Foreclosure in 07670>Question Details

Yitz, Home Buyer in 07670

I offered 420k on short sale and just find that the house was sold last week for 400K, how?

Asked by Yitz, 07670 Mon Jun 4, 2012

i think it's BC the seller wnted to sell it to somone else and didnt present my offer, what to do?

Help the community by answering this question:

Answers

6
Sounds like you were the back-up offfer in case the offer presented to the bank was not accepted.
-or - as noted below, it could have been an all cash offer, or you cold have walked in four months into the process of the other one that was being approved. There are many reasons that you missed the boat. It is not becaue of the seller or anyone.. there is no one to blame, the object is to sell the house.
1 vote Thank Flag Link Mon Jun 4, 2012
Hi Yitz,
Ditto on what Diane said. Offers are accepted for not only offering price but terms such as closing date and no contingencies. The credit of the buyer is sometimes considered as this has a bearing on whether the mortgage will go through. And yes someone could have offered cash...sometimes translated as no mortgage contingency and not necessarily just a bank check for full amount.
Legally the agent must present all offers to the seller. Not many agents will risk not doing this.
Good luck,
Chris Gubb
1 vote Thank Flag Link Mon Jun 4, 2012
Yitz,

First...sold or closed?? Sold means it has an "accepted" contract. Closed means there are new owners.

Second, was your offer the first one in to the seller or a second offer?

Full answer really depends on both questions.
1 vote Thank Flag Link Mon Jun 4, 2012
Yitz,

I have to echo the sentiments and comments of the other brokers who've responded to your question.

There are too many variables and/or "unknowns" here, e.g., contingencies, timing, how long the other party was in the pipeline, etc.

Short sales are very unpredictable and it is the reason why many buyers prefer to avoid them. So many buyers think that a short-sale will result in a real savings. In fact, while a party is making an offer on a short-sale or potential short-sale property, they could be passing up an opportunity to purchase a house that they really could have.

Buying a short-sale property is walking a minefield. One has to be very careful and nimble.

You might be better off dealing directly with a seller who is eager and motivated but not necessarily under water. Or, consider looking at REO (Real Estate Owned) properties where the bank is motivated to sell and the title will be free and clear.

Best,

Jay
0 votes Thank Flag Link Tue Jun 5, 2012
Move on to another house! Short sales make no sense sometimes and this happens for many reasons and it is not possible to speculate on what exactly happened. Many of the answers posted here are true. Better luck next time.
0 votes Thank Flag Link Mon Jun 4, 2012
There could be many reasons. One being someone offered all cash with no contingencies. It could be they could close sooner. That same thing actually happened to one of my buyers. Someone came in lower but the bank chose them over us because it was all cash. I sincerely doubt it was the seller or their agent's pick. Just remember what I tell my buyers.....if it was meant to be, it would have been. Keep looking, you'll find something even better I bet! Good luck!
0 votes Thank Flag Link Mon Jun 4, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer