Question:
“Hi Gary. I made an offer on a home and didn’t get it. I know that happens. But I just found out the sale closed and it sold for LESS than what I offered. Obviously I’m upset. The realtor must have done something shady. Who do I report her to?”
Answer:
I understand your frustration. In today’s hot market, many people are competing for homes and losing out to other buyers.
There could be any number of reasons why the home sold for less than you offered. These come to mind:
- The seller’s agent didn’t tell the seller about your offer probably because she had her own buyer and wanted the full commission. Indeed, that’s shady, as well as violates her legal “fiduciary” duty to the seller
- The other offer was better aside from price: more qualified buyer / stronger financing, shorter escrow, flexible move-out, etc.
- The seller met and liked the other buyer (or agent). Many of my seller-clients have liked certain buyers and wanted to sell to them: “What a cute couple. I’d love to see them raise their family here like we did.”
- The seller’s agent advised the seller that the other agent or lender were better and the sale was more likely to close.
- Your offer came in too late.
As far as reporting it, unfortunately you may have no luck. The California Department of Real Estate is too busy and mainly focused on revoking licenses of agents convicted of crimes. And the local association of Realtors probably isn’t the right venue.
Sorry…
