Any great ideas for us? Just had unethical agent undercut our offer....

 To recount, We have been working in this offer since October, got approval but the house ended up having major issues. So we had to resubmit a lower offer in February. That was when I stepped in as the contact person with chase due the inadequacy of the listing agent regarding short sales. I got things escalated and the trustee sale stopped. This was the third we had gotten the trustee sale stopped. The listing agent has done very little except on our direction take the lockbox off the house and meet the BPO agent with the stack pages documenting the needed repairs.  BPO came in at %k less than our offer. We spent over $1000 in inspection fees. and have gotten all the info together from the seller and revised HUD etc. to get the deal done. On Monday, Chase calls,  the file is going to the investor and they expect an approval letter early next week on our offer. Obviously, we are relieved.

 

However, also, on Monday, the listing agent states he has an cash offer coming in at higher than ours.   We find out the agent has no license due his felony conviction and call him on it.Today, he brought an agent with him to be the new agent, he pressured the seller in to signing the offer, Chase has said they will review it with our offer. 

 

While we have been trying to push the deal through, he has been telling anyone who would listen the details of our offer and soliciting high offers. So here we are.

 

Any suggestions to save this deal for us....we have worked very hard....obviously, this is unethical behavior on the listing agents part. He has stated blatantly to my agent that he wants a closing before he goes to prison and of course, he will get both sides of the commission out of this deal.

 

The seller wants us to get the property..He knows we have worked very hard for him and us..but felt he had no choice but to submit the offer for fear that the bank would hold him accountable if he didn't let the agent submit the higher contact because they would make more money.....

 

Do you have any tips, ideas, or suggestions that might help us to beat this guy..and get the sale?  What do you think will happen?...I just can't stand the idea of this guy ripping this away from us.

 

We are considering upping our offer if the negotiator will let us.

Thanks

 

 

 

 

 

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I am sure we are less regulated here...but honestly, I am not really sure the rules matter at this point...Chase is considering both offers. They don't care about short sale rules for the states. Do they?

Yeah! just found out that Chase is going to disregard the other offer and keep working on ours because they were so close to finishing....The new negotiator said the numbers look good and due to the nature of the sale she may not even need to send it to the investor for approval.....She may just send it to her supervisor. What a relief!

BTW, I have not been able to find any specific laws in Georgia regarding short sales.

We did consult with a real estate attorney.

He said is that what happened was very unethical..but probably not a case that we could win in court. So I will be filing ethics complaints to local board and state. also, reporting unlicensed realtor to relevant agencies.

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