Seller's Agent is Playing Games! Help please!

**ACER9103** · 01-08-2009, 01:41 PM

I have a Dilemma, I am in the process of trying to Purchase a home that is a short sale.
The home was initially listed for $115k so my husband and I put in a contract on it. We had to wait 45 days to wait for the 3rd party approval. Then Low an behold on the 46th day I get an angry call from my Realtor stating that there was a counter offer. Someone else was showed the home by the seller's Realtor, and they put in an offer that was a few thousand higher than my $115k, I am guessing around $117k. The bank then told THEM (NOT US) that if THEY would pay $120k then the bank would say yes, The prospective buyers said they would not budge(they felt their offer was good and did not want to pay more). So the bank then contacted my Realtor to see if WE would pay the $120k. This upset us, because we waited the 45 days and were not even given the first opportunity to pay the $120k. Had the second buyer said "yes" to the $120k their offer would have been accepted after only waiting about 1 week. We then told our Realtor we would pay the $120k, we waited four days and received another call that those other buyers were told about our offer to pay the $120k that the bank wanted, and they then counter offered again a little more. I got frustrated and now we have made our final counter offer of $127k to hopefully surpass what the other byers can afford. I am fearful that since the seller's Realtor is also the other buyers Realtor, the seller's agent is telling the second buyers what we are bidding to see if they can out bid us. That is not ethical,right? We asked what they offered and were told that we are not allowed to know what their offer was. I am scared that this Realtor is just playing games to gain more commission. Is this legal. My Realtor is very upset , and wants to make a complaint, however does not want to put the home sale for us in jeopardy. Does anyone know any information that can help. We still have not heard from the seller's agent on whether we came out on top, or not, but I am wondering, because we may pull out on the contract and make a formal complaint with the better business bureau on them. The name of the sellers agent is
PRIME REAL ESTATE, INC. Please I need help ASAP!

**jpoey** · 01-09-2009, 05:30 AM

maybe have your agent call the listing agents broker and explain your concerns, the listing broker is trying to double dip the commission (a couple thousand dollars either way on the sales price does not make much difference), these games happen all the time

**Greg** · 01-09-2009, 06:31 AM

What you describe is typical of short sales. There are no rules when a bank is involved. The bank is playing your offer against the other side and vice-a-versa. There are lots of houses out there, move on. You might end up seeing this house in foreclosure.

**ACER9103** · 01-09-2009, 10:35 AM

Thank you for your help...I think that is what we are going to do. We are going to look for another home. Even my Realtor states that she has done a ton of short sales, and has not had an encounter like this, where she feels the listing agent is playing games. But we started looking at other houses and are going to see what happens. But I will still file a complaint, because someone else told me that the same company has been found doing shady things in deals just like this. The whole thing is I feel that the bank and Realtor should uphold some business class as to allow the first person the first opportunity to up their offer before acceptance. I mean this is a complete waste of time for me. I know that with short sales they are easily lost, but I have done my part by the rules according to them, I just felt the least they could have done was do the same with courtesy...My realtor is only a phone call a way. But everything happens for a reason.

Take care and thank you!

**P.Mitchell** · 01-12-2009, 10:56 AM

This is unfortunitly what has been happening all across the county in the middle of this Real Estate Crisis as agent and banks are tying to squeeze every dime out of these failed properties. It does seem as though you are dealing with an unethical agent and/or lender. I would advise contacting your state Real Estate board or commision and making a formal complaint. I know you are worried about loosing the property, but the reality is, if things continue it will likely happen regardless. I constantly tell people that, even though it is hard, you have to keep emotion out of Real Estate decisions. After all, it is just business. It is easy to fall in love with a property, but if the current crisis has shown us nothing, it is that you have to treat a home purchase as a business decision. If this falls through, the agent is playing games, or the price gets bid up too high, there will be other properties. This is the best buyers market of your life time and as long as you get something in the next 2 years the prices will most likely not go up.

Good Luck

**ACER9103** · 01-13-2009, 07:44 PM

Hi Everyone, I just wanted to give an update on our house purchase situation. I took everyone's advice, and my husband and I did look for another house, and found a great one with a lot of upgrades, and things we wanted. This one was BANK OWNED and we made an offer,They have (within one day) Counter offered us with a great deal and we have accepted. I guess you all were right and it was not the only house out there for us. We are set to close by the 20th of February, Thank you all so much for your advice.

ACER9103

**RE_Investor** · 01-15-2009, 08:05 PM

That's great to hear! Sometimes those tough deals happen for a reason. There are so many great deals out there right now, we all have to remember not to get to stuck on a certain property just because we like the house. THere are so many more out there that are jsut as good.

I'm glad you moved on, I hope you enjoy your new home.

**bonhamsurf** · 01-16-2009, 09:23 AM

I personally do not enjoy handling short sales. My last one took over 6 additional months to close, and ended up costing all of us more than anticipated. I would much rather do a foreclosure than a short sale