Well, I haven't moved on just yet. I'm hoping they put our offer in as a back up. I'm calling AGAIN tomorrow morning. The house has MAJOR water damage including mold. Regardless it is a great deal. I'm hoping the people with the accepted offer will get scared during the inspection on Tuesday. From ALL the research I've done this weekend it sounds like we may still have a chance. I've read on this site that bank owned homes REO's I guess they are called are a whole different story when it comes to the bank accepting the offer. From what I have read there is a section in the addendum that states that they can still take other offers. It's so confusing. Next time I am getting my own realtor and not going through the listing agent. I just don't understand how the assistant wasn't on the same page as her boss, the listing agent. She told me she had been talking to him. Any input on what my options are and whether we still have a shot would be helpful. THANKS!

Yuck, it happened to us too. Unfortunately the assistants aren't always up to speed on the offers. But, she should be. I would move on.
Did you offer even make it to the bank?

Apparently the assistant did not know what the agent knew. The agent and the assistant are the only ones who might explain what happened.

Whatever happened though, it sounds like this house is not available anymore. You can tell them that you would like to leave in your offer as a back up.

We don't have a lender we have cash. The price was $46,900 and the lot alone was worth this amount. To fix the house may have cost $20,000 but we would basically have a house for $20,000. The money or the hassle of fixing isn't the issue. I am wondering why I was told that my bid was the highest and I would be getting the house when in fact the day before the bank had already accepted an offer by the same agent, the listing agent. Why was I not told prior to putting in an offer that they had already accepted an offer. I understand that they accept offers just in case the first offer falls through but why was I told that I had the highest offer and that I would have no problem getting the house.

It has been my experience that the Listing Agent is simply an intermediary and cannot make any decisions about which offers are accepted. The bank, or their reprisentatives (lawyers) review and accept offers. From the sounds, your home may not have met Freddie Mac lending guidelines so your lender may not have funded.

Rather than spending thousands on repairing a foreclosure (there are some good foreclosure deals that don't require many repairs) I suggest looking into "short sale" homes. These might require less repair. Do expect several months negotiating and waiting.

The number of buyers not working with a Buyer's Agent, the only one that can legally reprisent you in a transaction, is simply astounding. I suggest taking some time to learn about Real Estate Agency Disclosure and Buyer's Agency before proceeding.

Sample forms are available on the website below.

A home cannot be sold twice. If an offer has been accepted, they cannot accept another offer.

Dealing with banks is tough, especially when there are competing offers. You did not get screwed, and you do still have a chance if this buyer does not like the inspection results.

Does not sound like you have a buyer's agent. Bank deals are much harder to negotiate, and you don't pay the buyer's agent, so I strongly urge you to get one. You will not be given the commission (the listing agent will get it if you are unrepresented) so you would be better off to have someone helping you navigate the REO world.

Can a bank still accept our offer after they already accepted a previous offer? I have done a bit of research online and it sounds like they could (fine print on the acceptance.) I tried dealing with the listing agent and he wouldn't respond to my email or phone call and the assistant seemed eager to help and I needed the bid in asap!

You need to talk with the listing agent only. The best offer and terms will take most homes but with the banks looking at all offers you might of been out bid? Get your em in a back up position. The foreclosure and short sale are for the buyers that can wait and not worry since you have no control. Good Luck.

Tom Inglesby, Broker
RE/MAX Equity Group Inc.
ABR,CRS,CLHMS

503-495-5416

Yes all foreclosures, pre foreclosures, short sales have drama. If the other offer fall thru then see if you can have the back up offer, where is your agent?

http://www.lynn911.com http://www.homes-for-sale-dallas.com

Unfortunately, you did not speak with the agent. The listing agent may have actually received an offer yesterday, or a higher offer an hour after you gave yours. Rule is that the listing agent should present offers to their client as soon as possible. That could also mean all offers received during the day. Good luck