RE Agent Mishandling Foreclosure
Hi,
I put a bid on a REO from BOA through a local Real Estate Agent and bid $14k over the listing price. After it was over, he informed me that our bid was not accepted. It was an all cash bid with owner occupancy. My broker asked what it went for and he said 25K more. Well today I find out that it actually went fro 1K more than I bid and it was an investor. I emailed him and asked about the discrepancy but of course he hasn't responded. I'm assuming that he shared our bid since it sold to an investor that he works with. I'm afraid that this will happen again if a foreclosure comes on the market that I am interested in. Is there anything legally that can be done? I will be notifying BOA about his practices.
Thanks for any help!
I am a little unclear as to all those involved here. Are you saying your agent, lets call him Sam Jones, was representing two separate individuals bidding for the same property? That is a very rare occurrence. Also if that were the case, dont you think the other bidder would have been equally upset with you? I mean someone has to win the bid right?
Also what is complaining to BOA going to do? They only have a relationship with the listing agent, not with your buyers agent. Unless you are saying you put the bid in through the listing agent...which then really falls on your for making the bad decision to not have your own representation.
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1) You don't know what the original accepted offer price was, it could have been much higher, then reduced for hidden damages discovered.
2) "Someone said" isn't reliable,mother real price will be recorded at some point.
I wouldn't assume anything other than that BOA doesn't care. They want it sold for highest and best offer...which is where you should have went with it if you were willing to offer more. Unless you signed a buyer's agent agreement with your real estate agent...that agent was really representing the seller all along. If you're a strong cash buyer, there will be plenty of deals for you so keep looking.