REO Broker requesting higher offer without REO seller instruction to do so

[ciccio]

Jurisdiction

Arizona

Hi,

Here is the situation:

I put an offer on a REO property on Saturday March 4th, and on Monday march 6th, my broker received a request for "best and highest" offer by 12 pm on the same day. the request came to us around 10 AM.

I believe that the Broker either failed to submit the offer to the seller (MetLife) and/or requested the higher offer without instruction from the seller.

when I requested information regarding that, the broker was unwilling to provide any correspondence showing offer submission or response from the seller.

My question is as follows: if it is found that the broker deliberately withheld the initial offer, and/or initiated a bidding war (or just tried to increase my offer) without specific seller instruction, what would be my recourse and best course of action?


I thank you in advance for your help and consideration, hoping to find a way to ensure Fair housing and equal opportunity act (or any other bodies of law associated to this issue) is followed and a fair resolution is obtained.

 

[adjusterjack]

I have some anecdotal experience with REO sales and short sales and my educated guess is that the broker has full authority from the seller to do exactly what he did, how he did it, and he doesn't have to tell you squat about it.

hoping to find a way to ensure Fair housing and equal opportunity act (or any other bodies of law associated to this issue) is followed

That has NOTHING to do with the situation you find yourself in.

fair resolution is obtained.

Fair is where you go on rides and eat cotton candy. Also has nothing to do with the situation you're in.

When you go to buy property from HUD or lenders, they make the rules and you either play by them or take your business elsewhere.

 

[army judge]

Hi,

Here is the situation:

I put an offer on a REO property on Saturday March 4th, and on Monday march 6th, my broker received a request for "best and highest" offer by 12 pm on the same day. the request came to us around 10 AM.

I believe that the Broker either failed to submit the offer to the seller (MetLife) and/or requested the higher offer without instruction from the seller.

when I requested information regarding that, the broker was unwilling to provide any correspondence showing offer submission or response from the seller.

My question is as follows: if it is found that the broker deliberately withheld the initial offer, and/or initiated a bidding war (or just tried to increase my offer) without specific seller instruction, what would be my recourse and best course of action?


I thank you in advance for your help and consideration, hoping to find a way to ensure Fair housing and equal opportunity act (or any other bodies of law associated to this issue) is followed and a fair resolution is obtained.

Some people say you win some, you lose a lot more.

I've learned that losing can often be winning, as you could end up saving oodles of money over this win.

Think of the money you saved from not buying a house that might not be what you thought it was.

You're still in the game, mate, so keep looking until you find a sweeter deal.

One thing is sure, reporting the broker won't make you a dollar.

Buying a better home from another source could make you richer than you are.

Let it go, beat the bum at his/her own game not using his/her crooked, loaded dice.