Offers made to lenders on Cape Coral Florida Foreclosures. Submitted or not?

Did this ever happen to you?

1. Priced @ 77k foreclosed home.
2. Made an 92k offer, cash, no contingencies except inspection, close 30 days.
3. Offer rejected by listing agent, no reason.
4. See later: sales price lower than your offer.

What could have happened?

This is totally unethical and possibly illegal but……
The listing agent could have his own offer from a buyer he obtained,which would earn him or her double the commission by not having to split it with another agent.

The rules are wrong and stacked in the favor of the dishonest few!

The Florida Real Estate Commission has a rule that another agent may not contact the seller nor demand a rejection in writing or reason for the rejection. Wow! That means we must trust all agents to be totally honest and not swayed by getting another 15k on a 500k home by misplacing another offer.
I spoke with a mortgage broker that told me on occasion he was aware of other offers not presented to the owner by the listing agent.
Bidselect.com has the answer. Not all are using this method. They should for all offers.

How can you protect your client as a Buyers Agent?

Until F.R.E.C. is enlightened and banks are aware, we can do only one effective thing.
On the offer, put “Buyer shall call the seller directly should this offer not become an executed contract to obtain and verify the reason(s).”

This will do four things;

1. Put the listing agent on notice that the buyer will call the owner.
2. Should the lender find out the listing agent is not submitting the highest and best offer, he will lose all foreclosed listings.
3. The lender will become aware of this potential issue.
4. Enhance your value as a buyers agent.

Don’t stop there. Get the information on the seller and  have the buyer call. After all, it is only right. Get the Florida Real Estate Commission to change the rules. When the seller accepts an offer they must sign. Why not rejection with reason(s) and signatures?

*disclaimer
Only a very few agents are doing this. I deplore their ethics and would like them to lose their license. I do not wish to create a panic that every offer is treated this way. These are rare occurrences that brings our industry down to a level that is not even near acceptable.
I am not as rich as they are but I am honest and proud of it. You can read about me >  Joseph Beauvais

You are welcome to visit my web site for Exclusive Buyers agents. Cape Coral Real Estate .

Please help by writing F.R.E.C. and adding this little extra on all offers so I am not the only one making sure my offer is submitted.

This is not unique to Cape Coral Florida Real Estate Foreclosure homes. Search Blogs for this occurance.

 

Has this happened to you?
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Sunny Spot Realty Inc.

Joseph Beauvais

Cape Coral Real Estate. Search thousands of Cape Coral, Bonita Springs, Naples, Captiva, Sanibel & Ft Myers or Fort Myers beach homes for sale with our Free MLS Search. We have the Largest list of homes for sale in Lee County Florida. Cape Coral Foreclosures