Home Buying in 06040>Question Details

Bill, Home Buyer in Connecticut

offered 8000 more than accepted on fha foreclosure. close date the same. listing agent had winning bidder?

Asked by Bill, Connecticut Wed Oct 22, 2008

i had a different agent so there would have been a split. listing agent claims to have submitted the bid. she claims someone at fannie or freddie made the decision. my attorneys doubt it given the recent probs. just looking for opinions

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I would tend to believe that it was cash and quick. That is the most popular of offers that the bank sees as no risk, to them. They have already lost money on this property and they just want it off their books. Don't give up, keep looking, that home is out there waiting for you to find it:)
0 votes Thank Flag Link Sun Dec 19, 2010
I have seen instances in which the offer was lower (and accepted) because there were no mortgage contingencies or inspection contingencies. When the seller, bank, or FHA sees no contingencies, they figure it is less likely that the buyer will back out. And in my opinion, the lack of an inspection contingency (even for information purposes only) is a stronger factor than the cash factor, although that is pretty attractive also. I would personally urge a buyer to have an inspection, but some people or investors are willing to take the risk.
0 votes Thank Flag Link Tue Nov 16, 2010
It is possible that there was bias, but the banks make their own decisions. The fact that you know anything about the other offer indicates that there probably was not an unfair bias.
Were they both cash offers? Could the other buyer have had a stronger credit score. If all other things were equal, the bank may have wanted to 'reward' the listing agent for her work. You never can tell. The bottom line is, it is the seller's decision and you just have to live with it. You may be the benificiary of that type of decision on the next one.
Web Reference: http://www.danrossre.com
0 votes Thank Flag Link Wed Oct 22, 2008
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