When the Buyers Agent buys the home from behind their clients back

When we came across the story, we found so many red flags that we knew we needed an expert to help dissect this one!   Helping us untangle this mess is our favorite straight shooter agent, Steve Frazier from Platinum Realty in Kansas City.

This buyer went to see a property and was connected with an agent via a search site (you can guess which big site it was).    This buyer claims the agent refused to place an offer for them unless he had 20% down.   While the buyer thought this was weird, he went ahead and cashed out some stocks.    When he called the agent back a few days later, ready to go with 20%, the agent told him it was already under contract.

What that agent didn't tell him was that the agent was the buyer under contract on that house.

Do you need 20% down?   Should that agent have purchased the home behind his back?   What you should do if your agent refused to submit your offer?

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