Jip, unfortuneately your expereince is not uncommon. Many of the same banks who created this economic mess are still wreaking havoc. Banks who systemicly compromised the checks and balances of the sytsem have been acquired by other banks but still operate with the same staff and from the same buildings.

Other banks have proven to be very responsive, co-operative and efficeint in the short sale and foreclosure arena. It would be very benefical to replace the word 'bank' with the actual name of the institution or servicing company who may have sabotaged your ability to benefit from the First Time Home Buyers Tax Credit. If the culprits are named, it will become obvious, to others who may choose to make an offer on a bank owned or short sale, which rogue organizations to avoid.

Dear Jlp1260:
As you can see from the answers - 'Banks' don't think any rules apply to them. Unfortunately Realtors are on the front line & we catch all the bad press. It is time both Realtors & Homebuyers to let the 'Banks' know their actions are not acceptable. It is also time that real estate agents who don't notify their MLS Boards of an accepted sale are really causing heartache and hardship to the pubic we serve. If everyone followed the rules and treated those involved the way they would want to be treated, it would be a better world. I for one have completely stopped working with short sales - 'Banks' cause heatache for ALL parties involved in the transaction.

Susan Tessier-Fritz http://www.intouchrealty.net
770-614-2616

Jlp,

Unfortunately, this is a common practice with foreclosures and short sales. Illegal? No, but by local MLS rules, once a offer has been excepted the agent must change the status in the computer to Contingent or Pending. If this was done, then your agent could have easily seen that they had excepted another offer.

If you are trying to close on a home before Nov 30th, I would recommend that you stay away from short sales and maybe even foreclosures. If you should make another offer on a foreclosure, then give them limited time to respond before your offer expires. This way you can move on to another home should the time expire without acceptance. This will also put pressure on the listing agent to contact the bank and pressure them to respond before the offer expires.

There are many other good deals on homes that are not short sales or foreclosures and I would recommend that you spend your limited time exploring these homes. This type of sale take less time to negotiate and close, so you should have time to be in your home prior to Nov 30th.

I would like to recommend http://PensacolaHomeCenter.com if you are still searching for a home in the Pensacola area. This is a very easy site to navigate, just click on the map in the area you are looking for. Then click the price range that you want to be within and then it will take you to the homes within that area and price range.

The Singleton Team
Darryl Singleton, GRI, eAgent
850-554-9614
LaDawn Singleton, GRI
850-554-9513
Keller Williams Realty Pensacola
Email: ContactUs@SingletonTeam.com
Webstie: http://PensacolaHomeCenter.com

Jlp,

Whereas this is not illegal, it borders on lack of integrity... I can understand wanting to keep you guys on the hook in case the first fell through, but the professional think to do was be straightforward.

Good luck!!

Till you have an executed contract you have no legal action against bank or listing agent.

Confer with your buyers agent all particulars

We instruct our buyers if we don't receive an executed contract with 7 - 10 working days keep pushing on no matter what is stated. Talk is cheap from any party.

Sorry read about the problem I would continue search you still have time submit an offer close prior to 11.30.09 however cutting it close.

You also receive annual tax benefits owning a home confer with CPA

National Featured Realtor and Consultant, Texas Mortgage Loan Officer, Credit Repair Lecturer
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Lynn911

http://www.lynn911.com

Hi,
Unfortunately this is not unusual. Short sales and foreclosures can be a very good deal but as a buyer you need a lot of patience and time. The listing agents are working in the best interst of the seller or bank which ever the situation calls for and they will sometimes take an offer that has no financing contigency over a better price. Many deals are falling apart at the closing table due to financing. Sorry this happened to you. With the home prices dropping if you are in a hurry I would suggest looking at homes that are not in this situation.
Kathy