Home Buying in Surfside>Question Details

Aviva Kedem, Real Estate Pro in Surfside, FL

Re 1355 biscaya dr. The actual selling process of this property was/is VERY suspecious!

Asked by Aviva Kedem, Surfside, FL Sat Oct 16, 2010

On Sat. Aug 7 we placed a bid for the FULL askink price of $720,000. We, at that time, were informed that another single offer has been submitted earlier. On Mon Aug 9, we were told that on Friday Aug 6 the bank chose to accept that other offer without any evaluations of any other offers though the property was still shown.
I am shocked to learn that the bank chose to go for an offer which is 40% lawer than ours and this 2 days after
placing the property on the market !!! All which I'm claiming in here is well documented !!!

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Answers

6
Alma Kee’s answer
Hi Aviva,

Zillow shows it sold for $720k on 10/26/2010... It also shows it was listed on 8/12 then removed on 10/7 but sold on 10/26.

Were you the lucky buyer that got it the 2nd time around?

If not, find a local Realtor to help you make your offer the first day a bargain like this comes on the market or if it comes "back on the market" like it appears this one did.

All the best,
Alma
0 votes Thank Flag Link Thu Nov 10, 2011
Terms, conditions and many other variables come into play. The property that you are trying to buy has had offers in excess of 1M.....

The bank, agent and others involved have NO duty or obligations to you....

You and I do NOT know what is behind door #3.....

Keep your documentation! Store it in a safe place for the time capsule of the New Real Estate of 2020

We will be putting that home back on the market in 9 months.

Waterway Realty • Surfside • Bal Harbour
The Best on The Beach - Biscaya Island
2 votes Thank Flag Link Sat Oct 16, 2010
Here is a zillow link for this house in question. $1,063,000 zestimate, sold for 2.5M in 2006 Where did you get the idea that the bank took 40% under asking price? I can't believe the agent for the bank would divulge where the other offer came in at.

http://www.zillow.com/homedetails/1355-Biscaya-Dr-Surfside-F…

Mott is right, there is no obligation to take your asking price offer or for that matter, tell you why they accepted another contract. This did not close yet or recorded sale, have your agent keep track of the closing price . Alma point about title is a good one. Unless you think you were the victim of discrimination, race or religion type of thing you have no recourse. Borrowing over 419k is a jumbo loan so if you were trying to leverage a jumbo borrowing 500k and down 220k right there there is trouble. Try to stay with conventional loan
1 vote Thank Flag Link Sun Oct 31, 2010
Dear Aviva,

It's possible the buyer purchased the property without a Title Insurance policy and paid ALL CASH. You may be aware that certain banks are not able to get a Title Insurance policy because of their fraudulent foreclosure paperwork.

If you also offered ALL CASH and were willing to buy it without a clear title then you may have gotten the property.

I often see bank owned listings go under contract the first day it goes on the market. Why didn't you submit your offer on the first the property was listed? Make sure to do that next time!
1 vote Thank Flag Link Sun Oct 17, 2010
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0 votes Thank Flag Link Thu Nov 10, 2011
Hi,
I agree, the other agent that answered th question on here did not seem to feel it was, I do. The bank woul be taking so little per dollar that it is suspicous. But, in reality there is not much any of us can do with this type of situaiton.
As my colleague also stated, the bank is not one of the 3 pulling all foreclsoures, however, all will be looked at much more closely and obtaining title will be challenging. That is coming from the attonrney I regularly use for title.
My best advice is to move on, it is not a very logical situation and may very well be something you do not want to be involved in.

There are enough good deals out there that you will find one. Foreclosures sometimes do not pan out as planned, and for a good reason.

Best,
Beth Jenkins
South Florida Brokers
786-374-4778
Web Reference: http://www.arealtyteam.com
0 votes Thank Flag Link Sat Oct 16, 2010
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