Home Buying in 35611>Question Details

Fist_timer, Home Buyer in 35611

I was the first and highest offer on a short sale and still got screwed.

Asked by Fist_timer, 35611 Mon Jul 27, 2009

I had all my paper work in line ready to buy a house. approval letters the works. After 4 weeks i was the highest offer ( it was still not accepted) and no more offers would be accepted. I was told it would be 2 more weeks. One week later a higher offer was accepted. Is this legal or do i have a legal case.

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It doesn't make this right......but it's happening many times every day. Banks are currently enjoying the flexibility to make decisions with little regard to their impact on others.

These reports are one of the reasons why many agents and buyers are electing to avoid these transaction and are persuring other options: foreclosure, traditional sales, HUD sales, etc.

There are many opportunities for today's buyer. Our recommendation is that you do not let one bad experience stand in your way....just consider yourself more wiser.

Good luck
0 votes Thank Flag Link Tue Jul 28, 2009

If you are asking for legal advice ("do i have a legal case.") you probably won't get it here. Realtors are not able to give legal or tax advice unless they are additionally licensed in the appropriate field - and that comes straight from our national code of ethics.

That said, we would need quite a bit more information about your situation to give much, if any useful advice.

Two things to consider in real estate:

1. Nothing is done in real estate until the paperwork is signed. There are also no verbal agreements. As bad as it may sound the banks can really say anything they want until they sign your offer - only then do they have to perform on anything.

2. Short sales are incredibly difficult transactions to deal with. The bank can choose to not accept your offer and then take another for any number of reason, and most of the time they won't even give you a reason.

There are deals to be found when working with short sales and foreclosures, but with that comes tons of headaches. If you are looking for a quick and painless transaction, your chances are better (however, not guaranteed) when purchasing from a private party.

Good Luck

Cameron Piper
#1 Trulia Agent in MN
Web Reference: http://www.campiper.com
0 votes Thank Flag Link Mon Jul 27, 2009
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