BiggerPockets

Here is an interesting story. There was a house in Midfield, Alabama (A suburb of Birmingham) listed on the MLS. It was 919 13th St. to be exact, and I had my eyes on it. The house was listed in the twenties and went down to $17,500. I put an offer for $12,000 and then I learned that you have pay $75 to participate in some kind of bidding. My agent was telling me that he was not sure how that conforms to the MLS rules. I retracted my offer. Weeks went by and suddenly I see the house price drop to $10,900. I asked my agent to put an offer. After talking to the listing agent, my agent came back with the news. "You have to put a bid on it through Bidselect" he said. This is an online auction site that the seller apparently listed the house with. It required a contract, addendum, POF, and 10% earnest money in a form of cashier check. I agreed. I signed everything, provided the POF with the cashier check and submitted the bid. The day after, I was told that the bid has been accepted and everything looked good.
A week went by with no news and no seller's signatures, until my agent gets an e-mail telling him that the bid has been canceled and that the seller pulled the property out of the auction. Three days later, the property was pulled out of the MLS listing as well.

Where did my property go? I guess it was bulked with some other properties and sold to a wholesaler.
If you see my house, please, let it know that all is forgiven and I'm willing to reunite (For the right price... of course)... :cry:

Any Ideas where could my house go?

I've had this happen to me on an REO once last year. Basically the seller retains all rights to cancel the auctions if the property gets sold in a bulk deal.

Don't lose heart though - keep an eye on it. The REO I "lost" last year, I just bought a month ago when the bulk buyer couldn't turn his portfolio at a profit. My offer back then was about 10k. Now there is about 2k more work than there was last year but I got it a month ago for 4.5k.

The REO game is like a game of hold'em. Chip and a chair and you're still in the game.

Yes, it was a REO. It wasn't not very wise of them to pull it out at the seasonal height of the market. By the time the property is back for sale, it will be the fall. Not much demand from the general public. It will be interesting to see. I hope for a deal like yours, Tim :wink:

Oh, I don't think they pulled it only to sell it later. My guess that the listing realtor sold it to one of his or her investors.

Eddie
You don't say, but instead of asking where my house is, I'd be asking where my EMD is. Hope at least that was returned.

No doubt a bulk sale. I have had this happen to me once as well - accepted offer then it goes away.

You may keep an eye out on the lists that float around here you may see it pop up for less then your offer :)

In my case I had an offer of 10K on the table and it actually sold for $1,026 - yes an accepted offer of $10K and it sold in a bulk package for $1,026.