I pick up my phone a few days ago in an effort to keep myself on task. I see my next call is a listing agent that I am waiting to hear from about an offer I have submitted for my client.
Here is the backdrop...we submitted an offer for a home in South Corona last Monday. The home is owned by GMAC and they required their own lender to approve the buyer. My client calls the lender, sends their documentation and we wait. On Friday we receive the pre-approval letter and notice that our offer has finally been submitted to the bank. Monday I left the listing agent a message attempting to find out the status of our offer. On Tuesday, they call me back.
"We have a counter for your buyer," the agent says. They rattle off the terms of the counter and tell us to get back to them.
The next morning I call the agent (after discussing things with my client) accepting the terms.
Now, we are caught up to this morning. I call the agent. "Do we have addendum's for the property," is my question to them. "Oh, your client didn't get the house," is their response.
At the end of the day the other agent negotiates with more than one buyer without telling anyone that there are multiple offers in on the property. They sit on our offer for 10 days before they get back to us with a rejection.
Obviously, my clients are very disappointed...you get a counter offer in this market that isn't "highest and best" and you feel good about your chances. You agree to the terms that the bank sets out for you and you like your chances.
The only problem is unethical agents who do not know how to negotiate in good faith! Good luck to this particular agent once the REO market dries up...I predict he is going to have a VERY hard time finding agents who will work with him.
