I want to make an offer on place in LV, Nevada. The Agent will not present offer.Said it was to low. The bank owns the place. Can I just go to the bank and tell them the Agent they have working for them refused to present offer? Should I call another agent? I have CASH to deal with. House price at $600,000.00. Sold 2 years ago for 1.2 million. I offered $275,000.00. Sounds low but Pool needs 20,000.$ in work. Air conditioner's do not work, No Kitchen Appliances. Paint is pealing off outside. Roof needs to be replaced.
What do you think I should do?
IrishGurl

You won't be able to get to anyone at the bank with authority to accept an offer but you certainly can ask another agent to represent you as a buyer's agent.

But do be aware that the seller may have instructed the agent not to submit offers below a given amount which is the seller's right. In that case the agent would not be bound to present your offer.

Why not work with a buyer's agent & have some comps run?

How long has the bank had it on the market?A buyers agent can give you current market value and let you know how many days the property has been on the market.

All your doing going to the listing is taking away free buyers agent representation for yourself as the bank is already paying the commission.Before your too smart for yourself NO the listing agent won't reduce there commission if they work with you.The bank had a signed agreement with them so you can't work around them the broker will get there full commission.

It's highly doubtful the bank will take 45 cents on the dollar as you proposed.Work with an agent and have them do the legwork submiting offers it's free to you.

Fwiw, with one of the bank owned units I have listed the asset manager has instructed me to automatically counter offer (with a specific number) any offer below that amount.

So it isn't all that unusual for an agent to have instructions from the seller not wanting to waste time on lowball offers.

The problem I'm seeing with buyer's is the *buyer's market* notions have gone to their heads & there are way too many self appointed experts out there giving buyers really bad advice on how to buy foreclosures.

As Super Realtor said, having a buyer's agent costs you nothing & you can get some guidance in setting a realistic price to offer.

I am a Real Estate Agent in Las Vegas and I can tell you that you would be wasting your time and the Realtor's time with that offer. Las Vegas' market is bad now but it is not that desparate. The bank would not even respond to that offer. When properties that are bank owned here are listed they have a very good idea what they will sell for and they can find plenty of buyers who will go a lot closer to list price than what you are trying to get it for.

I agree with Bubba, that offer is nothing but waste of time and paper.

That's why it is priced at $600,000. You need to learn the market.

IrishGurl, I sent you a private message.

It is the listing agent's obligation to present any offer that is submitted, unless the bank specifically said not present offers below $XXX amount.

Buyer's Representation is key. Let me know if I can help you with finding a great deal in the Las Vegas area. I am a great negotiator.

Wow lots of help Thank You. Agent went to her Broker and wined about me. Broker called and said he would call bank. Bank called me. Bank said they would take me offer ASAP. Balance owed on loan was $268,000.00. Agent would get anything over the balance owed

Doesn't make much sense. You said that the list price was $600K, yet they only owe $268K? What is the home worth? Why would they list the home for $600K if it's not worth anything close to that? Why would the bank give any remaining funds to the agent on a home that the bank owns? They would keep it. Doesn't make much sense to me.

This is why you should have a buyer's agent...

Isn't that a "net listing" and is a net listing legal in NV?

Sounds like it could be, but why would a bank do a net listing? That is very uncommon. I also believe they are not legal in Nevada. There are many lawsuit issues with them. The sellers don't really like when an agent walks away from the sale with more money than them...

OK here is the deal, the agent will not present the offer if the bank told him in advance don’t present offer under particular price. You won't be able to reach anybody from the bank and 50% under the listed price is very aggressive and low ball offer which I would not present too.A bank would never entertine an offer like that. I know that the market in Vegas is low but I don’t think that the bank will give that property to some one as a present. I don’t think that the pool, A/C and whatever else cost $300,000. For that money they will build a new house wow. Put and offer 35% under the market value and you may take it. Just make a strong offer, if you don't know how ask some agent. So learn that would help.

So you wouldn't present an offer that is 50% below market value to the bank? How do you know that a bank won't entertain that? Who are you to make that decision? Just because an offer might be a low ball offer in your opinion, doesn't mean you can decide to not even show your client! Your post doesn't make too much sense either.

This whole scenario sounds implausible. The hose sold for $1,2 million and there is only $268,000 owed? The bank called you? The agent gets the extra money? Get real.