Brokers wont deliver bid to seller. help!
Started by alex123
over 15 years ago
Posts: 72
Member since: Jun 2006
Discussion about
I'm bidding on a co op in Manhattan with an all cash offer. However, the sellers broker blatantly tells me that even though my offer would provide for an expedited closing, he stands to "earn less in commission" since my offer is somewhat below another, not all cash offer, that he supposedly has. He is refusing to deliver it to the seller. What can i do in this situation? I do know the name & address of the seller. Thank you in advance.
Start recording your conversations with him, and of course saving emails.
Blatently wrong alex. This guy needs to have his license revoked and fast. Who the f does this broker think he is?! Maybe the seller wants a fast sale and more certainty with an "all cash" it's the sellers decision.
yes start documenting...
The real problem is the weak seller. I would be all over this/any broker, every step of the way. No way he's manipulating my property.
broker tells you that verbally or via email? You can report the broker to REBNY for not conveying a written offer to their seller. You can call their sales manager and ask for their help in making sure the seller is aware of your offer. I wouldnt reach out to seller yet unless you had very clear proof of wrongdoing first..if you did, start the reporting process and consider reaching out to seller if other options are not effective...especially if you fear they are about to sign a lower deal any day
Actually, he could have told you that the seller turned it down. Would you have had a way of knowing if that were true?
thanks guys, I have been documenting and saving all correspondence. was just wondering if there is anything else that can be done here ...
Urbandigs, would the OP be in a better position if he had a buyer's broker? Would a listing broker dare to not present an offer from another broker?
If the broker has told this to you -- whether in writing or verbally -- why can't you just contact the seller to let them know that you have made a bid and the broker told you he would not relay the details. You can ask them to contact you directly if they are interested in your all cash, quick close offer. Even if the broker denies it, at least you know your offer has been delivered directly to owner.
In addition to the good suggestions already made, I certainly would advise alex123 to call the broker's sales manager. I bet that will work right away.
I dont think so..if a selling broker chooses to do such a violation, I dont see how having a buyer broker will change that.
How does the OP report this illegal activity?
When you call the broker's sales manager, you could also mention the NYS Department of State. Although the wheels grind slowly there, they will eventually investigate. They can fine the broker and the agency and revoke the broker's license.
Maybe I'm just not subtle enough, but I'd send a trackable letter directly to the seller with my offer, explaining that his/her broker didn't care to relay it.
Without hearing both sides of story, it's hard to make a judgment. But, I usually told my broker that don't bother with any offer less than said minimum. It's waste of me/seller's time to entertain a low ball offer, even it is all cash.
Alex, did the broker actually e-mailed you that he wouldn't forward your all-cash offer to the seller?
Have you put your offer in writing with proof of funds attached?
It seems surprising a broker would be so open about it; doing it, i can believe, but admitting a violation in writing, that's pretty dumb.
email your offer to the broker, with an attached REBNY financial form documenting your assets, and cc: his sales manager with a note that you expect the offer to be delivered within 24 hours.
ali r.
DG Neary Realty
And don't forget to come back to this thread and let us know the selling broker's name and brokerage, so we can provide him with some free constructive criticism -- a consultation, really.
Mike10005 made the only comment that makes sense. The offer could have been below the owner's minimum. If the owner has said they don't want to review any offers below a certain amount......
But then you assholes wouldn't have a witch hunt to start
But if that were the case -- ie. the offer was not relayed because it was below the minimum -- why the broker say, as alex reported that "even though my offer would provide for an expedited closing, he stands to 'earn less in commission' since my offer is somewhat below another, not all cash offer, that he supposedly has." You are defending someone who has admitted to wrongdoing.
Why can't you just mail the offer to "owner" at the address of the apartment?
Before i sold my last apartment, i was getting a ton of ridiculously 'low-ball' offers that were all-cash. Similarly to the poster above, I ended up telling my broker dont bother me with offers below a certain minimum b/c they're a waste of time. Its possible that if your offer is below that threshold and so, he/she has been told not to forward them.
Not sure of your particular situation of course. Is your offer ridiculously low and/or have you been spamming the broker? I agree that its unprofessional to say what he did about "he stands to 'earn less in commission' since my offer is somewhat below another", as he should probably just indiciate if he's been instructed to not forward offers that are 'too low', though don't expect him to reveal the 'too-low' number as the seller probably wouldn't want that revealed either. I can't imagine a broker would be that silly to put that in an email in a serious tone and risk getting sanctioned, unless its really that off-base of an offer, so he's respondingin jest...Then again. :)
Snuffles, just curious, how much below ask would an offer need to be, for you to define it as "ridiculously low-ball"?
Yes, sellers will sometimes give their agent a number below which they will not consider. If that's the case, the broker may tell you the seller won't consider offers under $XX. But to start b*tching about the commission, etc. is absolutely outrageous. Clearly this guy lacks professionalism. Definitely report it to his manager. I like what Ali suggests re: submitting an offer in writing attaching RBNY form. Shows you mean business and won't be d*cked around with by amateurs.