When buying a bank owned property terms are just as important as price. By terms a cash offer with no contingincies closing in 14-30 days is better than a higher priced offer contingent upon a home inspection and contingent upon receiving fha financing. Your best bet is to have a buyer broker who can assist you with your purchase, You should be able to hire an agent to represent you at no cost to you, they get paid through the fee offered by the listing agent. If you would like some assistnace i would be mor ethan happy to answer your questions or assist you in finding another home and preparing an offer that the banks will find stronger. Good luck with your sears.

Scott Godzyk
email: SCTPROP@AOL.COM

Hi,

You ask, "...in my opinion, the listing agent never submitted our offer and worked out deal with this investor. Does anyone have any experience or knowledge with this king of situation?"

If you have read any of my 100+ Trulia answers, you would see the underlying advice I give to nearly everyone is that they should have their own agent. It's free to engage a Realtor to represent you. Listing agents can't get away with a game of slight of hand if you have an agent on your team representing you.

Nearly all of the buyers who feel they have been short-changed were representing themselves, working through the listing agent. Do you remember what Abraham Lincoln said about a man who represents himself in court? Lincoln said, "He has a fool for a client!"

Ditto in real estate. I can't solve your present concern, but before you move forward on the next property, do yourself a favor, find a Realtor you trust and work together.

Hope this helps,

Dane Hahn
NH Broker
Betty LaBranche Realty
603-566-5460

Nh,

IF your account of this situation is accurate this would be considered inappropriate and unethical behavior.

A word of caution....there are a world of possibilities that could explain the events outlined. It is important to stick with the facts and not read anything into this that isn't really there. To do so may mean taking risks that you do not need.

Its important to have all the facts, before a professional opinion can be given. I am curious as to whether you were represented by a buyer broker ? I regret this has happened to you. I can tell you, purchase of bank owned property can be a tricky proposition. And yes, its common for a buyer, much like yourself, to be in competition with an "investor" type buyer, for fpreclosure property. Investor types have certain adavantages in the process that must be considered. Investor types are saavy and not afraid to assume greater risks than traditional buyers. And, unless the seller has a dispute with the buyer performing repairs, etc., to the property, before close date, there is no issue with that. Again~it comes down to the terms agreed to between Seller and Buyer. Call me anytime should you want to explore further. Jerome Duval

The agent is supposed to submit all offers. I list and sell Bank owned properties and I can't give the keys to the buyer until after the loan has closed and funded. So they should not had access to do any type of work until then. Thanks Donna