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Tc, Home Buyer in Lawrenceville, GA

My husband and I put in an offer on a home. We were told the bank rejected the offer. We never did see the paperwork. Is this legal in GA?

Asked by Tc, Lawrenceville, GA Mon Oct 18, 2010

My husband and I put in an offer on a short sale home which was about to become a foreclosure. We were told that the bank could take a few mths to respond to our offer. About a wk later I was inquiring on the status of the house, because I saw that the status showed "active". My real estate agent told me that sometimes it takes a little while for FMLS to update. Anyway, I started doubting the other side had submitted the paperwork to the bank. My real estate agent inquired and was told that they had submitted paperwork and she also reiterated that she would like updates as soon as they got any. To make a long story short, we found out that the owners (real estate agents) told our agent that the bank rejected the offer and that there was a "drive-by" appraisal that came in a lot higher than our offer. Our agent asked for a copy of rejection and got major attitude. We have yet to see anything in writing. What are our rights in this? Is this legal? They are not providing any proof

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Hi Tc. Here's a GREAT idea. Next time you make an offer on a home, use an attorney to write a short paragraph and include it with your offer as a cover letter. Once you have an attorney involved, I promise you that there will be more attention paid to time-lines and transparency.

This should be the same attorney you're going to close with, as a package deal, he should review your offer and do the closing for you for somewhere between $500-1000, tops.

Instead of having to worry about all of the games being played (which you've outlined above), I've found that in my experience, when I use an attorney to MAKE THE OFFER, too, not just for closing, everything changes. The tone of the deal is on a higher professional level and all parties tread more carefully. Your attorney will find out whether or not the offer was even submitted, and if it was not, that's enough cause for an agent to lose his/her license by itself.

Don't get aggravated, get an attorney. They know the law. Banks normally do not give anything in writing for a turn down. It's bad business practice, BUT, try the offer with an attorney.

GOOD LUCK.

Scott Miller, Realty Associates, Boca Raton, FL
0 votes Thank Flag Link Mon Oct 18, 2010
That is a typically rude welcome to the world of shortsales. GA law requires that the listing broker presents all offers, but the seller does not have to respond in writing. Usually they will give you a verbal counter-offer that corresponds to their in-house appraisal. Most of the banks have not gotten their procedures for short sales down yet, and often the listing agent does not know how to guide the owner through the process properly. I had one that took four months for the bank to give us a counter-offer. Now you know why only 25% of short sale contracts are actually consummated. Keep in mind that in order to receive a response, most lenders are now insisting that the contracts be "as is" with no contingencies. That means you need to have your loan approved and any inspections you might want to conduct will also need to be done BEFORE your offer is accepted by the existing lender. It's a difficult process and I mostly recommend it for investor purchasers who are not emotionally involved with the purchase, and most importantly, don't have any time constraints for when they need to complete the transaction.
2 votes Thank Flag Link Mon Oct 18, 2010
I am sorry you had such a horrible experience. I have experience some delays in short sales as well, and now the market is where it is, it is very hard for home buyers. I hope you find the property you are looking for.
1 vote Thank Flag Link Tue Oct 26, 2010
They may or may not have received something in writing.

Look for better answers or move on to the next house.

Most likely if the agent is not communicating well with your agent, then they are not communicating with the bank effectively.
1 vote Thank Flag Link Mon Oct 25, 2010
Short sales are extremely difficult! Sometimes there are no written responses, and really you are at the mercy of the listing agent. Listing prices are irrelevant with a short sale. So really if you want the house you need to offer more to get the bank to accept it. The banks do NOT set the price, the listing agent does. So the bank has to calculate how much loss they are willing to take based on the hardship, mortgage amount, and a appraisal. Then they ask themselves is it better to foreclose or sale it to you? In short you have no rights and you need to go with the flow! Remember the listing agent does not get paid until it sells! They are motivated to get it sold too but they have no control either!
1 vote Thank Flag Link Mon Oct 25, 2010
Because of the nature of a "short sale" there should have been some addenda signed that outlined all responsabilities of the parties to the transaction. The misconception is that the bank is selling the property. Although the seller can accept and offer the lender does not have to approve the short payoff. The fact is in many cases an appraisal done for the lender can come in higher. They will ususally entertain a counter that is higher. You have the right to go to the foreclosure auction and in many cases buy the same house for less than your original offer! Work with someone familiar with short sales. We are in a new and different market in order to get the best buy it pays to know the rules!
1 vote Thank Flag Link Mon Oct 25, 2010
We received our earnest money back the other day. As far as I am concerned this has been a learning experience. I am staying away from short sales!

The owners made up stories about getting an appraisal and that the bank rejected the offer. We found out that it was all a hoax on their part. They got the extra time they wanted in their house. They are probably still going to lose it though.

I will never get pulled into a situation like that again.

Thank you for all the advice and information!
1 vote Thank Flag Link Sun Oct 24, 2010
Perfect example of why I caution any of my clients when I hear short sale, they are far worse than dealing with REOs.

Sounds like you were played by the sellers, they probably tossed that offer to the lender, stalled the proceedings to buy time then dismissed you. Some owners are scum and are playing the system - and the system is no bargain either.

On the earnest money, if they are non responsive your agent's broker can send written notice to disburse it within a certain period of time back to you - have them explain the options.

If they're agents - make them a little miserable and contact the GA Real Estate Commission - http://www.grec.state.ga.us/

Hank
Web Reference: http://www.hrmiller.com
1 vote Thank Flag Link Fri Oct 22, 2010
Dear Home Buyer,
Now that appears to be particularly rude. Sorry to hear that.
I'm always amazed to see how some people behave.... but after a while we've all seen similar behavior.
I'm sure your broker can advise you on how best to proceed since they know all the details, but there is a resolution procedure that may help. If your broker holds the earnest money and is able to determine that you clearly deserve the earnest money back, he/she can inform the other broker and the seller of the intention to refund it to you. If they do not contest that action within a certain timeframe, your broker can proceed with the refund. Check with your broker about this possibility. If the listing broker holds the earnest money you can request the same procedure but they might be more inclined to side with the seller's case (if they bother to make one).
Good luck achieving a successful conclusion to this attempted transaction...... and with a more successful purchase next time.
I have found that these things usually lead to a better result down the road for the buyers. I'm sure you'll find a home that's an even better fit for you and you'll buy from a seller who deserves an earnest buyer like you.
1 vote Thank Flag Link Tue Oct 19, 2010
Dear Tc: I don't see how you got "screwed" (your word, not mine). This is part of buying a short sale so just chalk it up to lesson learned and move on to one of the thousands of other motivated sellers anxious to actually engage in negotiation with you and close in a reasonable amount of time. Short sales involve third parties that you will never see or talk to - therein lies the problem. There are other issues - foreclosure and short sale are two different departments at the bank - they do not communicate or coordinate. Did you know that you can have a lender approved short sale that is foreclosed on right up to the day that you close on your purchase? Yes, it can happen. Is any house really worth all of that drama? I think not.
1 vote Thank Flag Link Tue Oct 19, 2010
Sorry to hear that the seller was not being straight with you.....such a waste of everyone's time.
If you decide to proceed with another short sale property you now know some of the many obstacles to those transactions. As another responder pointed out, the listing broker is required to present your offer to the seller, but there is no requirement that the seller follows through with a presentation to the existing lender. You also have no control over whether the seller presents all the other requirements for the seller to consider accepting less than what is owed on the property....things like their hardship letter and financial disclosures. You can sit for months with a contract accepted by a seller but a bank that will not consider the agreement because a depressed seller cannot attend to their paperwork. Then you have the broker price opinion that may show a higher value than your contract price as another obstacle. We haven't even discussed the possible existance of a second mortgage on the property.
My advice is to investigate the background work that the seller and listing agent have done before you enter into an agreement with the seller. If they have met all the bank requirements you will have eliminated a lot of the obstacles and it wiill come down to the price that the bank will accept.
Personally I would not spend the money to involve an attorney in the process since that is additional cash up front for his representation when you don't even know if you'll get the property. Since most banks want "as is" contracts in short sale situations that means you're spending money for the inspection up front already. It's my belief that it is much more important that you have a well trained agent on both sides of the transaction advising you and the seller about how to proceed.
1 vote Thank Flag Link Tue Oct 19, 2010
Some good info from others. Sounds like you guys were dealing with some less than upfront folks.

Short sales are tricky for parties as the listing agents all do them differently and it can be frustrating. TYpically - the seller/owner of the property would sign and agree to a binding contract with the buyer CONTINGENT upon the bank's approval of the termsl. So it would seem if the sellers weren't happy with your offer - it would have never even been submitted to the bank for their approval.

Note on drive by appraisals - these are what put the housing market into trouble. A house can look terrific from the outside and be a diseaster inside. A few refi's will do driveby appraisals when there is a lot of equity but I do not know any lenders that would do one for purposes of loan underwriting or even to approve sales price. Banks hire 3rd parties to do BPO's (broker price opinions) but ususally those include onsite visits to the subject property. Lenders who do automated valuations can cause problems when their need not be problems.


Move on from these sellers. Know there are great homes out there being short saled and may be worth your time investment. You can always do an apprraisal on the front end so it can be included to the bank with the offer.
Web Reference: http://www.leighhays.com
1 vote Thank Flag Link Mon Oct 18, 2010
TC,
In a short sale, what should have happened is your offer should have been presented to the seller. You and the seller negotiate the price and terms, bind the contract with a BIG stipulation that states the purchase is subject to bank approval. Then the contract gets submitted to the bank, who will decide if they can accept the price and terms of the contract. They can approve it, decline it, or counter it. But first, the bank orders a BPO, or Broker Price Opinion from a third party agent, who will give the bank their opinion of market value. If this comes back significantly higher than the contract price, they may decide to reject it altogether rather than countering.

I hope this helps!

Stacy Carter
Associate Broker
Better Homes & Gardens Real Estate Metro Brokers
678-641-6631
1 vote Thank Flag Link Mon Oct 18, 2010
Perfectly legal from my standpoint. First, the home was in pre-foreclosure and most likely the offer amount you put in was maybe less then what the list price was. If not and you submitted a full list price it does not really matter as it is up to the bank. The listing agent was probably listing the house low to attract an offer which they got from you. The bank however is about to become the owner of this property and is holding the lien on the house. If they feel it is worth it to them to foreclose the property and either auction or re-list the property after they foreclose its their prerogative. Their decision (the banks) was based on an outside appraisal (they just view the house from the outside and compare it to its neighbors) and has nothing to do with the listing agent. Trust me on this the listing agents want to sell the home be them owners or not.

Now Second, If all paperwork was filed incorrectly the bank would of just reject it anyway. Every bank has a system and if you don't follow it then it is rejected. However, you can follow the system perfectly and if the bank does not like it they can say no and reject as well. They have that choice. In fact they have 3 choices; no, yes, counter. Sounds like to me you put in an offer that was just not attractive enough. If and when the property finally forecloses you can go to the auction, or wait for it to be resisted if that ever happens. You could also resubmit another offer. Hope this helps. If it does consider choosing best answer for me.

Good Luck!
1 vote Thank Flag Link Mon Oct 18, 2010
Tc,

By Georgia real estate law, all offers submitted to a listing agent by a buyer must be submitted to the client "in a timely manner". There is, however, no requirement for the seller or the listing broker to respond in writing or otherwise.

Personally, I always encourage my clients to at least counter offer (even if at full list price) instead of flatly denying an offer out of hand. However, with almost half of all real estate transactions being bank owned or short sales, many typical professional "courtesies" have given way to a more wild-west environment of slow and no responses from sellers or their agents.
1 vote Thank Flag Link Mon Oct 18, 2010
Bill McGoldrick provided a PhD course in Short Sales as he answered the issues that came in during the responses to the original question. Bill is a capable agent and provides excellent advice to all buyers considering a short sale (I gave him a thumbs up).

Short sale buyers, in general, should be
1. Patient and willing to wait up to six or eight months before closing.
2. Willing to accept the house "as is" but with a right to inspect the house.
3. Pre-qualified for a mortgage and have all mortgage applications complete and approved (to the extent possible without a property identified).
4. Work with an experienced and qualified real estate agent who has successfully completed multiple short sales.
5. Have your real estate agent find out which banks will be approving the short sale. Lenders are VERY DIFFERENT in their approach to short sales. Some are easy to work with. SOme lenders are impossible to satisfy.
6. Have your real estate agent find out if the seller has made application for the short sale. To the extent possible, find out where they stand in the short sale process.

There are many more consdierations when purchasing a short sale.
0 votes Thank Flag Link Tue Nov 2, 2010
There are many unknown variables in short sale options. The biggest fear of putting in an offer on a short sale property is not knowing if it is legitimate or not. An example would be a seller hiring an agent to list a property as a short sale option for the sole purpose of extending a foreclosure sale date with a bank in a effort for the seller to accumulate funds that would otherwise have been used to pay the monthly mortgage. The seller fully intends to walk away and/or file bankruptcy immediately before foreclosure. Stratigic Defaults are surfacing rapidly and are adding to the distressed property mess.

On the listing side, when an offer is accepted by a seller and sent to the bank I get the seller's permission in writing to share correspondence from the bank's loss mitigator related to the offer. Before an offer is submitted I let the buyer's agent know this up front as well. This assures a buyer's agent and their client that a short sale is legitimate. In my mind this is part of protecting a buyer's best interest when dealing with short sale options on the open market.
0 votes Thank Flag Link Tue Oct 26, 2010
Short sales can be a nightmare. If I was your agent I would advise you to move on. There are so many homes on the market and the interest rate being so low, don't waste your time on a "maybe". Go out there with your realtor and find the right home make a good offer and you will be much happier. Good luck with your search.
0 votes Thank Flag Link Mon Oct 25, 2010
It may not be illegal to get a rejection in writing but it is not very believable they would get an answer to an offer that fast. All offers should be submitted in writing and all answers, acceptances or rejections should be in writing as well. Did the sellers sign your offer before they submitted to the bank. if so you should have received a notice form teh selle rin writing that the short sale was not approved by the bank.

Please see my blog with short sale advice and tips on how they work and how to get them approved
0 votes Thank Flag Link Sun Oct 24, 2010
Unfortunatly Banks are exempt from many rules, ethics and some of the laws that we as agents abide by... The bank is the ultimate seller in a short sale and I believe there should be rules and guidelines that we all can count on. And until that happens we are all at the mercy of luck, apparently. Shame on them for not creating a system, they do for loan approval and everything else they do.
To remedy the problem, I coach my clients to make many offers on like type Short Sale or Forclosed properties until we get that all elusive lender acceptance addendum, which is the commitment from the bankers. Until you get that you have no deal, really. A sellers acceptance only starts the process and you could be overbid by another buyer almost anytime.... This is very tricky business.
0 votes Thank Flag Link Sun Oct 24, 2010
WELCOME to the real world of short sales and foreclosures.

You are lucky rec'd a response if bank rejected the offer. Almost 100% of time no rejection offer is sent listing agent.

Your buyers agent needs provide you "all the odd things take place" when working with short sale foreclosure. We do upfront prior to showing properties have our clients sign on paperwork therefore they understand exactly what takes place. Each item is initialed saves so much in confusion

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Sun Oct 24, 2010
Hi, as I am not an attorney, you may want to seek an attorney to find out what your legal rights are . But on the real estate side, I have personally done quite a bit of short sales and banks can be very difficult to work with. And it could be very possible that the bank did reject the offer, especially if it was Bank of America. I have made offers on short sales and did not get answers until 10 months later. Banks do send appraisers, normally it's a real estate agent, to do drive bys to access the property, and if the bank felt they could make more money on the sale, the bank could deny the short sale. Or if the bank determined that the house could sale for enough money to pay off the mortgage, they would again deny the short sale. As the listing agent on a short sale currently, I have received an email from the bank's negoitater telling me that the short sale had been denied, so the seller or agent should have something in writing to show you.
I would cut my loses, and find another house, there's plenty to choose from.
Good Luck.
0 votes Thank Flag Link Fri Oct 22, 2010
play back - if they're agents then contact the state - light them up!
0 votes Thank Flag Link Fri Oct 22, 2010
Hank: Well said! We were played for sure. We are suppose to get our money back today. We'll see...
0 votes Thank Flag Link Fri Oct 22, 2010
I am not in Georgia. I am licensed in NY. However, I would suggest you speak to the broker of that agency and ask for a copy of the rejection letter. Here, you can dispute an appraisal by finding an agent who will pull comparative sold listings in the area (you need 3 in all). Then your agent can file the dispute with the bank, who in turn sends it to the appraisal company for review. The appraisal company or the bank will usually give you a copy upon request, since you paid for the appraisal.
0 votes Thank Flag Link Thu Oct 21, 2010
To Bill: I still haven't seen my earnest money. The owners have to sign and turn into their agent. Their agent can't even get them on the phone! This is what I mean by getting "screwed". If they don't cooperate, I don't know what I am going to do next. What a nightmare!!
0 votes Thank Flag Link Tue Oct 19, 2010
Hi,

Unfortunately, it is not required that they respond in writing. Typically, they tell the realtor which offer they accept and by default we have to call the other realtors and notify them that their client's offer did not get accepted. If you need more information or if you need to find another home, feel free to contact me so that I can put you in contact with a realtor in your area. Re/Max agents are agressive negotiators and transactional experts like me. If you are in Georgia, I can represent you. If not, one of my Re/Max affiliates in your area will work directly with you. Either way, I wish you the best in your efforts to purchase your dream home. Sonya Jones, Licensed 20 years http://www.SonyaJonesSellsHomes.com sonyadjones@gmail.com 678.755.6590 Direct
0 votes Thank Flag Link Tue Oct 19, 2010
Stephanie makes a good point about the fact that sometimes everyone does everything as asked and the bank forecloses on a home just before it was about to close in short sale. That is why I only recommend the process for investors who are not emotionally involved in the purchase.....and I still don't see how an attorney would have prevented the seller from wasting your time (which is not the same as screwing someone over unless you had a problem getting your earnest money back). If you wasted time and money on the contract because of a seller who used you, you would have wasted even more money had you hired an attorney.
0 votes Thank Flag Link Tue Oct 19, 2010
Another note: If someone can afford it, they should involve an attorney. Look at us! We got screwed!!!
0 votes Thank Flag Link Tue Oct 19, 2010
I agree with a lot of what you are saying, William. BUT, we did everything by the book on both sides. It is the owners (agents) that have some other agenda.

There is a question of a second mortgage though. I know this, because the owner mentioned it to me when I viewed the property. She reassured me that the second mortgage would not be an obstacle. Well, that wasn't the truth and now they have filed bankruptcy.

I think we were used by the owners to stop their immediate foreclosure. There are other issues going on with them and they needed more time in that house. They certainly have time now! I should have listened to my instincts. Something was telling me this, but I didn't trust myself. That will never happen again!

We will stay as far away from short sales as possible!!!!!!
0 votes Thank Flag Link Tue Oct 19, 2010
I think its important to note the distinction between the seller and the bank holding the mortgage. In a short sale the offer is presented to the property owner. The property owner can choose to accept, counter or reject the offer. The are not required to present this offer to their bank. In most cases the seller would not have much motivation NOT to accept and present to the bank as the seller will not be getting any money out of the deal no matter the amount of the short sale. However there are exceptions. One example might be if the bank already rejected X amount and the next offer is for less. The seller may feel there is little chance of the bank accepting and they don't want the property showing off the market when they know the bank will reject it. In this case your broker is required to present the offer to the listing broker and they in turn are required to present it to the seller (owner). There is no action required by them, they can accept, counter, or do nothing and let the offer expire.
0 votes Thank Flag Link Mon Oct 18, 2010
Hello Home Buyer,

To determine if it's "legal" and your "rights" and if you have some recourse against the property owners as you say they are licensed real estate agents (and are thus held to state standards), consult a real estate attorney. Real estate agents / brokers are not licensed to give legal advice...so I won't give any here.

As a licensed real estate broker, I can tell you that it's not unusual to not see a copy of a bank's rejection of a short sale offer. Short sales can be very frustrating to the buyer and buyers agent. If you want less frustration, there are plenty of bank owned properties and plain old seller-owned properties out there with great prices! Go buy a property from a seller who wants to sell it to you! Best of luck.

Jeff
0 votes Thank Flag Link Mon Oct 18, 2010
Hi Tc. Horrendous. I'm sorry to hear that, what a pity you're having these problems!!!!

Don't be discouraged! Chalk it up as experience. It could have been worse, believe me. Now you know what to look out for next time. Move on to the next deal and pretty soon you'll be a pro! It just takes practice.

BEST,

Scott
p.s. thanks for Besting me.
0 votes Thank Flag Link Mon Oct 18, 2010
I thank everyone for the info. We have just learned that the bank never did reject the offer and there was no appraisal. The owners have been dishonest with us and their listing agent.

We are really disappointed and have a nasty taste in our mouths now!
0 votes Thank Flag Link Mon Oct 18, 2010
You should always receive a copy of any contract that you sign. Ask your agent for a copy of your offer.
There is no law that says a seller or bank has to give you a rejection in writing.
In short sales it is not uncommon for the bank to take weeks to respond even verbally, and also common for the bank to want more than the asking price.
Just move on and avoid short sales if you don't want to deal with this type of thing would be my advice.
0 votes Thank Flag Link Mon Oct 18, 2010
@William. Hi William. I wrote that the buyers need an attorney for closing, not to do the closing. The bank will have their own attorney close, but I'm stating that the buyers need representation. You misread me.

The involvement of an attorney will not get them more 'focused attention' from the bank. I didn't write that. I wrote that it should get them more transparency on getting their offer PRESENTED in the first place. They are suspicious that their offer was not even presented! Having an attorney represent you will definitely change that. The attorney could and should ask for copies of the offer being made, proof that it was made. A buyer will be ignored, as usual. Having an attorney represent you changes everything. Been there, done that.

Scott Miller, Realty Associates, Boca Raton, FL
0 votes Thank Flag Link Mon Oct 18, 2010
Before entering into an offer on a short sale or a foreclosure (two totally different experiences) I would first ask your agent about their experience closing either of those to situations. Have you ever closed a short sale? How many? Have you ever listed a foreclosure? Have you ever represented a buyer in a foreclosure? If so, how many this year! When it comes to short sales, both agents need to have experience with this type of transaction so they can best represent each of their clients. There is some great information on the web about short sales. I would spend some time educating yourself about shorts sales so you can be an informed buyer. I have closed short sales as a listing agent. I know what is involved and how difficult it can be and how frustrating it can be to a buyer. That is why I do not advise buyers to make offers on short sales who are in a time frame or don't have the patience or ability to understand the process. You should have been educated on how it works and your agent should be just as involved as the listing agent. If you presented an offer it should have either been accepted by the seller and signed with a contingency that the back still has to accept. If the seller accepted your offer with a contingency the status should have been changed in MLS. Agents are not changing statuses in an attempt to attract additional offers. If they thought your offer was too low, they should have countered to an amount that had a chance of getting accepted. Either way, you experienced a short sale nightmare that is pretty much customary unless you are dealing with two very experienced short sale agents on both sides.
0 votes Thank Flag Link Mon Oct 18, 2010
Actually, in a short sale situation it is likely that you will be required to close with the seller's attorney. Often the existing lender will require the involvement of an attorney early in the process and they will want that attorney to handle the closing. This is not always the case, but often. I would have to respectfully disagree that an attorney's involvement will get you any more focused attention than with any other offer. The existing lender is going to evaluate your contract with the seller based on their bottom line. If they feel that they will net more money from your offer than they will by going through the foreclosure process, they will pursue a sale with you.
0 votes Thank Flag Link Mon Oct 18, 2010
An agent is required to present all offers but a Seller is not required to respond in writing. They can verbally reject any/all offers. If the house has been foreclosed on then the Seller/owner-agent is out of the picture and your agent should locate the bank directly or the listing agent that the Bank is listing the property with. If the bank rejected your offer outright as being too low then you could resubmit a higher offer or ask the Seller/Listing Agent to request a counter offer from the Bank indicating what they would accept.
Jeanne Craft
Harry Norman, REALTORS
404-255-9157
0 votes Thank Flag Link Mon Oct 18, 2010
The reason it appears there are two "sellers" to deal with is because it is a "short sale" situation. The sellers are real estate agents, but since they are attempting to "short sell" the house, the existing lender has to sign off on any contract that the seller accepts because they have to agree to take less than what is owed on the mortgage and forgive the deficiency.
0 votes Thank Flag Link Mon Oct 18, 2010
When you make an offer on a property (foreclosure or not), the Seller is not obligated to respond at all, if they deem the offer unacceptable. The offer time limit just runs out with no response. When banks reject offers, it is usually verbally and the Listing agent will usually send an email to the Selling agent confirming this. Sometimes you get a reason and sometimes you don't. BUT, they are not required by law to respond to the offer at all. You can submit a better offer to increase the chances that it will be accepted.

I have other questions, though. You say the owners are real estate agents and the bank rejected the offer. This doesn't make sense to me.

Good Luck to you,
Carol
0 votes Thank Flag Link Mon Oct 18, 2010
Banks move slooooowly. It may have been a phone call or an email. Either way it is rejected. Letting an offer expire is another form of rejection.

Mark Lackey
Atlanta Housing Source at
Solid Source Realty, Inc.
Associate Broker
EcoBroker
Mark@AtlantaHousingSource.com
404-886-8789

Services
Home Buyers & Sellers - http://www.AtlantaHousingSource.com
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0 votes Thank Flag Link Mon Oct 18, 2010
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