Help! - am I getting played by realtor or bank!?

7 Replies

Hi guys...I need some advice. Over a month ago we were among the first to put in cash offer on a foreclosed home. There were several other bids. We then put in highest and best. Told they would make a decision quickly, but still haven't heard anything. 

Now let me say we are using the realtor who listed the home  and she just seems to be giving us the run around on why we haven't heard back from bank.  She hinted at, and I already assumed, the bank went with a higher offer that is financed but are leaving us in the hook just in case.  

NOW!  I see the house dropped in price by $5,000. Can someone please explain to me what the hell is going on??  Second, is there someone I can call, like the bank, to get factual information about what happening?  Can I make a complaint?  What do I do?  This is super shady business.  we put in a cash offer, no inspection.   I just want the truth.  How do I get it?  Thanks!!

If you are being represented by the agent, the agent has certain fiduciary obligations to you (like obedience, disclosure, etc).  If you feel the agent is not providing those duties, talk to the agent's broker.

Good luck.

That's really hard to say what is going on.  Banks don't make sense : ) .  

But that aside, if you are using a realtor for representation, I don't recommend using the same realtor as the listing side.  

I would just call to get more details and confirmation that your offer was submitted. They will get you to the asset manger that is managing the file.  The delay could be that the deal was escalated for further approval from a mortgage Insurance company or the Investor/trust that owns the asset. That can cause a delay but not for a month. 

Good Luck!

Originally posted by @Tahonie Freeman :

I would just call to get more details and confirmation that your offer was submitted. They will get you to the asset manger that is managing the file.  The delay could be that the deal was escalated for further approval from a mortgage Insurance company or the Investor/trust that owns the asset. That can cause a delay but not for a month. 

Good Luck!

 And what do you make of the price drop?  I think the bank is Sallie Mae. So you're saying I can call them and confirm?  I will tomorrow. Thanks!

Originally posted by @Carrie Hiner :

That's really hard to say what is going on.  Banks don't make sense : ) .  

But that aside, if you are using a realtor for representation, I don't recommend using the same realtor as the listing side.  

Not sure if that is the case, it's usually the other person on the end of the phone not understanding what the bank said.

Originally posted by @Erica M. :
Originally posted by @Tahonie Freeman:

I would just call to get more details and confirmation that your offer was submitted. They will get you to the asset manger that is managing the file.  The delay could be that the deal was escalated for further approval from a mortgage Insurance company or the Investor/trust that owns the asset. That can cause a delay but not for a month. 

Good Luck!

 And what do you make of the price drop?  I think the bank is Sallie Mae. So you're saying I can call them and confirm?  I will tomorrow. Thanks!

I think you mean Fannie Mae? Sallie Mae does student loans from what I recall.

no I figured out who the bank is. I called but there is no way to speak to asset manager. It's a dead end. Buyers are at the mercy of real estate agents and their word. So if things look suspicious... There doesn't seem like much you can do.