Home Buying in Massachusetts>Question Details

Mary, Home Buyer in Boston, MA

I placed the highest bid on a (Short Sale) house but didn't get it.

Asked by Mary, Boston, MA Fri Jul 31, 2009

I was told by the agent (on the side) that there were several offers but mine was the highest. He confided that a tenant in the house had placed an offer, but failed approval by the bank, so I didn't have any competition. My credit is excellent, and I was pre-approved. when I didn't hear back on my offer, I called the agent, daily at first, then a couple of times a week and then once a week for 6 weeks...each time the agent told me the bank was innundated with such cases and hadn't got to the case yet, but he would call to check on it. Finally at the 6 week point, he said that because the bank hadn't settled the case, it would now go into foreclosure and basically he was out of the deal. A couple of months later, I find out the tenant bought the house. The whole deal was going on while I was being told there was no word from the bank. What's worse is that it sold for $20K less than my initial offer.

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Mary, I'm so sorry it sounds like you really wanted this property. The truth is the asset manager, bank personal or whom ever in charge of this property is most likely overwhelmed with short sales and foreclosures. This property was just a file on their desk like the hundreds of others. I've rarely seen short sales or forclosures make sense. And common sense doesn't make any difference. Yes, the bank should be combing over these files and doing the right thing for the sellers, investors and their boss, but that just isn't happening.

Best of luck - you'll get the next one!
Web Reference: http://www.denastevens.com
0 votes Thank Flag Link Fri Sep 25, 2009
Hi Mary,

Welcome to the world of short sales! Very Fustrating I do not this property or agent, however it is a possibility the home was foreclosed on and the tenant dealt with the bank directly? It is hard to say. Short Sales are very difficult for buyers, sellers and agents. The banks do take up to 3 months or more for a response and they sometimes just foreclosue and sell for less? It just happened to me as an agent where I had an offer of 200,000 the bank rejected it, foreclosed and now is selling for 195,000 and is under agreement. Go figure. Good Luck and if you need any help manurvering through the market call or e-mail me anytime
Warm Regards,
Kelli Cassidy

RE/MAX Country Crossroads
Kelli Cassidy REALTOR®, Green
Licensed in MA & NH
MA Construction Supervisor License #96019
Office: 978-769-5502
Cell: 978-979-2823
Fax: 978-769-5370
kellicassidy@remax.net
Web Reference: http://www.kellimovesre.com
0 votes Thank Flag Link Fri Jul 31, 2009
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