Updated about 12 years ago on . Most recent reply
Discrimination against investors
I recently went through a bid process where my agent said I had the highest and best offer. My offer was above list and all cash with no contingencies and the bank chose to negotiate with an owner occupant. This was not a situation with an owner occupant bid period defined in the listing. There are already so many programs in place that favor owner occupants. When I finally found one without those stipulations I still got hosed. Has anyone else experienced this? What would cause the bank to favor an owner occupant if his offer was not better than mine? Is there some sort of incentive or kick back that I am unaware of?
Most Popular Reply
Your agent said you had highest and best, but I'm not sure how they would know that. The seller always gets to decide whose offer to accept, and is not required to tell you what the other offers were. Feeling "hosed" by this is a waste of energy, frankly. Try to put it behind you.