Buying or Selling a Home/bidding on a house

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Expert: John Hendricks - 6/25/2009


Question
IS IT LEGAL FOR A REAL ESTATE AGENT TO PUT 2 BIDS IN AT THE SAME TIME FROM TWO DIFFERENT CLIENTS ON THE SAME HOUSE BEFORE THE BANK HAS ACCEPTED  OR DECLINED EITHER ONE

Answer
Dear Terry;

Thank you for your good question.

Yes it is, although ethically the Realtor may want to disclose the situation to each of the clients prior to writing the offer. If the Realtor is representing the Bank in the sale of the property, it is their obligation to present any and all offers if they are written at the same time or even after the other offers are presented to the bank. As long as an offer has not been accepted by the bank, they are obligated to present any and all offers to the bank as mentioned. The Realtor must not disclose each of their client's terms and conditions of their offer. The Realtor can advise you as to what terms and conditions would be best suited for your offer other than the price. You would be the one determining the offered sales price based on your knowledge of the property and your desire to own the home.

If the Realtor is representing the Bank, you do have the right to select another agent for the job of representing and writing an offer on the property. It would need to be in the local MLS and the Listing Broker would have to be cooperative which most are.

I am a Realtor in California, and with the little amount of information you provided, I am limited in my advice to you. I would also recommend that you contact the Realtors Broker Manager of your Realtor's company to get the proper information which they are obligated to provide. If you would care to add to your question with more details, please do and I will do my best to answer your question.

Warmest Regards;
John Hendricks

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John Hendricks

Expertise

As a California Realtor for 23 years practicing in Marin and Sonoma Counties, it is now time to provide counsel through AllExperts.com to those who need advise in real estate. My knowledge and experience includes a wide range of resale residential real estate purchases, new home sales, income related investment properties involved in 1031 exchanges, and land. Let me help you in any of these areas...

Experience

John Hendricks has established himself as one of Marin & Sonoma Counties premier Realtors. A native Californian, John is a well-known and respected Realtor in both Marin & Sonoma Counties who has resided in the Northbay since 1976. John began his real estate career in 1986, and since then has distinguished himself as one or Northern California's top producing Realtors. Before joining Frank Howard Allen Realtors, John was an associate of the Prudential California Realty from 1990-1992 where his outstanding sales achievements earned him one of the company's highest honors, the prestigious "President's Circle Membership", presented to the top 2% of associates for sales and earning excellence. Since his association with the highly regarded Frank Howard Allen Realtors in 1992, John has once again established himself as one of his company's Top 10 Producing Realtors in Marin & Sonoma Counties for the years 1993 through 2007 and now in 2008. Five continuous years of outstanding performance has now allowed John to join 15 other Realtors in the prestigious "Lifetime Hall of Fame" for Frank Howard Allen Realtors. John established a group of professional individuals who specialize in a variety of areas in real estate called, 'Lundmark-Hendricks Fine Homes' This group of professionals are dedicated to the success of representing clients with the greatest amount of care and service when either buying or selling real estate.

Organizations
California Association of Realtors National Association of Realtors

Education/Credentials
Upon Request...

Awards and Honors
Frank Howard Allen Realtors "Hall of Fame Member" Chairman's Circle for 10 consecutive years

Past/Present Clients
Joe Louis & Sharon Sigurdson We want to thank you again for your excellent representation of interests during the recent purchase of our home in Petaluma as well as the sell of our home in Mill Valley. We had the unusual pleasure of working with you during the last year both as sellers and buyers. We felt that our interests were always paramount and that we received a very fair price for the sale of the Mill Valley house as well as our purchase of our new home. This speaks particularly well of you, because of the recent unstable and chaotic real estate market. Will Finke "Quite frankly, we came out of a very difficult situation, which time does not allow elaborating on. This was one of the greatest experiences of our lives as clients. John Hendricks is one of the top businessmen I have ever met." Bruce & Nancy Rosentreter "I chose John Hendricks to sell my house. I picked him because I thought he was professional, aggressive, and that he could get top dollar for my house. He fulfilled my expectations completely." Joy Schuelke "Since we were trying to sell a high end home in a very tough market, and in the middle of a very rainy winter, the prospects seemed quite bleak. I was convinced at the time, and am even more so now, that without John's tenure, patience, and tenacity, we would have not been able to move the property." Lynn McCarthy "I cannot stress strongly enough how impressed I was with the service provided to me by John and his group. Throughout the entire transaction, John was always available, always forthcoming with excellent advice based on his years of experience, and always willing to put in the extra effort to make this a positive experience for me. I feel lucky to have had the experience of working with him." Lea Lieurance-Turk "Thank you John for your outstanding real estate services for the past 5 years I have known you. You have made my dreams come true as far as selling and buying property."
http://www.LundmarkHendricksFineHomes.com

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