Foreclosures are tricky indeed, but the bottom line is your agent should have been on top of this. He should have known about the highest and best and if he is not upset that he didnt then in my opinion he did and dropped the ball.

Yes there are 3rd partys and things could have gotten confused. However in my experience, everytime i have put an offer and it had multiples on a foreclosure I received a highest and best. I put about 4 to 5 offers in on foreclosures a week and 99% of them go to highest and best because they are competitive investment properties.

I would seriously question him/her about there contact with the listing agent. If you are in a hurry get a proactive "Full Time" Realtor working for you dont hesitate to call.

RJ
214-682-0598

Foreclosures are very tricky, and we try to advise our buyers of the negatives of buying a foreclosure in the beginning. Although, there are great reasons to buy a foreclosure, if they are a great deal.

If they are priced right, the listing agent usually gets multiple offers. Some times that agent may have nothing to do with submitting the offers to the bank, but they may have a second party, such as an assistant handling the process. During the change of hands, the contract may have been confused with another, but you should have been informed if there were multiple offers from the listing agent in writing.

It could be that the agent received a higher offer between 7/3 and 7/8 before your counter was executed. There are a number of things that could have caused this, but a lack of communication seems likely.

Sorry that this happened to you. Best of luck with finding the right home. If I can further assist, please let me know.

Amy Downs, Realtor
Keller Williams Realty
972.468.5136 http://www.TeamDowns.com

Most banks were closed 7/3 in observance of the holiday. The fact that they countered is amazing news, actually.

Unfortunately, many listing agents do not understand how to deal with foreclosure listings fairly and many banks aid them in creating an awkward situation where buyers don't have a clue if they're being treated fairly or not. When multiple offers are received by the seller, the listing agent should notify you that multiple offers have been received and then request a best and final price by a deadline. All offers should be treated equally and have the same deadline. The bank can then choose which one to negotiate with, others becoming backups.

If the bank responded to you with a counter-offer through the listing agent without saying multiple offers were being entertained and a deadline was in effect, this is likely not the fault of the buyer's agent, despite the comments blaming her.

However, your description seems puzzling. You may have misspoken but you said you have been hounding the listing agent. Why would you do that? Your buyer's agent should be doing any hounding for you, especially in dealing with another agent.

A true counter-offer remains in effect until withdrawn by the seller, rejected by you or accepted. If you had accepted without being told of a deadline or of withdrawal of the counter, you have a deal. Normally, a bank's counter-offer would come in writing and your acceptance should be returned in writing. Was it all verbal? If so, sorry, no deal.

Your buyer's agent should be helping you more to understand what is going on and follow sound business practice of keeping things in writing.

Could it be that the listing did not convey your written acceptance to the bank? Really, really doubtful. But, if the counter was verbal and/or acceptance verbal, then you have no way to confirm events. It would be extremely risky for the listing agent to have a written counter outstanding and agree to another contract, because the countered party may agree and the seller winds up with 2 contracts on 1 property. Ooops.

Maybe the contract that was selected (by whatever process) will fall through in a couple of weeks because of financing and then you will be first up to get it. Good luck.

Sounds like you need a new agent. Unless he wasn't told there was a highest and best. In that case he/she should be very upset. If I was representing a buyer and had a bank waiting on a contract, which happens and is currently happening on a deal. I would have made sure on a daily basis that there was no other offers.

Banks do hold offers from time to time, which if an an agent did it we would be accused of shopping a contract, but in the end the banks have ended up accepting the offer.

Main question is was their a highest and best, if not and the agent isn't truly concerned I would find another agent who is responsive to your needs and understands the urgency and necessity of follow up especially in Foreclosures. I would love to be this agent and as an added bonus I will rebate you 20% of my commission after closing.

Thanks for your time and feel free to call me at anytime
RJ
214-682-0598

Where is your agent? Your agent should be protecting you! Was it a counter offer from the bank? or was it a multi offer and highest and best offer? When that happen's your agent is suppose to tell you, advise you with a CMA, and you make the decision to move foward or not?
If you feel you need a Realtor to protect and advise you? and you are not under a present contract with an agent? Please feel free to email me at Barbara@powerteamtexas.com or call (972) 757-4527

Where is your buyer's agent regards to this matter. Difficult to make any comment w/o knowing all particulars. However unless you have all in writing with executed contract many other contracts can be presented and accepted.

Anytime you deal with bank there is drama ! not due to listing / buyers agent how banks do business.

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I'm sorry to hear of your circumstance; however, you must keep in mind that the Bank (as the property owner) makes a decision on which offer to accept. You should be getting information from your Agent on status. Your Agent is in the best position to advise you.

Sorry to hear about your situation--It's possible that someone else snuck in there with a higher offer than what was countered--what is your Realtor telling you? Keep in mind that until contracts have been signed by all parties anything goes.

Anna