Sorry about your bad experience Joel, however, an old fashion gentleman's handshake and verbal acceptance just won't get it. You must have the paper work signed with an exchange of some amount of money to make the deal stick. A true meeting of the minds. You may have heard some of the TV judges ask,"Do you have it in writting?" That's the key. Yes the bank was nice to ask you for your best and final offer. They didn't have to do that so not only think about the highest price the property is worth to you but also the largest down payment you can afford so the bank feels secure with you. Terms count too. Good Luck!

Hello

And that happens alot . Remember you are dealing with a bank. I have done alot of bank deals , so if you want to call me please do

Good luck
Ron Collard
Broker http://www.roncollardhomes.com
734-341-4099

Hello Joel

You need to find a Real Estate Broker that handles Bank owned and Hud homes. If you are looking for help give me a call

Thanks and good luck

Ron Collard
Vision Group Realty LLC
Broker http://www.roncollardhomes.com
734-341-4099

I see there is a problem with Trulia again this morning.

Joel, Sorry to hear about your experience. I just want to make sure you understand that the bank and the Listing Agent are trying to recover as much money as possible from this home. Until recently, buyers were not active and there were few multiple offers on homes.

I agree with the comments that banks have their own rules. Even though your verbal offer was accepted by the agent, they cannot sign paperwork for the bank. Lawyers will be signing that paperwork and they love a paper trail.

I hope you end up the highest bidder for this home. If you read some of the questions under Detroit in Trulia Voices you will see this question comes up frequently. I suggest reading some of the questions http://www.trulia.com/voices/Detroit---11865--

I understand your frustration, unfortunately banks do what they want. At least they asked you to write you hight s and best offer. They could have just gone with the second one. If you really want the house, let it go and have the Realtor re-write it correctly. Have them have their broker look it over so it is done properly this time. We lost out on a cash offer that was 30K over asking price, with a few contingecies, the other offer was 30K below with no contingencies, both cash offers.

If it doesn't work out for you on this property visit http://www.MIforeclosureDeals.com and request a list of foreclosures in the city you are interested in. There are so many foreclosures in Wayne county I'm certain you will find another property that will work for you. As Chris said in the previous answer you would be best served by having a Buyers agent working for you. I work with a lot of buyers looking for a good deal on foreclosues and I specialize in Wayne and Oakland County.

If things work out for you on this one, just be very cautious and verify everything. You can also request the free report at my website and you will learn a few things about choosing the right foreclosure and also some things to look out for to make sure you don't have surprises at or after closing.

Good Luck!

Hey Joel,

They always say that a verbal offer is only as good as the paper it is written on!

Because the bank has already gone to the step of asking for the highest and best offer, they will likely look at both of your offers and simply choose the one that offers them the larger financial gain. I know that is not the answer that you probably want to hear, but the bank will always act in their best interest.

In the meantime, there are a flood of bank owned properties coming into the market every day, and there is a real possibility that another good opportunity will become available to you. I always advise that people seek out their own Buyer's Agent (instead of having the listing agent do the paperwork) prior to putting in your next offer. This really is the best way to have an agent who works for your interests. By finding somebody that you trust in advance of your next offer, it might be possible to avoid this type of situation.

I am sorry that this deal is going poorly, and I hope that another deal finds its way to you soon.

Joel, to answer your question - Do these banks have any rules to follow? I would say they play by their own rules and each bank is different. I know where you are coming from it frustrates me when I act as buyers agent as well.

I had one recently that I called on a Monday morning stating I wanted to submit an offer. (It had just hit the market the Friday prior to the Monday). I was told by the listing agent office I couldn't because they already accepted another offer. I could not believe that there was not a multiple offer disclosure sent out to everyone considering there were already 5 offers on Monday morning. They should have put a cut off time on the property for sometime on Tuesday. That is the most proper way, but it did not happen in this situation.

It really stinks that it happened this way, but I am not sure if there is anything you can do. Have you tried talking to the agent and/or the agents broker about this situation? That or a Real Estate Attorney. That would be my best advice.

I hope this information helps! Best Wishes!

Thanks Chris, but since they verbally accepted my offer before the other written higher offer Isn't my verbal acceptance pending the new papwerwork still good since they wanted the paperwork resubmitted? Or is it since there was another offer in the mean time that's better, I'm S.O.L. unless i give a bigger better offer? DO these banks have any rules to follow?

Joel,

It is common for the bank in a multiple bid situation to tell all parties involved to present their highest and best offer. They frequently do this because if the highest offer turns out to be acceptable to them, they might not even negotiate it beyond that point. In other words, they just accept the best of the 2 offers as long as the highest priced offer is not completely out of line with what they are willing to accept.