I agree, this practice is dishonest to the “bank” and the free market in general. How can it be enforced/policed, I think it is up to the seller to make the policy that it be listed for atleast 3 days and “all” offers will be looked at. Then the seller could submit “mystery offers” through the listing agent and see if they ever receive them. If they do not get to see their own “mystery” offer then I think they could press charges,particularly if said “mystery” offer is above offers presented. At the very least they could find another brokerage to list their properties.
I’ve been told that some banks will only consider 1 offer @ a time, and I myself benefited from such a circumstance, each seller has their own way to dispose of collateral.
My personal gripe is with the so called auction system where they have a hidden reserve, as far as I’m concerned that is no auction,just a sales pitch disguised as an auction. In a true auction everything sells that gets a bid.
