short sale-important question!!!
Member since 2009 · 21 posts · 0 votes
If i have a signed agrement and i am in first place with my offer is it legal for the realtor/homeowner to accept another offer and send it to the bank and then try to get me to raise my offer so i don't lose the house. Because i thought if you have a signed agrement and in first place they can not sign another agrement unless they go is 2nd place, or is it different in a short sale. Because i fell like i'm getting dick around.
It doesn't matter what the homeowner signs off on, the lender is the one taking a loss, it's their decision.
I don't know as far as the legality of anything, obviously, that's for a lawyer to answer.
This is why you submit your own offers and don't rely on an agent. I don't know your fully story or why you're buying this house (primary residence or investment, flip etc...) but if you plan on doing this again, you make sure you deal with the lender directly, you submit your offer directly even if there is a silly agent involved. It's your money, don't let someone else be in control of your money
Good luck. I truly hope things work out for you and your wife on this deal.
My last piece of advice, next time you are looking to purchase a property, get into contact with a real estate investor. I will pretty much bet you will not only get a better deal, but also lots of less headaches.
You are welcome. FYI, be wary of advice from anyone who isn't licensed to practice law and who purports to give advice on the proper and legal handling of contracts, and who is ready to tell you what a party will/will not do as if it is written in stone.
Nothing is more dangerous than someone who thinks that they know what they are talking about.
All the best!
My advice as an investor - move on. Why pay more than you should for a home. There are plenty of opportunities to find your dream home as an owner occupant and my advice would be to get the very best deal you can. Participating in bidding wars (real or phantom) will result in you paying more than you should or could.
It has been mentioned several times in this thread, but without explanation, that you should be "in control of the transaction" rather than an agent. basiclaly, to accomplish this, you need to have the seller agree to have your name added to the listing agreement which means that all "other offers" that come in, go to you and not an agent or to the lender. It has also been stated that the agent must present all offers to the lender. Simply not true! The lender is not the seller, as outlined in the article posted by John M., Esq.
Work with an investor who does short sales for a living in your area and you will find that you will get a better deal in many cases, get the home much faster as they can negotiate with the bank and get the deal closed faster, and not have to participate in bidding wars.
Thanks Will that kind of puts thing in perspective but you see I'm not an invester I just happen to be looking for a good deal on a house and i came across this house that was listed at 299,000 back in march. So i was just looking threw the mls and see that same house at 189,000 on approval of a short sale. Now me not being so short sale savy i just call the realtor real quick went and look at it and made an offer the same day, not really knowing what i was getting my self into.
So thats why i turned to this forum to try and find some help because i knew i was getting the run around, now if i had to do it all over again i would be getting ahold of one of you guys to do that for me.
But I think i weathered the storm and finally my offer of 196,000 held strong and i have a written agrement from the seller that my offer is final and he will not be accepting anymore offers. So now i am just waiting on the bank and it's looking good.
Also the bank we are dealing with is Wamu and i quess chase just bought them and thats why they said it's taking a little longer than usual. Thanks for the info.