Home Buying in San Gabriel>Question Details

davidloveu2, Home Buyer in San Gabriel, CA

hi my name is david and i just recently won a bid online and my broker/agent(real estate investment firm)telling me that i didn't win bank rejected?

Asked by davidloveu2, San Gabriel, CA Thu Nov 14, 2013

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There may be a few other factors that affected the bank rejection. Which auction did you go through? What is the address of the property you "won" and what was your winning bid amount? So I can check in my database any transactions taking place on it - there is a chance your broker may very well be wanting it for themself.
0 votes Thank Flag Link Fri Aug 15, 2014
You may be the highest bidder, that does not mean Bank or anyone has to sell. Your Bid may still be too low for their threshold to let the property go.
0 votes Thank Flag Link Fri Nov 15, 2013
What company was it. I have had a client that won a online bid before to only have the bank try and negotiate a higher price than the bid price. Was this an all cash auction or financing too?

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
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0 votes Thank Flag Link Thu Nov 14, 2013
The bank has the final right of approval.

Alex Greer
Loan Officer
NMLS #1056079
http://www.TheMortgageOutlet.com

408-352-5147
AGreer@TheMortgageOutlet.com
0 votes Thank Flag Link Thu Nov 14, 2013
With out very much info to go on from your question I will assume that you are referring to an REDC auction/ Auction.com or other similar company.

Many of these auctions say that bids must be accepted by the Seller (i.e. 'subject to confirmation') & are not absolute auctions, meaning there is a reserve sales price that is not made public (and is usually much higher than the opening bid) and if this price is not met the sale doesn't go through even though you may have 'won' the bid.

If you read the auction companies fine print they will disclose all of this.

In addition to the winning bid amount, there is usually a buyer's premium that gets tacked on for the auction house.
0 votes Thank Flag Link Thu Nov 14, 2013
Perhaps there was a reserve (minimum acceptable price) placed on the sale?
0 votes Thank Flag Link Thu Nov 14, 2013
Since it sounds as though you don't trust your agent, you may want to contact the auction company directly & ask them if your broker submitted an offer for you, in what amounts were the bids they made for you, if yours was the 'winning' bid & if the seller confirmed the bid or if the property was pulled from the auction.
Flag Thu Nov 14, 2013
my broker actually did the bidding for me. after the auction closed my broker confirmed that they won the bid for another of their customer. after i question them on the sequences of events that leads to my winning of the auction, my broker finally admitted that i won the bid. now they are telling me that the bank rejected because the reserve was not met. but, there were no minimum reserve amount stated online the bidding. on some realty website it shows the property is foreclosed. all the communications with my broker is that they want this property for themselves. please help, please. thanks thanks
Flag Thu Nov 14, 2013
on the bidding site there was no amount reserve state or posted!!
Flag Thu Nov 14, 2013
do the auction site do not have to tell u the reserve amount?
Flag Thu Nov 14, 2013
forgot to say thanks for your help
Flag Thu Nov 14, 2013
hi kathleen ya they told me there is a reserve, but what i smell rats here is that they first told me that i didn't win and then after i question their validity the finally admitted that i am the winning auction party
Flag Thu Nov 14, 2013
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