How do you report a Real Estate ageant for illegal or unethical practices?

Question

I am house hunting in Mississippi. After MONTHS of looking, I just found the perfect house! Problem is that it is sale pending.
Situation: No Realtor in town knew about the house until Tuesday. That is the same day it was released into MLS, put on websites, and got a "Sale Pending" sign in the yard (neve had a "for sale" sign). I thought it was funny that it could have sold so quickly. So, I begain digging. I found out that the buyer had the seller do work on the house, the work was already completed and there was a closeing date set on the house, before Tuesday, the day it went for sale to the public.
I believe there is a law that says that when a realter lists a home, they have hours or a day to make that listing public, not weeks.
What can I do? Even though it is too late to get the house, I want to report the realtor for these shady practices!

There IS a realtor involved. And, why would the real estate company put it on their website and bother to put a sign in the yard, if the agent was simple doing to paperwork on a situaltion?

I should add that NO OTHER REALTOR in town new that this property was for sale until Tuesday. I have contacted several, even some at the same agency as the agent who sold the house. Also, the seller and buyer do not know each other.

Answer 1

contact the mississippi state attorneys office and the real estate board for the state of mississippi. I wish you luck cause this is going to be difficult to prove . good luck .

Answer 2

It is not at all uncommon for a buyer and seller to use an agent as a "transaction coordinator", where the deal is already underway before the agent even gets involved.

Also, it is common for a buyers agent to negotiate with sellers about property that is not currently listed with an agent.

In either of these cases, the agent will normally put the property into the MLS in a "sale pending" or even a "sold" status. The MLS actually encourages this, as it helps them track property sales in the area.

In my own Multiple Listing Service, there have been a total of fifty-two (52) properties put on the MLS within the last 24 hours in a "sale pending" or "sold" status. That's just one day's worth.

While even some agents get frustrated by this, nothing says that a seller has to put his or her property in the MLS for people to bid.

Also, the MLS rules about putting property in the MLS within 24 hours of the listing being signed are just that. Rules. Not laws. If the listing agent didn't allow other people to have the opportunity to put in offers, then the injured party would be the seller, who may not have gotten the best deal for the property.

But if the seller wanted it done that way, then there is nothing unethical about it, and the MLS rules generally allow for this. The listing agent works for the seller, not the buyer, and has an ethical responsibility to carry out the seller's wishes as long as they do not violate the law.

** ADDITIONAL RESPONSE **

The reason that an agent would put a sign on the property, even though it was already sold that day is for advertising. Those signs are an amazing source of potential buyers.

It would be unethical to put up such a sign without a "sale pending" or "sold" sign attached, because it would be saying that the house is available (when it was not).

Not all agents will go to the expense of putting up a sign (they aren't cheap) on such a property, but many do.

I primarily work with buyers myself, so I understand the frustration, as you would have liked the opportunity to put in your own bid. It might even have been higher than the seller got from the current buyer.

But there are so many other possible reasons why the seller may have taken the current deal that it's way too soon to look at unethical or illegal behaviour.

One more point. If you think that the seller may not have realized that others would be interested, and the property is still "pending", you might consider putting in a "back up offer".

At least in my area, the listing agent is required to present all offers on any listing that has not finally closed escrow. (Check with your agent about your area.)

So make an offer. What can they do, say "no"?

Answer 3

The Sellers can opt to not have there listing put i the MLS. I dont know why they would, but they can. So in this case, IF the Agent has it in writting that the Sellers did not want it in the MLS, and/or a sign put out on the property, there is nothing you can do.

If I were you, before you make a big fuss over this, just ask the agent why it was not in the MLS.

Oh, also, the requirement to be put in the MLS applies only to REALTORS. Not all agents are Realtors, but all Realtors are agents. But still, if the Sellers requested for it to not be in the MLS, a Realtor can not put it in the MLS.

I hope this helps

Answer 4

The whole thing does seem odd but remember a buyer and seller don't have to use realtors in fact I never use realtors and I buy about 20 to 30 properties a month so maybe there just was no realtor involved or maybe the buyer or seller had a realtor's license either way you're better off spending your energy trying to find another property as it seems you don't have enough information about the transaction to really say there was something shady about it.

Answer 5

Maybe the seller and buyer had an agreement and used the realtor as a mediator. You dont know the specifics of the deal, so I wouldnt question peoples ethics yet. Besides, you would gain nothing from doing that.

Answer 6

Definitely both. Your info is private and the mortgage company shouldn't be able to access any of your info without an informed consent form, signed by you. Unethical. She probably get a commission from them if you use their services. I would contact the Board of Realtors for more info in your state, if I were you. I would also be really pissed off at her since she clearly knew whom you were going to finance with. Contact her supervisor and tell them you don't want her at the closing.

Answer 7

Call the Real Estate Commission.

Answer 8

you should contact the department of real estate for your state.