Can a compalint be made to any authority? Corcoran had a listing on the UWS for a 3br listed @ slightly less than2.6. It was an estate sale. Through a buyers broker, I palced an offer of 2.3. The brokers at Corcoran notified my broker that a offer had already been accepted very close to the listing price, and they wont present an offer to the executor unless it's full offer. In actuality, the apt... [more]
Can a compalint be made to any authority?
Corcoran had a listing on the UWS for a 3br listed @ slightly less than2.6. It was an estate sale. Through a buyers broker, I palced an offer of 2.3. The brokers at Corcoran notified my broker that a offer had already been accepted very close to the listing price, and they wont present an offer to the executor unless it's full offer. In actuality, the apt sold for 10% less, and less than what I would have paid if they had only countered. Corcoran told me that the executor instructed them to only bring him offers that were at the full offer. This seems odd to me and more like an overanxious broker trying to collect her commission and move ontho the next sale.
Doesn't the executor have a fiduciary duty to accept the best offer? I ama qualified buyer and indicaed that i wouldnt need a mortgage contingency.
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Response by huntersburg
over 15 years ago
Posts: 11329
Member since: Nov 2010
So you understand the concept of fiducuary duties, but the rest you just can't get your head around?
Call the broker's mother, maybe that'll get you the satisfaction you were seeking.
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Response by kylewest
over 15 years ago
Posts: 4455
Member since: Aug 2007
This isn't a good example of a broker lying. First, you don't even know that the broker did, in fact, lie. It is quite possible the executor told the broker that the existing offer was close enough to the offer price and that s/he didn't want to dick around with other offers if they weren't at least $x. For all you know, the executor was also the beneficiary and as such could do whatever s/he wanted to do. SInce the profit was all gravy for the kid or kids who were inheriting, another couple bucks may not have been worth the aggravation if they felt they had a well-qualified buyer at just 10% below ask (which may have been more than they even planned on getting). We aren't talking about a JP Morgan private banking executor selling a floor of 810 Park for $90 million in a complex estate liquidation.
Once you heard what the broker said, you could have revised your own offer to near ask if you really wanted to--they had no obligation to negotiate by countering your offer.
Bottom line: call off the dogs, and turn down the rhetoric.
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Response by mutombonyc
over 15 years ago
Posts: 2468
Member since: Dec 2008
In life, we move on!
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Response by bramstar
over 15 years ago
Posts: 1909
Member since: May 2008
The 'best offer' isn't always the highest bid.
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Response by bramstar
over 15 years ago
Posts: 1909
Member since: May 2008
By the way, it's very possible that the initial accepted offer fell through before a contract was signed and that the final deal was at a lower price with with a different buyer. This is why it makes sense to continue to monitor a listing even if you're told there's an accepted offer--deals can fall through. If this was the case, you might have had a second chance at making an offer.
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Response by bmf
over 15 years ago
Posts: 30
Member since: Oct 2009
ham thats funny, i had almost an identical situation with corcoran,
So you understand the concept of fiducuary duties, but the rest you just can't get your head around?
Call the broker's mother, maybe that'll get you the satisfaction you were seeking.
This isn't a good example of a broker lying. First, you don't even know that the broker did, in fact, lie. It is quite possible the executor told the broker that the existing offer was close enough to the offer price and that s/he didn't want to dick around with other offers if they weren't at least $x. For all you know, the executor was also the beneficiary and as such could do whatever s/he wanted to do. SInce the profit was all gravy for the kid or kids who were inheriting, another couple bucks may not have been worth the aggravation if they felt they had a well-qualified buyer at just 10% below ask (which may have been more than they even planned on getting). We aren't talking about a JP Morgan private banking executor selling a floor of 810 Park for $90 million in a complex estate liquidation.
Once you heard what the broker said, you could have revised your own offer to near ask if you really wanted to--they had no obligation to negotiate by countering your offer.
Bottom line: call off the dogs, and turn down the rhetoric.
In life, we move on!
The 'best offer' isn't always the highest bid.
By the way, it's very possible that the initial accepted offer fell through before a contract was signed and that the final deal was at a lower price with with a different buyer. This is why it makes sense to continue to monitor a listing even if you're told there's an accepted offer--deals can fall through. If this was the case, you might have had a second chance at making an offer.
ham thats funny, i had almost an identical situation with corcoran,