Ever deal with a crooked RE agent?

Question

There is a bank foreclosure on a block that we have several houses. It's been listed for sale for 530 days according to Zillow for $39,000. Monday afternoon we looked at it with the listing agent. It's listed with appliances (stove and fridge), there are pictures of both. When we went in, the fridge was missing. The agent speculated that someone had stolen it. We made an offer of $8500 that day. The next morning the agent called and said the bank had accepted an offer from another person. I think that is a crock, seeing how it's been for sale for 530 days.

What are your crooked RE agent stories?

Mike Cumbie · Answer

@Paul Sandhu

The bank could have been sitting on an offer for $21,000 that they weren't accepting. Your $8,500 offer made them go. "Call Agent Smith and see if their person still wants it". A listing agent on a Foreclosure has zero impact on what offer is accepted. Generally they are simply caretakers. They arrange for the grass to get cut, the handyman to tape floors and put plywood over a broken window. Once is all done they submit their receipts to the bank and get paid back plus their listing piece.

John Underwood · Answer

I try not to buy and sell with RE agents when possible.

I just sold an expensive flip house and used Zillow for the advertising. It sold fast and I passed the savings to the buyer. They say the seller pays these commissions but it effects what the buyer pays.

Benjamin Vail · Answer

You should have had your own agent, one that does not also represent the seller. When it sells, you will be able to see the public information of what it sold for. If it was less than your offer, you could try to take them to court.

I just had a guy contact me that just won a house in a court battle. Listing agent lists house for sale for $119,000 (but it is worth like $145,000). This guy puts in a cash offer for $90,000, and the seller accepts it. Then the seller gets several more offers for much higher, and the seller try’s to cancel the original contract to accept a higher offer. The 90k guy sues, and it is ruled that they must sell to him for 90k. He contacts me, and asks me to immediately list it for sale for $145,000 after he closes this week. That listing agent is stupid, and incompetent. They attempted to be crooked, but failed.

Gordon Starr · Answer

I once bid 14,700 through my agent on a supposedly double blind sealed bid auction. The sellers agent had a client that then bid 14701 and won the auction! There was a huge fight among the realtors as the high bidder clearly knew what my bid was. Anyhow, they withdrew and I got the property. owned it seven years now. It has paid for itself and double that initial investment. It pays to have your own agent in these matters. They can see through the bs and fight for ya!

Karl B. · Answer

That's weird. I first thought that perhaps the listing was old and the agent simply failed to remove it but then I realized you had just walked the property. I'd contact the bank directly to see what the deal is.

If the agent left a bad taste in your mouth you can always review them on sites like Yelp, Google+, Zillow, etc.

Ever deal with a crooked RE agent?

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