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Questionable real estate deal and agent? Please let me know what you think.?
My fiance' and I were sent a listing for a house for 20K, well we go out to look at it a couple of weeks ago and when we get there, another family is looking at it and that they are in the process of buying the home.
Our agent gets there and he has no idea what's going on with the other family. He contacts the agent (at a different real estate company) estate company and leaves numerous messages, none of which are returned. The listing still shows as active in his system. Hence, he starts the paperwork and we fill it out and state we would finance the home.
So then the "other agent" calls back and says there is already a bid on the home, we fax over a slightly higher bid stating over the phone to our agent we will pay cash. It's noted on the bid that we can do either cash or bank financing. The "other agent" calls and said he will not submit the bid until we show proof on having the money.
We decide since the bid has not been submitted and so many calls not returned, etc
We decide to place a bid with our "final offer" of 31, 100 with bank financing. We fax that and the bank pre-approval letter to the "other agent". The house was listed for 20K and has a property assessment of 76K.
The "other agent" gets really Pi**ed off and tells us that the buyer (a bank) will only accept cash bids not bank financing.
Our agent tells us then that we can only bid if we are paying cash because the property won't be appraised at 30, 100.00
We had the house appraised today but won't find out the results until Thursday.
This whole thing doesn't sound right. Isn't is the real estate agent's job to get the highest price for the home regardless of how it is being paid for?
Can "the bank" who is presently the owner of the house that was foreclosed on only accept cash bids or do they have to accept any bid, even financing by the bank.
Sorry to be so lengthy. Thanks in advance for any help.
We did also put 1 thousand down for "hand money" and also, we are in the state of PA.
Thanks
7 réponses
- il y a 1 décennieRéponse favorite
It sounds like 2 things are happening
1 the bank has a current bid and are looking for a back up.
2 The bank that ownes the house (REO) is looking for cash only for their benifit. Cash only is a much quicker closing and can be verified quickly. Much the same way a bank call other banks to verify funds the REO property owner wants a quick closing with verifiable funds.
If a bank has a property that was taken by forclosure then that bank is loosing money every day they carry it a cash closing reduces that time frame drasticly. That why cash offer will often be taken over financed CASH IS KING.
- paobayLv 4il y a 1 décennie
Does your agent know this is a foreclosure? And he should got some idea on how the real estate for foreclosure house worked.
Since the term is decided by the owner, so if they want cash, then they will asking for cash. Sometimes, banke sells the house at a lost, so they can cut the lost short. And even for non-forclosure houses, the seller might not take the highest bidder, because things happens, like the loan didn't qualify or the buyer might withdraw the contract. And sometimes, they like the other couples better..... Most the time, the chance is higher if you have strong financial background like pre-approve letters from the bank. Or higher amount of deposit.
If you don't feel comfortable, then don't buy it.
- Mr PlacidLv 7il y a 1 décennie
No. The bank, or any seller for that matter, is free to reject offers that include a financing contingency.
That financing approval letter is meaningless to a seller. The fact is that your purchase still ends up being contingent on your lender giving you the purchase money. Approval letter or not, the financing can still fall through. If the financing falls through, then you will be legally excused from going through with the purchase. That means the seller will be forced to find another buyer, from square one.
- Anonymeil y a 5 ans
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- LandlordLv 7il y a 1 décennie
They are not forced to accept any bids at all.
They will not accept a bid over what THEIR appraiser sets it at unless you are paying cash, no loans.
Proof of funds is standard practice, nothing sinister with that.
If both bids are pretty close to each other, and both acceptable, they will take the one most likely to close. If that is equal it is highest earnest money on the table.
- il y a 1 décennie
"The Bank" current owner can set what ever rules they want to pre-qualify the "buyers" contract. It is the job of the agents to disclose all the contingencies in a timely manner to the buyer. You can file complaints against the agents state licensing authority if they do not.
- il y a 1 décennie
For purposes of disclosure, I used to be a licensed Real Estate Agent in my state. My license has expired.
But, all offers must be submitted, within 24 hours in this state, and it is up to the owner to decide the merits, not the Agent.
I hope this helps.
