Home Buying in Ecorse>Question Details

Jennifer Reu…, Home Buyer in Brunswick, OH

i put offer on hud house of the asking price 95,000 at 9:24am the broker selling it put offer 95,123 at 1:20pm is that fair

Asked by Jennifer Reusch, Brunswick, OH Sun Aug 29, 2010

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HUD properties are sold only through bids placed online by authorized agents and brokers.
Do I understand your situation correctly? You placed an offer on the HUD house for a price of $94,000.
And then the listing broker placed a different bid on the HUD house for a price of $94,123 which in fact out bid your offer.
If that is how it happened, it seems as though the listing broker used that information to allow another person to out bid you.

Did you place your bid through the listing broker, or through your own buyer’s agent?
What discussions have you had with the broker?
This may expand out into a major question of ethics.

Chip Andis
Cell (248) 931-0084

Chip@Realfi.com

REALFi
REAL ESTATE AND FINANCE IN ONE
34 S. Telegraph Rd
Waterford, MI 48328
Office (248) 886-0000
0 votes Thank Flag Link Sun Aug 29, 2010
Here is a link to search for free!! FREE LIST OF FORECLOSURES ANYONE??

http://erney.optinstant.com/foreclosures/
0 votes Thank Flag Link Mon Sep 3, 2012
I agree with Derek. If the offer was made on line through the Mcbreo site for hud homes, the listing agent could not see the terms of your offer. He wisely could have counselled his client to go slightly over asking, and if that is what happened, his advice served his client well.

Ask your agent to explain the bidding process to you and to make sure they don't think anything fishy took place.
0 votes Thank Flag Link Sun Sep 5, 2010
Maureen Fran…, Real Estate Pro in Birmingham, MI
MVP'08
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Jennifer,

If you are speaking of the standard http://www.MCBreo.com website where all HUD offers are uploaded, even the listing agent doesn't have special access to the info on the backend. I trust you saw this information in the bid results posting on that website?

There are due dates/times for offers and unfortunately you were outbid here. Although it stinks, and I feel bad for you (as this has happened to my clients before, too), there was not likely to be anything illegal or unethical taking place.

Keep us posted if you learn anything otherwise. Thanks and good luck.
Web Reference: http://DoorToDreams.com
0 votes Thank Flag Link Sun Aug 29, 2010
yes chip.. i put my offer through my realtor (howard hanna) she put it into hud through the computer and that was earlier in the day... my offer was asking price... the broker realtywise they are the ones selling it for hud put their offer in later then mine but, it was higher by 123.00 dollars weird that it wasn't 100.00 or 125.00?
0 votes Thank Flag Link Sun Aug 29, 2010
What????
The Broker can't add that, unless you agreed in writing to it.

Was it a counter offer to you?
0 votes Thank Flag Link Sun Aug 29, 2010
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