My question involves real estate located in the State of: California
(First post ever.. of any kind. Thanks for your time and patience)
Jan. 30, we found a property we wished to bid on, a California short sale listed 128,250.(on the market 40 days 1 offer)
We contacted our agent via our client portal and asked her to write an offer at asking price.
Jan. 31, we asked the agent again to write an offer at list; still nothing. Mind you the situation is already beginning to feel peculiar because she was always very prompt in writing and submitting our offers.
Feb. 1, We are at the property and she informs us that another client of hers offered 100,000 January 2, that they were investors and that 2010 California laws frown on investors buying short sales. So we instruct her to write the offer at list..AGAIN.
Feb. 3, I receive a telephone call from our agent, I confirm our offer and its' stipulations( curious as to why she hadn't submitted our offer yet).
Within the hour my wife receives an email stating her other client intended to alter their loan to FHA and up their offer. Still our offer was never written.
I confronted her and told her to submit our offer. She had to have informed the other client of our intent to offer yet postponed actually writing it.
Feb. 4, She submits our offer after a rather heated conversation.
Feb. 5, A contingency appears on the property(it sold to her other client). It appears she postponed our offer to allow the other client to alter their loan and enter bidding with us. Is this unethical or standard practice in real estate? I don't intend to sound uneducated in the matter but frankly, I am. Thanks in advance.
p.s. She also informed me that if this house sold at asking price the buyer would have equity in the home.