I’m very green with the RE business. I’ve got a park I’m interested in where the offer must be approved by a bankruptcy court. I try to call the listing broker and get no calls back. I finally get a hold of him and he won’t push my offer through.From what I understand, brokers are required by law to put in offers as requested. In my case, it would be a backup offer. Am I understanding that correctly? I get that the broker would like to avoid putting in my offer because he thinks the existing one might be accepted. My backup offer could derail the existing offer. I could use some tips on dealing with these crooks. So far, most of them seem to be this way.
There are many reasons why he may not present your offer. They include:1) He does not think it will be accepted, and his job is partially to screen offers for the seller, and to advise them on which to accept.2) He thinks your offer will be a distraction to the current contract, and wants to delay it until after the existing contract either is acted on or dies.3) He is protecting a more favored client, who has a lower offer on the table.4) He does not think that the buyer will actually be able to obtain the financing, based on a gut feel.5) He is lazy and does not want to bother with it, since there is already a contract on the table.We don’t have enough facts to say which one it is. But when dealing with parks in foreclosure, that means the seller is a bank and they are among the hardest sellers to buy from. Banks are also extremely into operating experience and past deals closed, as they are racing to get the loan off their books normally, and they need someone who they feel 100% can perform – as a result, they are extremely picky about who the buyer is and are traditionally hard for first deals (unless there are no seasoned buyers available or it’s an auction setting.Just hang in there and see what happens.
As a Real Estate Broker-In-Charge in South Carolina a Real Estate Agent is required by law to present all offers to the Sellers (as you indicated).I would recommend securing your own Real Estate Agent (Buyer’s Agent), who specializes in Mobile Home Parks, and having that Real Estate Agent push your offer.If the first/current Offer is already ‘Ratified’ (both the Seller and Buyer have agreed to all the terms of the Contract) and the Sellers accept your Offer, your Offer will only go forward if the first Offer is cancelled (as you indicated…a ‘Backup Offer’). Sellers do not ‘have to’ have Backup Offers.However, as a Real Estate Agent I always push for ‘Backup Offers’ (if the terms are agreeable to both the Seller and Buyer).In Real Estate lots of things happen between the Offer and the Closing. Thus, there are many opportunities to get a deal when the other deals do not pan out.We wish you the very best!
Thanks Frank and Kristin.