Question about ethics with REO listing agent and recent situation
We recently found our first property perfect for a rehab and resale in a close by neighborhood. Fannie Mae owned REO. Palm Beach County, FL.
We saw the property the weekend it hit the market and by Monday placed an offer. That night, we recieved a notice from the listing agent that there was multiple offers and a best and final was due 5pm the next day. we increase our bid a few thousand. The day we were told that there was 4 offers, all close and they would again go best and final next day. we added a few thousand and bid again. We won.
We received the award document with a the Addendum filled out by the seller and a host of next steps the next day at 4:30 pm. While the award document and Addendum had a host of next steps, it also said we had three days to complete the documentation, sign and send back. The document stated that we had 2 days to complete the EMD after seller signature.
The email from the listing agent partner (another company working directly with FM) and also noted as a virtual team member of the listing agent (per his website) was very much more aggressive than the paperwork demanding immediate turn around as well as the EMD to be wired to the title company before seller signature.
Given that the price and the property was perfect for first and little on the market came close to the situation we were looking for, we completed all paperwork in 1 day. After that, we received new instruction and new forms. We completed in less than 1 more day. On the third day in the morning we received a message that the Addendum didn't match. The seller agent had forgotten our initials in our name. they also said they could not change it and we needed to. we made the change by noon and also sent them the wire acceptance of the funds.
At 2:30 on the 3rd day (less that full 3 days), we received a notice that due to our paperwork not being in order, the seller has requested another best and final! what? after we completed everything exactly and even gave them the money.
We called the listing agent who said they "thought that would happen" and said he submitted another bid from his own buyer client after the second best and final. He cited that it is his responsibility to show the clients he is working for all bids.
Best and final was due 9am the next day. 3 business hours later. So again, we felt the offer needed to be improved given that the listing agent knows what price we won it at and we added $2,300 more dollars. The next morning, we again won. against no other offers. further more, the MLS system had never been updated since the first best and final (still had the first best and final dates).
We again, completed all the paperwork and awaiting seller signature to go to close.
I feel we were swindled by the listing agent and seller rep who are represented as partners on their website. I can't complain about the final deal, we wanted the property and feel good about the price. At any time we could have walked as our right.
We documented every email, copy the MLS, phone call and mistake. I am planning to close and immeidately file a complaint.
Any recommendations? Can i file suit for the difference due to what i saw was a "fake" 3rd best and final?
Thx in advance!