We have a situation with a Realtor and we are hoping our experienced Realtors on CD can help us with this.
We have put our house on lease and got to know from tenant agent that they have put an offer on the house however our Realtor has not shared that with us and holding back on that. We haven't openly disclosed to our Realtor that somehow we know from Tenant Realtor that offer has been made.
My Q to our Experienced Realtor's in this forum are as follows.
1) Is this legal for a Realtor to hold back on the offer and not share with us.
2) What are our options in this situation now that we are bound by a 3 month contract with our Realtor.
3) Our Realtor also had us sign the lease papers and working with Realtor paper under "Seller section". I am hoping that signing under Seller section on working with Realtor paper will not put us in a situation where we are bound to sell the house with our Realtor and could that be a reason they are holding back on the lease offer so we frustrated and eventually sell the house, so they make more commission.
I would really appreciate if someone can shed some light on the above points and rescue us from this situation.
Thanks.
Location: God's own country
Posted on: 05-07-14 06:31:35
Is the realtor a Desi?
Senior CD's located in Canada will help you out soon. Hold on for some more time.
Murali Krishna.
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I am a Gents and not a Ladies.
Was the offer in writing yet or is it still in discussion / haggling among the Realtors ?
A Realtor will hold back the offers in few conditions such as clarifications on clauses, dates etc before going to the owner of property for signing Or in case if there is multiple offers , then a offer is held back (not in this case it seems) .
I would say wait for this weekend assuming some genuine reason from your Realtor. Realistically he should be more interested in closing the deal sooner than you.
Btw, it is also unethical on part of tenant Realtor to talk directly with you. What was his motive to bypass your Realtor and come to you ??
Tamilkuravan, yes he is a desi realtor
San-hugo, The offer was in writing and was presented to my Realtor already. So somehow i landed up calling the other Realtor out of the blue just to get feedback on what ppl are liking and disliking about the house and he told me that they have already put an offer to my Realtor however i wasn't made aware of any.
Can someone shed some light on the 3 points i have asked in my original Q. Will really appreciate.
Apparently, there is lack of professionalism and existence of unethical practices among all the parties. So all are sailing in the same boat.
I dont see its really unethical if you calling the other agent just to ask what they liked and disliked about the properly..by doing that we are not harming interest of any parties. I am just trying to get some help on the 3 points i have raised and still waiting on someone experienced/knowledgeable who can advise us.
Anyone experienced Realtors who can respond to my original request will be appreciated.
Some Realtos are extremely careful and here is my opinion, based upon your questions.
1) If a realtor finds that an offer has been submitted by another Agent, but finds it incomplete or with insufficient information in it, then he can hold the submission to you, till after a second submission, with all of the required details.
2) Just stay put. You haven't lost any money out of this deal thus far and you still can say NO to any and all offers. So wait to hear from him.
3) There is a stipulated period, which I think is SIX MONTHS, upto that time you may be locked into him. So if you sell the property after the first six months, he is out of luck. But you must read the fine print to verify what I think is the normal locked in period.
Now to my question...What it is that you are trying to accomplish by trying to lease your property for rental, when the Real Estate Agent is trying to sell it for you?
ARE YOU SELLING IT OR LEASING IT, MONTHLY. ANNUALLY OR all of the above through this realtor?? !!
I could not underst6and the terms that you are using here and hence my question?
FH.
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Quote:
Originally posted by mick37
We have a situation with a Realtor and we are hoping our experienced Realtors on CD can help us with this.
We have put our house on lease and got to know from tenant agent that they have put an offer on the house however our Realtor has not shared that with us and holding back on that. We haven't openly disclosed to our Realtor that somehow we know from Tenant Realtor that offer has been made.
My Q to our Experienced Realtor's in this forum are as follows.
1) Is this legal for a Realtor to hold back on the offer and not share with us.
2) What are our options in this situation now that we are bound by a 3 month contract with our Realtor.
3) Our Realtor also had us sign the lease papers and working with Realtor paper under "Seller section". I am hoping that signing under Seller section on working with Realtor paper will not put us in a situation where we are bound to sell the house with our Realtor and could that be a reason they are holding back on the lease offer so we frustrated and eventually sell the house, so they make more commission.
I would really appreciate if someone can shed some light on the above points and rescue us from this situation.
Thanks.
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