There are lots of reasons for a Seller to accept one Offer over another and claiming discrimination because your Offer was not selected needs to be backed up with proof as to why you feel this way and without knwowing the motivation of the Seller and the terms of the accept Offer you do not have a case.
guidelines are. I think they just make
them up as they go. One thing for
sure is there are so many good deals
you will find a better one. I have seen
it over&over again that when we lose a
deal we really wanted and are
disappointed we always find a better
one if we don' give up. There are so
many to choose from. It is impossible
to figure out how the banks think.
David Cooper Investing in Las Vegas since 1994
10120 S. Eastern Ave, 200
Henderson, NV 89052
The fact, however, is we wouldn't be able to tell from the details you have offered if discrimination occurred. As the Trulia voices member points out, there is no telling with banks. The discrimination may not even be intentional. The banks probably make enough expensive mistakes in a day that they could justify hiring more employees. Don't hold your breath waiting for it to happen.
As for a business decision, there doesn't seem to be much upside in pursuing a complaint. It probably makes more sense to just go find another foreclosed property or a short sale. There are plenty to go around as others have noted.
On the other hand, things will never change if these things are not made known. If you feel wronged, you should complain. Banks have specific regulations they have to adhere to.
I'm sorry you didn't get your home.
PML of Longmont, CO
Kathy Reynolds, RealtorÂ® - SFR
Prudential Northern AZ Real Estate
928-713-4825 Home Office
Visit me at http://www.MayerAzRealEstate.com
Don't Forget - I Love Referrals
Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
As I said in my earlier post, if the bank didn't know anything about you in terms of race, creed, sex, age, social and economic class, and how you look (fat, skinny, ugly, etc.), there is no basis for suspecting discrimination. What I suggest here seems more plausible.
This is confidential information.
There are so many nuances in an offer; the Bank may accept any offer they want, and they do not have give you a reason for anything.
Discrimination comes into play when you discover that RACE, CREED, AGE etc was the reason: This is pretty much a thing of the past. Really!
Good luck and may God bless
Making offers is not 100% about the sales price; other terms of the contract affect the seller's net, such as who pays for the Inspection, CIC Package, and etcetera. Also, they may have chosen an owner occupant over a secondary resident buyer or an investment buyer.
What do you mean... accepted by seller but rejected by lender? Was this an offer on a short sale? If so, sometimes it simply takes time for the short sale to approve, even if they don't approve it at first. How much time went by between your rejected offer and the 2ns buyer's offer?
Short sales are largely unemotional for the lenders, whose file managers are typically overwhelmed with the number of files on their desks... I would only expect that they have time to discriminate based on what is best for their employers.
I would see if your agent can uncover any reasoning from the listing agent or from the closed sale documentation / MLS closed sale data.
Let's work together on the next deal/ investment. I won't show you any that won't work with investors, so your time is not wasted.
I'm located in 89074 & 89052.
There are many good answers here. For example, HUD homes must be sold initially to an owner occupant for the 1st 30 days it is listed. Did you submit Proof of Funds that were "seasoned"? This means that they were in the bank account for a certain period of time and not just deposited. Maybe you asked for something in your offer that the other party didn't, like seller contribution, a Home Warranty, or an appraisal. If it was a short sale and you didn't agree to a length of time for the bank to decide, that could have been a factor. Another drawback would have been If you wanted a later close and the other offer was willing to close sooner. There are many reasons for a seller to accept one offer over another and we the agents generally do not know why. The only way discrimination could be a factor is if you fit into one of the "protected classes", and like the other agents said, unless you submitted your picture and personal profile with your offer that couldn't be it. And we have a large inventory of properties available so I would advise you to just put it behind you and move forward. Find another. It's a bit of a feeding frenzy out there with the depressed values so don't lose heart if you lose an offer. I personally had to submit 21 offers for one of my buyers before we were successful. This probably isn't what you wanted to hear but it's just the way the market is right now.
Barbara Richie, REALTOR, SFR, SRES
"Experience that counts. The expertise to make it happen!"
Encore Realty Group
7465 W Lake Mead Blvd Ste 100
Las Vegas, NV 89128
That is, it's highly unlikely that your offer was rejected by a lender based on one of the defined protected classes (race, religion, etc.).
There's no requirement that the lender provide "a good supportive reason"--or any reason, for that matter--for rejecting an offer.
Your Realtor may be able to provide an educated guess as to why your offer was rejected. Ask him/her.
a fannie may property where the they will only do owner occupied
offers for the 1st 30 days it is listed. Need to know more about the deal.
Realty One Group
I KNOW LAS VEGAS AND HAVE FOR 40 YEARS
Discrimination is generally and issue when a protected class is involved. If the reason your offer was declined was due in some way to you belonging to one, than perhaps. Strictly being a cash buyer, while this may be technically a minority, is not a protected class in the same way race, religion or gender are.
A seller and lender may use whatever decision making process they care too as long as these issues are not factored in.
If you believe there is an issue of discrimination, you'll need to speak with a lawyer to see if you have a case.