Home Buying in Santa Cruz>Question Details

Alisweber, Home Buyer in San Jose, CA

Offered 5k more than asking, only offer on the table. Listing agent won't respond to our calls and seems completely biased against us. What can?

Asked by Alisweber, San Jose, CA Tue May 1, 2012

we do? Advice Needed :The house is a shortsale in Santa Cruz county. We placed an offer two weeks ago. The listing agent requested we change a few thingsto make the offer more appealing to the lender. We did so, and submitted it within 24 hours to her office again. A week passed, she never answered a call to verify she received the offer or anything. Finally, my agent who was trying to get in touch with her suggested I try and call her. Lo and behold, she answers on the first call. Explains to me that the bank is doing an appraisal on the house and tells me as soon as she hears what number the appraisal returns and the lender approves it, we will be the first to know. Well, today, I get an email that the price of the house has dropped because the appraisal came in lower than what the agent was asking. My agent had to talk to her broker before she answered the call and now she's saying she doesn't think the the lender wants a USDA. Does she just not want to sell us the house? What can we do?

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6
Possibly the sellers agent would rather sell to a buyer without an agent, thereby getting all of the sales commission. Many will do this even though your offer might be higher and provide the best outcome for the seller.
0 votes Thank Flag Link Tue Jul 31, 2012
Sounds like a few unscrupulous Agents I have dealt with in the past!
0 votes Thank Flag Link Tue May 1, 2012
That's how I honestly am beginning to feel. The house has been on the market for over two months and we're the only offer it's received so I'm completely floored that the listing agent is being so difficult in even allowing the lender/seller a chance to see the offer.
Flag Tue May 1, 2012
Alisweber
The beginning part of your question sounds like the listing agent put the house on the market before the bank approved a price for the short sale.They should have held off putting it on the market until they knew the apprasial was in and the suggested listing price given to the agent in my oppinion.
The second part with regards to the USDA loan, that shouldn't be a problem as long as the home is in good condition. Talk with your lender if this is not the case and they should be able to help you with restrictions on the loan.
The last part might be that the sellers just don't want to sell quickly. They may want to stay in the home as long as possible. They are the ones who must approve your offer before it gets sent to the bank for their approval. Short sales are much different than conventional sales and you need to hope that the agents involved know how to keep the deal moving along.
Keep smiling!
0 votes Thank Flag Link Tue May 1, 2012
Might be worthwhile to have your lender contact the listing agent and offer to provide your DU approval, so they know you have beeen reviewed thoroughly... and explain any special appraiser instructions that will apply... BEST of luck!

CHEERS!

Molly Thompson, Broker Associate, APR
http://www.MollyThompsonHomes.com
0 votes Thank Flag Link Tue May 1, 2012
If the home is in good condition there should be no reason why USDA financing won't work. I have sold homes with USDA financing and it has been NO problem. Short sales can be frustrating and not everyone knows how to handle them and each bank can be different with how they do their short sale process. Hang in there!
0 votes Thank Flag Link Tue May 1, 2012
It will definetely work for USDA financing. The problem is the listing agent is refusing to even submit our offer to the seller or lender. We don't know if she is biased, is wanting to start a bidding war, or what. We offered 5k more than the asking price, and we are the ONLY offer on the house that's been on the market for over 2 months. Is there anyway to submit the offer directly to the lender/seller?
Flag Tue May 1, 2012
Hello Alisweber,

Your situation you described sounds very frustrating. The seller owns the short listing and is the one who should choose an offer to accept. The short sale has to approve the offer the seller accepts. I would be curious why the seller has not accepted your offer.

Possibly the seller is not wanting to accept USDA financing because this type of financing may require repairs on the home. Short sale listings are sold as is since the sellers do not have money for repairs and the short sale lender will not make repairs. You may want to look into another type of financing that may be more acceptable for a short sale.

Thanks,
Carol Perdew
Prudential California Realty
(209) 239-7979
Carol@PerdewHomes.com
http://www.CentralValleyHomes.com
DRE 985176
0 votes Thank Flag Link Tue May 1, 2012
The issue is she hasn't even sent our offer to the lender or seller and it was two weeks ago. The agent hasn't allowed any of our offers to be seen by the seller and just keeps saying, "Well I don't think they'll work." We even asked if she thought the house would work for USDA and she said she didn't think it would be a problem. So we sent in the offer. She said the only thing holding up the offer was receiving the lender's approval on the appraised value of the house. The house was appraised 5,000 less than we offered and rather than contacting us, the house price changed and my agent had to speak with the broker of the realty office before the agent of the house would answer his call. Now, suddenly that the house is appraising less than we offered, the loan is an issue. But my only thing is shouldn't the seller/lender be given a chance to SEE the offer? Sure, they can reject it and that's ok. But I don't even feel like we're being given the opportunity for our offer to be seen?
Flag Tue May 1, 2012
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