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Username Post: WWYD?        (Topic#326417)
cjjohnson 
SJ Grand Poobah
Posts: 1919
cjjohnson
Reg: 10-28-08

04-25-13 05:50 AM - Post#4057805    

I'm a Realtor.

I met a client yesterday at a house, she liked it. She's coming back today with a second opinion (stepdad) and wants to place an offer.

The house is a foreclosure. All offers go through a computer system. Late yesterday I hear the lister (in my office) and his secretary talking. A full price cash offer has come in, I snoop, this appears to be valid information.

Technically the house is still on the market, the offer has not been accepted. But... the offer WILL be accepted.

I told my buyer another offer came in (we are definitely allowed to tell buyers when there is a multiple offer situation) but... I should not know what the other offer is, so I don't know if I can tell her. And honestly I can't see telling her there is a full price cash offer and having her think anything other than I'm trying to extort more money out of her.

She is a cash buyer and even if she goes full price I think the priority will go to the person who offered first.

She's going to drive 50 miles round trip, I'm going to spend a bunch of time with her, and I think it's a waste of both of our time.

GAH!!!!! I don't know what to do.

Edited by cjjohnson on 04-25-13 05:51 AM. Reason for edit: No reason given.

 
kaleidoscope 
SJ Queen of the Crop
Posts: 27377
kaleidoscope
Reg: 02-13-09

04-25-13 06:49 AM - Post#4057817    
    In response to cjjohnson

What do the 'rules' of being a realtor say about a situation in which you became privy to information you would not have otherwise known?

 
gingersfavorite 
SJ Queen of the Crop
Posts: 46936
gingersfavorite
Reg: 08-13-07

04-25-13 06:50 AM - Post#4057819    
    In response to cjjohnson

oh no

I have no advice - just a sticky situation - arg!

 
Luvmyvespa 
SJ Divalicious
Posts: 10962
Luvmyvespa
Reg: 03-03-06

04-25-13 08:07 AM - Post#4057831    
    In response to gingersfavorite

you never know what could happen. I'd still go. I would tell her what you are allowed & let her make her own decision. She may want to offer more.

 
MindySue 
SJ Divalicious
Posts: 21647
MindySue
Reg: 03-05-06

04-25-13 09:38 AM - Post#4057843    
    In response to Luvmyvespa

if I were the homebuyer, I would definately want to know - because then you have to decide right there on the spot if you are willing to offer more to beat out the offer that was given first - then the seller(bank?) could decide which offer to take

 
Judge Amy 
SJ Diva
Posts: 5729
Judge Amy
Reg: 01-27-05

04-25-13 10:43 AM - Post#4057853    
    In response to MindySue

1 - I'd still do it and pretend you don't have the information that you aren't supposed to have

2 - the first offer may not be accepted. I'm not utd on the criteria, but it is always possible that it may fall through

3 - it isn't a waste of your time to be professional and do your job. Even if she doesn't get this house, she may stay with you and buy another house that you have.

 
3 Little Ladies 
SJ Deity
Posts: 72800
3 Little Ladies
Reg: 03-10-05

04-25-13 12:47 PM - Post#4057873    
    In response to Judge Amy

I agree with Amy. I would go as if you never overheard that conversation.

 
scrappinmamma 
SJ Eloquent One
Posts: 2720
scrappinmamma
Reg: 01-07-07

04-25-13 05:57 PM - Post#4057891    
    In response to Judge Amy

  • Judge Amy Said:
1 - I'd still do it and pretend you don't have the information that you aren't supposed to have

2 - the first offer may not be accepted. I'm not utd on the criteria, but it is always possible that it may fall through

3 - it isn't a waste of your time to be professional and do your job. Even if she doesn't get this house, she may stay with you and buy another house that you have.



I agree.


 
kaleidoscope 
SJ Queen of the Crop
Posts: 27377
kaleidoscope
Reg: 02-13-09

04-25-13 06:18 PM - Post#4057899    
    In response to MindySue

  • MindySue Said:
if I were the homebuyer, I would definately want to know - because then you have to decide right there on the spot if you are willing to offer more to beat out the offer that was given first - then the seller(bank?) could decide which offer to take



This isn't about what the homebuyer would want. It's about the right thing to do in her position.

 
Nora 
Blue Crew Member
Posts: 53733
Nora
Reg: 01-22-03

04-25-13 06:50 PM - Post#4057909    
    In response to kaleidoscope

Maybe my realtor was dishonest but when we bought our house, it was listed with the same company that our realtor worked for but he was not the lister. He knew info like that the woman really wanted to get rid of the house, that she wasn't even living there and would take a low ball offer. That is what we did and we got it.

I might just tell the lady that we got a cash offer and that the house is no longer for sale. Maybe she will counter with a bit more.

 
cjjohnson 
SJ Grand Poobah
Posts: 1919
cjjohnson
Reg: 10-28-08

04-25-13 06:59 PM - Post#4057915    
    In response to kaleidoscope

Well, I'm a little heartbroken. She came with her parents and placed what would ordinarily be good offer. She's very excited and I know she won't get it. I input the offer into the computer and sent her the confirmation number just like I would normally... it's good practice I don't get a ton of practice inputting into the Fannie Mae system, and I'm willing to admit I learned something I didn't know.... so it was good for me on some level.

She loves me and I'll be able to keep her no problem... I would like to start sending her other listings but that would be awkward with her having an offer on the table. So I sit and wait for the rejection and steal myself to break her heart.

On the upside she was very clear that her offer was "all she could do" so on that note I feel fine. It was a good offer but the other offer was a couple thousand higher and if it was indeed all she could do then, it is what it is. (To use a phrase I hate).

I've only met this lady a couple times and I'm overly emotionally invested in her, I need to grow a set

 
RedSquirrel 
SJ Queen of the Crop
Posts: 32500
RedSquirrel
Reg: 06-13-08

04-26-13 01:29 AM - Post#4057949    
    In response to cjjohnson

Where it's keeping your job versus an emotional investment, you have to go for the job though. You did the right thing, and you never know, it may be all for the good. Maybe the first people will pull out. Maybe you will find something for her that she likes even better. that it will all work out for the best.

 
FloridaScrapper 
SJ Deity
Posts: 84654
FloridaScrapper
Reg: 07-02-04

04-28-13 07:41 AM - Post#4058127    
    In response to RedSquirrel

things happen for a reason...just play the game!! itll all work out

 
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