New York Real Estate Agent Situation....
Last week I saw a multi family home with this listing agent and had put in an offer. I was waited for a week for her to get back to me. No result, no repsonse, no email from her. Today, I was talking to my friends mom and found out that house was in contract as of 2 days ago. I am wondering what happend there. Very aggrevated by her actions or should I say non actions here! Anything I can do?
Not really. You could fight and go to the board, etc. but what is the use? Just place that realtor's name somewhere and don't do business with them again. Word of mouth can be a good or bad thing...
Talk to the agent's broker. She may (or may not) have presented your offer to the seller and the seller accepted another offer. By law, she is required to present EVERY offer. At any rate, she should have told you something. Very unprofessional.
As a new agent in the game ( in NYC) I can tell you that most of the agents I've encountered so far aren't too crazy about dealing RE investors. Perhaps because they feel the fee they'd get from the transaction would be lower; if they deal with a savvy ( and or emotionless) buyer. But one week, is not a very long time, in the scheme of things. Having said all that, we are ethically required to promtly present all offers to our clients.
Hello Everyone
In California agents are not required to present all offers. If the seller says "Don't show me low-ball offers" then the agent does not have to present ALL offers to the seller.
I would assume NY has the same law.
Mike
[ Edited by Sash on Date 11/19/2003 ]
In NY State an agent is required to show the seller all offers as soon possible. But just because he/she shows the offer doesn't mean that they're gonna do so without comment or suggestions. Lately, I've been learning that it's not always the price that matters but value ( i.e. price + terms) of the deal.[ Edited by starmand on Date 12/02/2003 ]
Let me update you all on this matter. I eventually received an email from the broker and she stated she was extremely ill from the flu. Yet, the property is no longer available. I had found out from a friend, a few days after I put my offer in, another buyer has put in an offer as well. Her offer price is 40k higher then mine. More power to her! I would never pay that price to purchase an investment home. We move on....
Hello Doll--y.
Do not feel bad, last month I made an offer on behalf of a baby syndicate on a 30 unit multiple badly in need of a father and mother. The offer was well in the ballpark and a side fund had been negotiated for the extensive repairs and restructure of a management I can only say appeared to be distructive and non responsive to needed repairs and tenant wellfare. The offer was accompanied by a cashiers check well into six figures. Looks like a shoe in.
While in the midst of offer in barges a Broker with his clients waving a personal check and an offer over $300,000 more. Total Insanity. Could not happen. The amount so overboard that it belonged in Beverly Hills at what we laughingly call a "Catered Occasion".
(over priced trophy building).
We left, slowly, sullenly total defeat. Have I lost my sense of values? Could some one make an offer on a semi neglected, tenants in revolt multiple so high that there is no cash flow? It is negative so far down no thinking institution would make the loan. But there it was defeat and so we left. Still holding the Cashiers Check tightly, its magic gone.
About a week after this tragic occurance, the broker who had led the assault of the offer from hell, called me on the phone, asked if he could speak to me away from our respective offices, so we met at Suttons up the street.
He wished to apologize and oh yes the offer had been withdrawn, Seems the Armenian buyers had been confused by a decimal point or two and it all fell apart. They had, as is to be expected made another offer about a third under ours. It had been rejected.
the point of our meeting. This wily Broker wanted to know if I would throw a point his way for telling me all this good stuff.
I was very nice, I merely pointed out that his actions had lost us a very good negotiation and that the time had passed and the syndicate did not wish to purchase. Also I wished him well and oh yes, I suggested anytime he ever got in his car he look carefully underneath, cause it just might go boom. My clients were very annoyed. Two of them came from Iraq and you know old habits die slowly. Which is what they wished for him
I let him pay the bill. I left my usual nickel
Annoyed Lucius
I just read original post (December 2003) about real estate agents that did not present Buyer's offer. Great comments and responses from everyone.
I am a real estate broker with 14 years experience. My professional and personal requirement when I submit offers for clients and myself is:
1) The seller to inital each page on reviewing the ofer or at least sign the last page of offer is the seller has rejected or will not respond to the Buyer's offer
2) This will elimate all the confusion if the agent did submit the offer to the seller (seller's agent or buyer's agent)
3) Usually if the buyer's offer is so low that the seller will not even counter ... both the seller's agent and the seller enjoy writing on the last page "REJECTED" and sign, date it
4) Another requirement for any Buyer is that their Buyer's agent personally present the offer directly to the seller's agent and seller present.
5) Also the Buyer may even write in their offer that the Buyer be present when the offer is presented to the seller (at least here in California). I have had 2 agents come with their buyers when I presented offer to seller. Unfortunately, both these agents did not place this in their offer or inform me ahead (which upset the seller MORE than it upset me. In both cases ... with those types of agents ... they observed the direct negative reactions from the seller and so did the buyer !! Sorry to say for them ... both offer went no where.
6) So word of caution to agents and buyers when you go to personally present offers. When bringing your buyers ... please for your benefit ... write on the purchase offer buyer will attend offer presentation, and fax a memo to the seller's agent also, plus be on time for the meeting. Do not hold up the seller waiting (like one agent and buyer).
Just one side from a real estate broker that likes to make deals happen for everybody.