Foreclosure in 93635>Question Details

Name, Home Buyer in Los Banos, CA

why would we get called back from listing agent after being rejected?

Asked by Name, Los Banos, CA Thu Jan 12, 2012

I put an offer on forclosure 30 days ago and submitted highest and best 2 times because i was told there were multiple offers on the third time i did not change offer because my agent said it was only us and other. We were re jected it went under contract.I moved on found a house that was a sure thing then selling agent calls my agent and asks if were still interested why would they do this can someone please clarify.

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This happens all the time. Of the two offers, the listing agent & seller sellected the other offer. Then something happened and they decided not to proceed with the purchase. The seller has now lost valuable time and is hoping to get you to renew your offer and proceed to closing. That may give you some bargaining power.

This happened to one of my clients. They ended up purchasing the home for less than their original offer and on better terms for them. The seller was willing to move forward at these new terms, as my clients were ready to close quickly.

If you still have an interest in that house, talk it over with your agent and figure out how you want to proceed. On the other hand, if you have already found a home you like, then just tell the listing agent "thanks, but no thanks" and move forward with the sure thing.

Good luck and Dare to Dream.

Shel-lee Davis, QSC®
Certified Distressed Property Expert – CDPE®
Short Sale & Foreclosure Resource – SFR®
Certified HAFA Specialist – CHS®
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RE/MAX Palos Verdes Realty
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0 votes Thank Flag Link Sat Jan 14, 2012
Dear Name, This will happen. It is not uncommon. Different scenarios happen causing the original buyer to back out, not qualify or did not approve of a condition of the sale. Instead of placing the home back on the market, the listing agent made an attempt to see if you still had some interest in purchasing the home. This is a considered a courteous move on the part of the listing agent as many times they won't even contact any of the original buyers before placing it active on the market.

If you have moved on to another home that you satisfied with then you simply say "no thank you" and move on to your current choice. Good luck to you!

Diane Wheatley, Broker
diane@moveupproperties.com
0 votes Thank Flag Link Thu Jan 12, 2012
The other offer fell thru, but why? That will be your mission should you continue. My guess is that it was something with the home inspection because the buyers have to have at least a prequalification letter from a lender making that somewhat less likely. But your agent needs to find out and the lister should disclose material facts they know. Be sure to ask.
0 votes Thank Flag Link Thu Jan 12, 2012
I would be willing to wager that the accepted offer fell apart, either because the buyer walked after inspections or because the financing fell out. Much of real estate is really never "over" until it is "over"....and, that fact is even more prevalent in today's market. There may be absolutely nothing wrong with the property, and the issue is 100% that the prospective buyers could not qualify for financing. Unfortunately, for all parties in a real estate transaction, not all preapprovals are worth the paper they are written on. I would discuss the situation with your agent to determine if you want to resurrect your interest in the property. Best of luck to you!
0 votes Thank Flag Link Thu Jan 12, 2012
The other offer fell through. The listing agent knew that you were interested and when the other party backed out (or couldn't get financing, or whatever the problem was), the listing agent called you to find out if you were still interested.

Hope that helps.
0 votes Thank Flag Link Thu Jan 12, 2012
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
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