Home Buying in 95833>Question Details

Julianr, Home Buyer in 95833

I placed an offer on house 9.5K above the comp. sales. Offer denied, now off market. Did I offer too much?

Asked by Julianr, 95833 Thu Jun 18, 2009

Foreclosed house bought by bank for 133K on May 29, then listed on June 11 with asking price of 143K. On it's first day out, I saw, submitted an offer of 160K, 2K above comparable sales.

I was later asked to submit my best offer. I did, offered 7.5K more and pay pest inspection. I really wanted this house! My offer was denied (no explaination) and June 18 the house was taken off the market. The house was selling "as-is"! The house needed some paint and carpet cleaning, but that's dity work! I just would like to know, what happened? My agent called and sent emails to the seller to inquire what happend, no replies! The seller lead us to believe we were competing with other offer, but seems that was not the case. I heard some banks don't like VA loans, could that be the reason?

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4
Hi Julian,

I think Elizabeth gave you an excellent response.

Unfortunately, in this real estate market, we don't always know what it happening. As a real estate professor and agent, I can tell you, I have never seen some of the things going on (and I remember writing offers at 18% interest way back when!).

I would hope and assume that your agent took the initiative to do his or her best to track that other agent down and find out the skinny. However, I speak from recent experience when I say that "the other agent" (REO listers, in some cases) are not always accessible).

At the risk of getting philosophical, maybe that just wasn't the right house for you. keep a positive thought and keep looking and I'll bet you anything an even better home will come along.

Thanks!
Tamara D.
http://www.InLoveWithSacto.com (real estate radio)
Web Reference: http://InLoveWithSacto.tv
1 vote Thank Flag Link Thu Jun 18, 2009
We can only speculate as to why it was taken off the market. The only way to know is to contact the agent.

I once placed an offer on a property for a buyer, above market value (very similar situation to yours), and the next day the property was off the market. Turns out, the home had been vandalized. The property went back on the market a month later.

Don't speculate, try to find out what happened by contacting the listing office. If it hasn't gone back on the market, you may still have an opportunity.

Keisha Mathews, REALTOR®
CDPE®, HRC®, HAFA® Certified
The Short Sale Lady(sm)
Century 21 Landmark Network
(916) 370-1803 cell/direct
(916) 405-3886 fax
keisha.mathews@century21.com
http://www.SheSoldItForMe.com
lic#: 01439130
0 votes Thank Flag Link Wed Jul 18, 2012
Thank you everyone for replies, much appreciated!

Well since sellers were making low asking prices to create a bidding war among buyers. I figured to make my first offer was a bit (just 2K) over the comps. If my offer was too low, why would the selling agent ask for my best offer? Was I suppose lower my offer?

As to the house now, it was withdrawn from the listings on Redfin and ZipReality. However showing listed as new when you type up the msl (#90045664) What's up this seller? Isit too late to offer equal to the comps? Or, is the bank going to hold and wait for the comps to rise?
0 votes Thank Flag Link Thu Jun 18, 2009
Hi Julianr,
Here in the Tampa, Florida market the investors are back and buying lots of homes. They especially go after the bank foreclosures(REO's) because they do not have to wait months for a closing and the bank has priced the property at a "quick sell" price. This unfortunately creates a bidding war on some properties. If the agent asked you to submit your "best offer" they were telling you to submit the highest offer you were willing to make because there were multiple offers. As already stated, the fact that you are doing VA financing could have been an issue with the bank for any number of reasons-unless you were competing against a cash offer(quick clean closing), then the condition of the property may have prevented it from even qualifying for VA financing. Your agent should be aware of these conditions. A VA loan is not the appropriate type of financing for a fixer upper property.

Best wishes in finding your new home! I know you really liked that one but I'd be willing to bet you will find one even better and will be happy that other home didn't work out! Funny how that happens sometimes. :0)
0 votes Thank Flag Link Thu Jun 18, 2009
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