Upcoming Foreclosures

Is it wrong for a realtor to sell a bank foreclosure without listing it on the mls?

I have had my share of frustrations trying to buy a home. Almost everything is head to foreclosure or in ashort sale situtaion. Short sales are just a frustration and rarely work so I have just concentrated on foreclosures. Our town has 2 realtors who seem to list all the foreclosures. recently I had seen a home I loved in short sale. the house had 2 seconds so they needed to be cleared in foreclosure. I watched the house get foreclosed on the courthouse steps at 1pm. I write up an offer and found out which realtor got the listing. I called the realtor the next morning and the home was sold. It was never listed on the mls, and it was sold for 30k less then what i would have offered. Is this legal to not list on the mls even for 1 day? The bank losses 30k because the realtor is selling to his friends way under value? I even called the realtor thinking I would play the game and be added to the realtor list of buyer looking but I was denied, he only takes certain clients. This is the second home by this realtor he sold to a friend without taking other offers, both times I would have offered more and there was one my good friend wanted as well and was will to pay 70k more for and never got the oppurtunity to present an offer. Would it be wrong to contact the bank he represents and show them they are losing money by his listing methods? The realtor is a broker and owner of one of the biggest agencies in the state. The bank is national, but I do know a contact instate that deals with just the foreclosures in my state for this big bank.

Public Comments

1. There is no requirement that listings appear in any MLS for sale, unless the listing contract requires same. However, there IS a requirement that ALL offers on a property be submitted to the seller in a timely fashion. You might ask this REALTOR for a copy of your signed and rejected offer. My guess is that your offer never got to the sellers, and the house may NOT have been sold when he claimed it was. It's rare for an offer to be presented and accepted within a day of the actual foreclosure process. If this person is simply an agent working for a brokerage, then contact the managing broker with your complaint. Not sure how far you will get in attempting to contact the lender, unless it is a local lender. With the big lenders, it is difficult to even find to whom you might need to speak.
2. wrong or correct is simple to identify; it depends on what his listing agreement says. what is culturally normal has little to do with what the law stipulates. YOU could win your game of getting your ideal home by finding an "exclusive buyer's agent" and after interviewing 2-3 such people, inform them that price of 'x' [whatever it is] is essential to you. and inform them that john doe bank has had some good deals and this is what happened to you. now, here is part two; you stated that you wrote an offer that was x dollars higher than what the house sold for. IN this case, contact the bank and send them a copy of your purchase contract. They might not know what you know--that the agent may be playing a favorite's game and is not introducing specific offers to it. [PRESUMING you have been qualified already for financing......] I bet you get a good deal in 2 weeks direct from the bank and if i am correct, it is possible that the bank will both fire their agent and sue him for breach of FIDUCIARY. [the agent had to submit all offers to the bank and obviously did not.]