My husband and I have been searching the Huntington area for real estate. We are cash customers. We hired Century 21-Bradley to represent us. We submitted a proof of funds and a legitimate offer on the home located at 728 LaFontaine in Huntington IN 46750, on May 23rd 2009. We received notification via our realtor that there was another offer, higher but not cash on the house and we were asked if we would like to increase our bid. Our answer was "no", for 2 reasons; 1). we did not believe that after setting vacant for over a year the realtor all of a sudden received 2 bids on the same holiday week. This belief was fueled as we watched the price drop from $24, 900. to $20, 000. that same evening, an unlikely event given 2 offers had just been placed on it. 2). We like the house, but it wasn't a house we "loved", there is no yard, no garage and the elementary school is only a 5 out of 10. We were motivated but not desperate as this is a second home for us. We need a home here as my husband is working in IN.
The offer was set to expire at noon on the 27th, a Tuesday. The time came and went with no response from Rick Grable the listing realtor. When my realtor got ahold of him, nearly 2 hours after the deadline's expiration we found that he hadn't even submitted the offer to the bank. He was waiting to turn in "all" the offers he had that evening. I was shocked and angered. This man didn't even submit our legitimate cash offer, with proof of funds to the bank that owns this property. The result was we bid on another home. Which turned out to be a blessing, because it has a garage, a yard and a park near by.
I want the bank that owns this home to know, what this realtor did. In the event there really wasn't any other offers, the bank needs to know the realtor had one and sat on it. In the event there was one, the bank needs to know that there was more than one offer and this guy sat on it until it expired. I hope there is some recourse for this type of business practice, both from the bank and the real estate commission. In today's economy, a big part contingent on the real estate in this country, someone needs to be made aware there are people like this out there deciding whose offers even gets to the desk of the real decision makers. He should be ashamed.