in on a 5 acre parcel in Central Florida. This parcel was a fire job - 3000 SF brick home with 4 garages, inground pool, etc. The asking price was $44K cash. I had previously looked at this piece 2 yrs ago when they were asking over $200K. Research revealed that the prior owner had mortgaged the parcel for $540K. The next day I was told that a higher offer was received and I was thanked for my time.

Funny part was this happened to me 3 months ago with the same realtor. When the parcel finally closed the competing offer was $1,000 above mine.

It makes you wonder why they even bother to put them through MLS when they are going to control the destiny of "certain" REO's.

Edited: 06/26/2010 at 11:36AM

Mark Yuschak

Rehabber · Grand Blanc, Michigan

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Feb 10 '10, 08:00 PM

I'm not sure I understand your complaint.

It was listed on the MLS, it received multiple offers, and they accepted what we assume as being the highest offer. The only thing that could be construed as being somewhat odd is that they didn't ask for highest and best from each offeree. However, H&B isn't a requirement, it's solely done at the seller's discretion.

If they were really that crooked they wouldn't have called you back at all and thanked you for the offer.

Edited: 06/26/2010 at 11:36AM

Rich Weese

Real Estate Investor · sioux falls, South Dakota

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Feb 10 '10, 09:08 PM

I have to disagree with Mark, but I don't know if that realtor was crooked. Most realtors are just unknowledgeable, imo. What Ingrid was probably saying was the realtor knew her offer and found someone else(relative, friend etc?)
In "the good old days" I would insist on presenting my own offers to seller, negotiate right there and then, and I'd win or not. Now, hanky panky exists with realtors, unfortunately. Rich

Edited: 06/26/2010 at 11:36AM

Ingrid Nagy

Property Manager · Passaic, New Jersey

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Feb 10 '10, 09:20 PM

Rich, that is exactly what I am accusing the realtor of. I have been loyal to one agent for the past two years. He is not affiliated with the listing agent's firm. Highest and best offers were requested. However, when the listing agent has access to ALL of the offers submitted he has certain advantages that others don't have. From that power position its much more lucrative to promote the deal to a friend which will insure keeping the commission fully "in house" than share 50% with a selling agency.

Edited: 06/26/2010 at 11:36AM

Mark Yuschak

Rehabber · Grand Blanc, Michigan

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Feb 10 '10, 09:27 PM

Now that you've added the clarification, I very much agree with you.

I get very disgusted when working with buyer's agents instead of going straight to the listing agent because of this exact scenario.

Edited: 06/26/2010 at 11:36AM

Chris OToole

Real Estate Investor · Bayou Vista, Texas

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Feb 11 '10, 09:15 AM

Deal right with the listing agent....I did a few deals with a buyers agent and he still treated me as a first time buyer deal after deal. I find that submiting offers direct to the selling agent gets a quicker answer... but it could be just my experience.

Edited: 06/26/2010 at 11:37AM