Rant: games and underhanded stuff, agent question

10 Replies

hi BP

Sorry I need a venue to rant.

No details bc I understand the hardship of other agent (also my friend)

Is my suspicion of games sellers/agents play and statics confirmed? But I don't know the laws very well....

So asking...

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Just out of curiosity:

Can seller decline full price offer, cash, 45 days closing, POF, and no contingency?

Mine had inspection... So they used that as way out. And 45 day not fast enough.

I think seller feels they can get better...(they feel now priced too low) (granted its day 1 on mkt when we put offer)

Sales price is too lower to squabble over commission and lawsuit.

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I just want to know IN PRINCIPAL!

If the above was a hypothetical. Full price offer, cash 30 day close, no contingency, POF at hand, hand money chk...can seller legally refuse?

NO OTHER OFFER AT THE TIME OF PRESENTATION.

I bought able ready buyer (but I'm buyer agent)

Q: does the commission due if agent brings able ready buyer only apply to listing agent? Agreement?

Newer agent, don't feel like asking my broker.. I just want as education, not stir pot

My buyer is nonchalant... Other deals...

Just me..lol

They don't have any obligation to accept any offer, even if above asking. To be honest your full priced offer on day 1 probably made them realize they listed to low so they will most likely be looking for something higher.

Medium logo 5545John Horner, Core Developments LLC | [email protected] | 614‑664‑3174 | http://johnbuyshousesohio.com/

@John Horner  I guess u can say that.

But really its priced fairly, my investor took into account the repairs needed.  

Listing agent remark says priced with repairs in mind, won't last! Hahaha or something to that effect.

So is it better to offer lower ;) and offend them? 

Im still learning ..

It would've been better if multibid than to know outright they are fishing....

Sound familiar? REO? I expect it from banks. Lol

some agents write. All offer received within x day of listing, will not be presented until (date)

Just like the no shows...

That is fair. Give everyone a fair chance. But level the playing field

Why dont you simply ask the agent what the buyer wants, then give it to them?  They don't have to accept your offer but they can't descriminate for any reason and if they accept a worse offer they better have a good reason for it!

Medium logo 5545John Horner, Core Developments LLC | [email protected] | 614‑664‑3174 | http://johnbuyshousesohio.com/

@John Horner  

Lol that's the problem the listing agent is frustrated too.

Seller doesn't know. I even asked to counter higher. And seller doesn't want to it. 

I think truthfully, she probably wants a bidding war or expected a war.. She didn't want to set the #.

Price low and let buyers duke it out.

We will see, this property is not a diamond in a rough. It just works for an investor client with lower risk appetite. No real margin.

Just has school and working class tenant for newbie buy-holder. House has issues we still need to get inspection. Wet basement, uneven floor lol

@Jennifer Lee  If I was the Seller, I would be suspicious of my Listing Agent if they magically found another Agent on the very first day of listing with a Buyer prepared to pay the full (Listing Agents) asking price [especially if it came to light that those two Agents were already friends]. So unless I had no choice but to sell quickly (and maybe even if I did), I would likely send them all back to the drawing board. But yes, then it would be me taking the risk that Offers might just evaporate. But as the Seller, I reserve the right to change my mind about selling, and as far as I know, I still CAN discriminate on who I accept to buy the Property(?)  Cheers...

@Brent Coombs  

 wow good point of view from some seller. By friend I mean I know her ;) I used to be in same office.  

But I can see how the seller may think like that. :) Thx you

I have asked around, yes seller does have the right to refuse.

But there are may more ethical ways around it:

1.Listor warns buyer agent of activities reserve right to give seller x days to receive offer and decide.

2. Counter a higher price and term that suits them better

3. Readjust the price of listing!

i'm with John of course a seller can refuse any offer even over asking.

i would refuse any offer that isn't CASH on hand.

id also refuse any offer that wants more than 2 WEEKS to close with cash.

i'd question the agent's and/or principal's sanity if after them being refused for either or both of the above reasons, they didnt realize i only consider REAL cash offers and quick close.

why? in my experience, every time i've had a cash offer so far that wanted more than 2 weeks to close, i found out at some point later that it was not cash on hand, but borrowed money and their proof of funds document was fake/photoshopped!

that said, accepted 2 week close offers often close at around 4 weeks due to paperwork delay but thats understandable. and yea, sometimes buyers really have the money ready that they are offering as cash, but why ask for a mortgage timeframe (month and a half) to close with cash?

As has been stated...there is no real question here. A seller can refuse any offer for any reason they want. It may be frustrating, but there is nothing legally binding a seller to accept an offer. It could be $50k over asking price and they don't have to accept. 

after much talk with other agents with more experience

Selleris probably wasn't prepped well either. 

Maybe listor and seller weren't on same page at the begining

I'm calm now, thank you, just don't like the feelingof being played.

The listor delivery was abrasive I guess.