What do you do if a listing agent delays presenting your full price offer on a new foreclosure listi
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What do you do if a listing agent delays presenting your offer?
I found a foreclosure that just came on the market. My husband who is a new agent in another county presented this listing agent with a full price purchase offer along with loan pre approval. We scanned an emailed the docs to her.
We believe the listing agent is delaying the presentation of the offer in hopes of finding a buyer of her own (without co-brokering). She said she did not know when she could present the offer to the seller/bank because of weather conditions. Is making a phone call/sending a fax/email dependent on snow fall?
Is there any recourse for stalling??
What do you do if a listing agent delays presenting your full price offer on a new foreclosure listing?There is plenty of recourse, and it involves reporting her to the MLS board, and filing a complaint with the state's Atty General's office.
She is in violation, and could lose her license.
Do remember that if this property is bank owned, then the wheels will grind very slowly. The offer will be reviewed by committee, have to have departmental approval, need legal approval, and if it is less than than the outstanding balance of the original loan, may require additional approvals.
You dont say how long youve been waiting. However, remember weekends dont count in a bank buyback. Under no circumstances should you contact the bank directly. Most banks have a conflict of interest policy that forbids the foreclosure department from discussing any transaction directly with a potential buyer, or buyer's agent. (It is to prevent any appearance of fraud, and or kickbacks).Should you contact the bank directly, it may prevent you from buying the property.
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