Home Buying in 28601>Question Details

Onechance, Home Buyer in 28601

Today I was informed by my agent that ou short sale bid was rejected. I asked for a copy of the rejection letter only to be told no.

Asked by Onechance, 28601 Thu Nov 3, 2011

The low bid wad on a coop BoA short sale in Florida. I don't think th agent submitted my counter-offer and he's asking me to send a cancellation of contract to her. And, my agent doesn't want to ask for a copy of the appraisal summary.

Help the community by answering this question:

Answers

4
1. I have never seen, nor heard of a "rejection letter".
2. You may THINK that he did not submit your counter offer, but there is way to know. It really doesn't matter at this point.
3. Why would he need a "cancellation of contract" if there was no contract?
4. At this point, the Appraisal is a meaningless piece of paper, barely good for kindling.

It is time to move on, find another dream house.

Good luck and may God bless
0 votes Thank Flag Link Wed Jan 11, 2012
Stick to your guns. Keep asking questions. There is most likely no problem; however, your agent is supposed to be working for you and that should include proving to your satisfaction that a transaction is handled properly. If necessary, you may need to speak with the Broker in charge of the office.
0 votes Thank Flag Link Wed Jan 11, 2012
Onechance,
You probably have a signed contract with the seller's. The bank then reviewed your offer, and it was too low for them, thus they rejected your offer. If you made a counter-offer to the bank, it would have had to be signed by the sellers first then sent to the bank. Ask your agent (in writting, ie email) if the counte-offer was presented to the sellers for their signature, and then to the bank.

Also, the bank is not legally obligated to send you a copy of the appraisal summary...it is just part of the negotiations. I don't send copies of appraisals to buyers, I just tell them their offer is not good enough.

Good luck.
0 votes Thank Flag Link Thu Nov 3, 2011
There may not be any "rejection letter". It could be that the listing agent told your agent that they are going with another offer. If they rejected the offer, then there is no "contract" so I'm confused as to who is asking for the "cancellation of contract."

Here's my two cents on buying short sales. I find that many people go into them thinking they are going to get a great deal on a property (you mention your "low bid"). A short sale will sell for Fair Market Value. It's a waste of everyone's time by putting in lowball offers just in the hopes of getting a great deal. Is it possible that your agent doesn't want to play the "lowball" offer game and isn't supplying you with the info you request??

I just wrote a blog post about why buyers may not want to buy short sales:
http://sallygrenier.com/
Web Reference: http://sallygrenier.com/
0 votes Thank Flag Link Thu Nov 3, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer