General Area in Inverness>Question Details

Normantas, Home Buyer in Inverness, IL

I offered 300000 for short sale they told it was not enough but 3 month later I foung it was sold for 250000 is that legal? do I have a case?

Asked by Normantas, Inverness, IL Fri Mar 25, 2011

Help the community by answering this question:

Answers

11
BEST ANSWER
Price is but one term of the contract. waiving home inspection, taking house "as is", or closing date are worth more than money sometimes. A delayed closing is better for the seller too in this scenario. In this circumstance the seller gets to keep possession and use that contract with the bank, and not have to move out fast. You can only sue for damages, not performance, meaning you cant make the seller sell to you. The bank might have a deal that is not an arms length transaction, but that doesn't affect your right to claim damages. I would be suspicious that an "uncle Louie" is buying the place and the seller is participating in mortgage fraud. You can whistle blow to the lender f you have any evidence. Best to move on.

If you like my answer, please mark best answer and thumbs up.
1 vote Thank Flag Link Sat Mar 26, 2011
There a a number of reasons why the house sold for less. Have your Realtor look into it. It's possible that the accepted offer was a cash offer. Also, a low comp could have closed in the meantime. Or the bank could have taken the property back and sold it as an REO and not a short sale.

The information in this answer provided by Attorney Ranj Mohip is general information and is not intended as legal advice, nor does the attorney intend to create an attorney-client relationship with any reader by answering this question or otherwise contributing as a member of Trulia.com.
2 votes Thank Flag Link Tue Apr 5, 2011
And what David and Peter said are also equally plausible possibilities.
1 vote Thank Flag Link Fri Mar 25, 2011
It is legal? There is no binding agreement unless the seller accepts in writting your offer. You could have offered $300,000 but the seller didn't like you, and the next offer was $250,000 but the seller liked the buyer and sign off on the accepted offer.


David Cooper. Las Vegas Foreclosure Investor in Bank Owned Cash flow Houses. FReee List +1-7024997037...
not a real estate agent. ask about limited partnerships
0 votes Thank Flag Link Tue Apr 5, 2011
What was the house worth when you made your $300,000 offer? Maybe there was extensive repairs needed or something happened, like a fire, that caused the house to lose value. 90 days is an eternity in real estate in today's tough market. Maybe a comp sold for way less than everyone knew about between your offer and the SOLD price.
I never stop writing new offers when I get rejected or don't hear back from the seller within 72 hours.

David Cooper. Las Vegas Foreclosure Investor in Bank Owned Cash flow Houses. FReee List +1-7024997037...
not a real estate agent. ask about limited partnerships
0 votes Thank Flag Link Sun Mar 27, 2011
Have you offered $300,000 in writing and had your offer rejected? Who rejected the offer? The seller or the seller's lender? Was your offer full price? I won't give legal advise and comment on whether or not you have a case but I do not believe it is illegal to reject an offer (assuming it was a written offer) and sell for less than what the offer was 3 months later.
0 votes Thank Flag Link Sat Mar 26, 2011
Have you considered making an offer to the buyer to purchase it from him/her/them for $265K?
0 votes Thank Flag Link Fri Mar 25, 2011
This happens all the time. Unfortunately, the only thing you can do is move on.
0 votes Thank Flag Link Fri Mar 25, 2011
No, you have no case unless you can prove some type of conspiracy. Circumstances alone aren't enough to prove anything.

Welcome to the world of short sales and REO's. I had the exact same thing happen to me when I was looking for my home, and the property sold a year later as a short sale for 25K less than I offered.

So what happened? Maybe the bank was working off an old BPO (Broker Price Opinion) with you and obtained a new BPO for the eventual buyer, and maybe your agent wasn't aggressive enough in challenging the bad BPO. Maybe the bank issued a new policy directive to it's loss mitigation department allowing them to sell the property for a lower price. Maybe the listing agent missed initialing a document in just the right place. Maybe the loss mitigation specialist was just in a good mood when they got the buyer's offer 3 months later.

It really could be any number of things, and even if you had full access to the bank's employees they probably couldn't tell you why it wasn't accepted. Just realize that it wasn't in your control. Consider the bank like a large, wild animal that doesn't always act intelligently. They have certain rules they follow, and your attempt to make sense of those rules will just make you crazy.

Remember, the bank doesn't HAVE to release their lien. They are doing the seller a favor by allowing the short sale to go through. And banks always reserve the right to not accept an offer, no matter what the terms, even on an REO. So just buck up and move on to the next one.
0 votes Thank Flag Link Fri Mar 25, 2011
Was there a loan continguencie with your offer? The other could have been all cash. Were you contered back in writting that your offer was too low, or was it verbal?


David Cooper. Las Vegas Foreclosure. Helping Investors find Cash Flow . Call for FReee List +1-7024997037
davidcooper@lasvegaswinner.org not a real estate agent
0 votes Thank Flag Link Fri Mar 25, 2011
If this property has been foreclosed upon and sold as REO (bank owned), you probably have no case at all. Even if it was sold as a short sale, the lender has right to lower the amount they were asking over the time.
0 votes Thank Flag Link Fri Mar 25, 2011
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