Shady short sale

I'm a buyer who was told my first offer was rejected by us bank. We've asked the selling agent a few times for the rejection letter, but he hasn't produced it. We've now made a much higher offer, which the sellers now mysteriously don't want to sign off on.

Our contract allows them to take back up offers, but I am starting to get the feeling that they have a higher offer they have taken to the bank.

My understanding was I would have the opportunity to negotiate with the sellers lender prior to them receiving a back up offer. Do I have any recourse with the sellers, sellers agents, or lender to try and figure out what's going on.

I have had zero communication or official notice from the bank.

Thanks in advance.

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Permalink Reply by Noel Padilla on September 16, 2012 at 9:26am

Looks like the listing agent may have had their own buyer but wanted to get the process started and you were the guinea pig. I bet after it closes you will see the listing agent double ended the deal. For future reference you should always make an offer based on how badly you want the property. If you want it bad enough, offer above FMV (notice i didnt say list price, list price is irrelevant). A bank will not accept an offer that is not FMV. Even if you offer above FMV and it doesn't appraise, you can go back to them and ask for a reduction which they usually accept because they already know FMV based on their BPO.

 

It never ceases to amaze me how many folks think they can't beat the system and it looks like you thought you could and got caught in the middle. Those "Carlton Sheets" deals do not exist. When a property hits the MLS thousands of people are determining FMV, so you will always pay a fair price. If you want a real deal, make an offer on a property before it hits the MLS and before a realtor gets involved. A realtors duty is to get the highestd and best deal for their seller.

Permalink Reply by Beverly Cibulsky on September 16, 2012 at 1:22pm

Good response Noel! (Gosh is Carlton still around?)

Ironically, there are still a lot of "shadey" deals out there!I dont think these will ever go away in the Real Estate market! It is sad, that there will always be "shady" agents as well.

Most of all, as you called "Programs" that consumers get/buy, the "get rich quick" "buy at discount" etc!  My Favorite, my "mentor, consultant" is advising me. Another one "transitional lending" Really in my opinion "Fake Proof o Funds" People think they can do this with a simaltanial close,( ha yeh right! ) Especially in a short sale!

Trevor, I hope you got some good direction here! There are no real good deals out there! Short Sales go for market value, Foreclosures go for market value, Traditional sales are going for market value.

Curious Trevor, Are you a "first time buyer"? (if so move on and find your "happy Home".  and a good agent) If by chance you are buying as investment? well keep trying.

Regardless, Sorry for your lousy eperience! Hopefully you have enough input to make a good decission

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