Realtor gave an off-market property I found to another client

[Alex Holmstrom]

I found a property in my neighborhood that was off market but in the process of getting ready to be listed as an estate sale, and the asking price was going to be at a great point for renovating and creating equity. I asked a realtor I got connected with on BiggerPockets to check comps, get in touch with the seller/listing agent, and get what information they could on the property. They provided me with a list of repairs discovered in an inspecton (unsure why an inspection was done) and tried to dissuade me on the property based on the repairs by making them sound like a way bigger issue than they really were. They also said that the home couldn't be allowed to close in its current condition, so I was waiting for an update to be able to make an offer. Shortly after, the property was contingent before going to market. I did some digging, and found that my realtor either tipped the property off to one of their clients or purchased the property for themself.

Is this common, and how do you avoid this? Obviously I won't be working with this realtor any longer, but it's created some distrust and hesitation to bring any properties I'm interested in to an agent, particularly those that are currently off market.

[Ken M.]

Quote from @Alex Holmstrom:

I found a property in my neighborhood that was off market but in the process of getting ready to be listed as an estate sale, and the asking price was going to be at a great point for renovating and creating equity. I asked a realtor I got connected with on BiggerPockets to check comps, get in touch with the seller/listing agent, and get what information they could on the property. They provided me with a list of repairs discovered in an inspecton (unsure why an inspection was done) and tried to dissuade me on the property based on the repairs by making them sound like a way bigger issue than they really were. They also said that the home couldn't be allowed to close in its current condition, so I was waiting for an update to be able to make an offer. Shortly after, the property was contingent before going to market. I did some digging, and found that my realtor either tipped the property off to one of their clients or purchased the property for themself.

Is this common, and how do you avoid this? Obviously I won't be working with this realtor any longer, but it's created some distrust and hesitation to bring any properties I'm interested in to an agent, particularly those that are currently off market.

There are several "red flags" immediately. Are you  preapproved for financing? Was your  anticipated price lower than the buyer's? Did you have contingencies that the other party didn't have? Was yours a quick "cash offer"? I can think of several more, but you get the idea. 

To get dialed in on these deals, you have to have knowledge, capital and connections. 

 Bottom line, "you don't know what you don't know" and only experience or training get you there.