Expert: Jessica Bryan - 2/19/2009

Question
Hi Jessica- I submitted an offer to the selling agent for a foreclosed home. The selling agent said there was another offer on the home, so I 'strategically' offered slightly more than the asking price. That evening, my realtor contacted me and said the bank took the other offer. Turns out that the other offer was the agent's co-worker. After getting in contact with the bank, it turns out that they never received my offer at all & that my offer was indeed higher than the other one. The papers are already signed, so the bank is legally bound to the other offer. Obviously this is unethical...but is there anything I can do legally? The bank said that if the offer falls through, I am next on the list to get this house. However, the listing agent had it appraised at such a low value (probably to accommodate his friend) that I highly doubt that will happen. Can't this selling agent lose his license? Are there any other legal actions I can take on this selling agent? As well as is there anything the bank/I can do to still get the house? I'd really appreciate your advice!!
Thanks!
*Meghan

Answer
Dear Meghan;
I am sorry that you found someone who was so unethical but there are things that can and should be done. First of all you should file a complaint with the local Board of REALTORS and then with State licensing agency: The State Real estate commission.  Ask if you can speak to one of their lawyers and ask what legal actions can be taken.  Ask for advice on what can be done.  It may require taking them to court.  It will certainly require proof and working with the bank who has been damaged as well.

Good luck and best wishes,

Jessica Bryan