Home Buying in 33175>Question Details

Elamby@veriz…, Home Buyer in 33175

foreclosure is listed for sale, offer made house ,goes off market. One month later house is back higher offer made house is taken off market-why?

Asked by Elamby@verizon.net, 33175 Tue Nov 30, 2010

Foreclosure is listed offer is made. Then house is taken off market. House is listed again a month later, another higher offer is made then house is taken off market again. contact realtor listing property and I am informed that the house is "dead in the water". What does that mean ? Why would they list the house if it off market?

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Gerard J. Carney’s answer
The Biggest Problem today is that several Banks are not Sure they have proper title to the property. This year we saw hundreds of sales fall through because Bank of America did not clean the title up before the sale! Title Companies will halt a sale in a heart beat if they can not determine proper title, proper title prrocedure, or worst of all are not completely sure that they even know who is proper ownber of the home. The title has to have a proper and clean chain of ownership, so if the mortgage was sold over to a few banks, and each new owner of title did not make proper documentation, well then they must befor title can be decalred clean and free of all clouds!
1 vote Thank Flag Link Mon Dec 6, 2010
There are hundreds of houses if not thousands in Miami, which are NOT for sale. People are living in the houses for free without paying mortgages and taxes for years (I have seen as long as 4 years).

Here are few signs that indicate that the house is not for sale
1) One or two photographs in the web listing
2) incorrect address
3) Generally smaller square footage
4) High price (generally what they paid during peak years plus )
5) No change in price over year or so
6) No descreption of the property
7) Incorrect contact details for the listing agent.
8) Very hard to get appointement to view the property
9) Seller is behind on the mortgage and is living in the house.
10) House is owned by the bank but no one knows - which bank

Sometime, there is fraud involved. Seller want to show the bank that there are no offers even at low price. Then comes a low ball offer from a friend or a business partner to buy the house at low price. Bank approves a short sell. House is then flipped at higher price after some sprucing up and painting at a profit. bank takes the loss.

Each time the house is placed back on market, it gets a new MLS number.
0 votes Thank Flag Link Mon Dec 6, 2010
Good Afternoon,

As previously stated here, there are so many different possibilities of what can be going on. If this is just a short sale, it could be that the property was placed on the market at too low a price, and the bank(s) refused to accept the offer price and then the home was placed back on the market. It could be that the original buyer walked away from the deal, after a long time waiting. The owner of the property may have managed to get the bank to modify their mortgage payments and have been able to stop the foreclosure.

If the property has already been foreclosed upon, then the on again, off again, may be that this is one of several homes that was taken off the market due to errors in the foreclosure process and those issues are being resolved.

Again, the possibilities can be many. My suggestion would be to have your realtor call the listing agent to get a more detailed explaination of what is truly going on with this property. You realtor can easilty determinte if this is a short sale or a bank owned property.

Good luck in your home search.

Lila Lopez
0 votes Thank Flag Link Wed Dec 1, 2010
There can be a dozen reasons. For the most part, there is never enough straight talk when dealing with the banks today. In many cases the properties are being marketed before they are ready to be transferred (clear titlte). My company has developed a solution that will be introduced to asset managers and real estate agents in the weeks to come. It is designed to offer all of the parties a cleaner transaction. It's called bidabing.com. BidaBing allows agents who have listings, to quickly and easily convert them to auctions. The idea is to expose the properties and offer interested buyers, as well as the property owners, transparency when arriving at a final price. Often times buyers question whether their offer was even submitted and banks question whether they are considering a real market offer. To that we say, BidaBing! We believe that if a property is exposed properly it will attract enough buyers to result in a market value offer. Furthermore, bidders in our system are certain that their effort was not in vain.
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Rick Diaz
BidaBing-Founder
Web Reference: http://www.bidabing.com
0 votes Thank Flag Link Wed Dec 1, 2010
Good Answers Beth & Don!

Elamby, it sounds like you didn't get a good enough answer for yourself from the listing agent and the listing agent is really the only person that can fully answer this question to your satisfaction.

Call them again or have your Realtor call them again and discuss until you feel you really understand the situation.

As Don & Beth both described, there are a myriad of reasons why this could have happened and they are real reasons, not just someone giving you the run around. If you REALLY want to know, call the agent and ask them again.

Good luck!
Audra
0 votes Thank Flag Link Wed Dec 1, 2010
The biggest thing is that the seller has the right to sell or not sell to whomever or however it pleases.

It could be no offer met their minimum. It could be that they feel that the market is changing and they are looking to re-price it. It may have been packaged with other properties and sold to other investors. They may have consigned it to an auction house. They could be changing listing companies.

Do not overlook the possibility that it is wrapped up in the illegal foreclosure mess.

The listing agent is only the messenger and a conduit for offers. They usually have no input as to the sale. They just follow instructions

It may reappear, but your best option is to move on.
Web Reference: http://www.dkrealtor.com
0 votes Thank Flag Link Wed Dec 1, 2010
Hi,
As the others have stated, there is not enough information. But if the listing agent said it is a dead deal, I would believe them. There are too many issues in some cases for a deal to be completed, and it may have only been a short sale which has almost nothing to do with your offer and everything to do with the bank agreeing to allow the owner to proceed with a short sale.
You cannot get attatched to any one property when you are shopping in the distressed property market. You just look for a property that makes sense for you and make an offer, then move on if it is not a possiliblity.

Good Luck,
Beth Jenkins
South Florida Brokers
786-374-4778
0 votes Thank Flag Link Wed Dec 1, 2010
Without more details it could be a short sale and not a house that was already foreclosed, when a house goes through foreclsoure, they clear teh title and liens and then list it it at or below market value. It is unusual for a bank owned house to bounce on and off the market. it is common for a short sale. Your best bet is simply asking the listing agent.

please see my blog for tips and advice on buying bank owned homes.
0 votes Thank Flag Link Wed Dec 1, 2010
Elamby-

From what I read- there seems to be elements indicative of an un-approved Short Sale.

The Lender has not yet conveyed an acceptable price and the listing agent is running around like a headless chicken.

In turn- selling agents and buyers alike are on their hands and knees......

Searching for the head of the chicken.

In closing......

The bank eventually forecloses or the Florida Condo Association changes the locks on the doors and no one can access the unit.

Welcome to the new real estate arena.

If you know the way to navigate the system- the is a gold mine here- I think!

Mott Kornicki, Broker
Real Estate in Miami

Sunny Isles Beach Real Estate + Information • sibre@ymail.com
Web Reference: http://www.sibre.info
0 votes Thank Flag Link Wed Dec 1, 2010
Hi Elamby,

It sounds like we need some more information, before we can conclude what is going on with the property. From the information you've given so far it seems there may be an internal problem with the property, which is hindering the sale.

I would recommend speaking the listing agent to clarify exactly what is going on.

Does that help?

Good Luck,
Akop
Web Reference: http://www.vchousehunt.com
0 votes Thank Flag Link Wed Dec 1, 2010
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