Brooklyn, NY · Member since 2017 · 34 posts · 9 votes
So my realtor found a property for me. this property is listed on the MLS for 75k....She contacted the listing agent and submitted an offer for 76k in cash. The property is in good shape there's a tenant that lives on the property (He's moving out in 2 days) and its easily worth about 220k, Owners are retired and want to get rid of it.
Listing agent isn't responding to my realtor. (she called, text, and emailed him. she even contacted his office and they said he's not available) I honestly think it's because he wants to keep the full commission instead of splitting 6% with my realtor. Because I called him and HE ANSWERED ME (after my realtor tried multiple attempts of contacting him).
What do i do? Do i go behind my realtor's back and contact the listing agent and submit an offer? Or do I just count that as a loss and move on?
Wholesaler · Zachary, LA · Member since 2014 · 19 posts · 31 votes
8y
If it's a great deal then I would have told your agent you were going to try and bargain with the listing agent and then give your agent a cash kicker for turning you onto the deal if it works out. that way everyone wins, you pay a little more than your offer but hey, you got a great deal. Depending on how that conversation went with the broker determines if you burned that bridge or not.
it's also possible the agent wants to buy the property himself. I'd go to the agent's employing broker and discuss the issue with them.
I'm assuming you mean the listing agent is trying to purchase the property for himself. Well that's a possibility I guess. My realtor just texted me and said she reported to his boss, and he's going to have him call her. Not sure how true this is but it's breaking my heart because this deal would be my first, and it's super.
Investor · Philadelphia, PA · Member since 2015 · 3k+ posts · 3k+ votes
8y
If your agent showed you the property and/or submitted an offer for you he already has procuring cause and will be entitled to his share of the commission regardless of what happens next.
Wholesaler · Zachary, LA · Member since 2014 · 19 posts · 31 votes
8y
If it's a great deal then I would have told your agent you were going to try and bargain with the listing agent and then give your agent a cash kicker for turning you onto the deal if it works out. that way everyone wins, you pay a little more than your offer but hey, you got a great deal. Depending on how that conversation went with the broker determines if you burned that bridge or not.
If your agent showed you the property and/or submitted an offer for you he already has procuring cause and will be entitled to his share of the commission regardless of what happens next.
Pueblo, CO · Member since 2018 · 64 posts · 32 votes
8y
Worry about nice later... Nice guys finish last.
Get that property locked up in a contract and then deal with the hurt feelings. If it was me I would just pay me agent a commission for finding it She would be very happy with that and would fully understand.
Rental Property Investor · Dallas, TX · Member since 2017 · 1k+ posts · 1k+ votes
8y
@Jonathan Polanski The agent might be trying to buy for himself (conflict of interest), trying to keep the entire commission (horrible business practice), has had a bad past experience with your agent (unlikely but possible) or has a preferred investor lined up.
Either way, it's not your problem. If you're putting in the most acceptable bid to the seller, you should win. You have done the right thing by reaching out to the agent's boss. I would follow up and request to have a polite conversation. If that doesn't work, you should escalate this.
Property Manager · Houston, TX · Member since 2009 · 25 posts · 6 votes
8y
Unfortunately I have been in situations like this before. I once had a listing where the buyers came straight to me instead of going through their Realtor as they were told by another seller that the reason they didn't get the last property was because of having an agent. The seller's agent had found a buyer and convinced his sellers to go with his buyer, very illegal and unethical. I have also seen agents withhold offers in order to buy the property for themselves, also illegal and unethical. Your best bet is to have your agent contact the listing broker's employing broker and let them know the situation and request to be present when your offer is presented. Depending on the property, I like to be present during as many offers as I can, whether for myself or my clients, so as to present the strongest offer possible. It's hard to negotiate on your client's behalf if all you're doing is presenting a piece of paper and checking yes or no. That isn't negotiating, lazy Realtors just think it is...