Is It Considered Normal And Ethical Practice For A Listing Realtor To ...

Q: I originally met with the listing realtor at an open house and was told there have been no offers after 2 months on the market. Wife and I loved the house after looking for so long so Instead of using the listing agent to write my offer, I obtained the services of a buyers agent so as to protect my own interest. After then being told there was another offer being submitted at the same time mine was, we wrote up my offer with an escalator clause increasing my offer by $1,000 over any existing competing offer, up to a certain limit and all cash. My offer was rejected and the other offer accepted. 6 weeks later I learned the truth. It was sold at $1,000 less than my own offer. I also learned the offer that the new buyer was the listing agent?s own client.

By coercing the seller into taking the listing agent client?s offer by giving some sort of kickback or reduction in commission, it saved the listing realtor thousands of dollars in commission, and probably getting the seller a little more money by accepting the lower offer.

I complained to the state, but they closed the case after the listing broker denied my allegations. They wouldn?t investigate further by obtaining the closing documents and the original listing agreement as I asked them to do.

What should I do. This can?t be considered acceptable behavior, Can it?
?Dennis, Portland, OR

A: The listing agent has no duty to you. Their duty is to the seller. If the seller was fully informed of his options and agreed with this practice, as unfair as it is to you, it is permitted. I am sorry you had this happen to you.
Linda Walters is a Realtor? with Sage Realty LLC in Wayne, PA.

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Source: http://www.realtor.com/blogs/2012/08/20/is-it-considered-normal-and-ethical-practice-for-a-listing-realtor-to-coerce-his-seller-into-taking-a-lower-offer-to-keep-from-having-to-split-the-commission-with-another-realtor/

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