Unfortunately all to often foreclosures are listed by agents who do very little to become familiar with the property. Perhaps the seller (bank) has no knowledge of inspections etc that were done. . In my experience REO deals are not well suited for many buyers. (or agents)
I'm not sure why you're so upset with your own agent. it sounds as though he was the victim of the listing agent's lies too.
I can understand why you are disgusted, but just because you have run into a seriously rotten apple, does NOT mean that all Realtors are dishonest.
Since my first response, I've been following all other responses, including yours as well. It definitely appears that your agent was at no fault because they were relaying to you when they were told themselves.
By your sentence, "I dont think...I expect to hear soon that I've been outbid"
Are you saying that at this point you think your offer is the highest and best? You have no contract signed by the bank so withdraw your offer if you do not want to proceed on the house and even if the bank does take your offer and sign off on it ...three days of attorney review allow you to cancel the contract with no explanation owed. You are not at this point stuck with an overpriced bid. Again, should you wish not to proceed with this house.
Good luck. Please keep us posted. Again, I am sorry for your frustration, aggravation and bad experience.
Gina Chirico, Sales Associate
Prudential NJ Properties
973-992-6363 ext 116
All professions are basically an extension of society. Thus, you will encounter honesty and sincerity as well as dishonesty and deception in every faction, medicine, law, business, real estate etc.
One of the factions that people in real estate need to deal with is their source of information. Their word and reputation is only as good as the information they recieve. We are constantly recieving information that we eventually find to be inaccurate.
Unfortunately, if you have already shared this with other people it tends to be a reflection of you as a dishonest person. We are flooded with secondhand information, on a daily basis that is a threat to people's reputations.
There should be a reminder here to only give credit where credit is due..........
I cannot speak for the listing agent or your agent but I can see and understand why you are frustrated. Again, I'm not sure of whom actually lied and why. It could be that the listing agent lied to your agent (I have no idea why) or it could be that the listing agent was honest and your agent lied to you (again, I have no idea why). How much time in between was the question asked and your offer submitted? Some houses and some markets are still experiencing multiple offers within hours of each other so that may be the case here. If in fact the listing agent was aware of the connection to the sewer, it should have been disclosed.
You cannot fault your agent if it was the listing agent being deceptive. There was no way for your agent to have known if other offers were pending.
Gina Chirico, Sales Associate
Prudential NJ Properties
973-992-6363 ext 116
The school bus going to other schools from 4 to 12 has bus stop right in front of this house so you know your kids do not need to worry about cold snow days nor raining morning. They can having breakfast and seeing all other kids waiting till the bus showd up.
Even better, it is very close to http://maps.google.com/maps?f=d&source=s_d&saddr=40.56841 Irishtown Park http://irishtownpark.blogspot.com/ with hocky ring, tennis court, baseball field, basketball court and playground ...etc
It is snowing out there, so probably no one will compete with you if you act quick. The listing agent number is 732 371-1550 (cell)
Please let us know how things turn out. (though I suspect you cant name names) For your agent's sake I hope she has good records of what and when she was told things. For your sake I hope you have kept track of any money you have spent as well as time. Not that I believe you could be compensated for your time, I wouldnt be surprised if you had a case if you spent money on dewinterise and inspections which revealed conditions known to either agent/agency before.
Please dont judge all agents based upon this experience. We all know there are agents who should have retired years ago, there are/were agents who should have had their licenses pulled for a variety of reasons, there are many just plain lousy agents. This said though, I believe there are many many excellent, honest, hard working agents who put their clients interest above all else (including their own). Re your earlier post about agents who dont cover areas, some times this is due to the fact that a particular area is too cheap for the agent to want to work in. (My office is in Princeton, yet Trenton is less than 20 minutes away, given the choice I would always prefer to sell in Princeton, after all prices are higher, less of a drive, easier co requirements...) Other times the agents are not familiar with the area you are considering and dont feel they could represent you well there due to this lack of knowledge. I have on a few occassions represented buyers in areas which I did not consider my self well versed in and I made them aware of this. But it was my background and experience in construction, rennovations, and negotiations that made them request me in these areas. (yes I did have to do some additional area research but that is part of the job)
As agents we strive to do the best we can for our Clients, we can only tell you what we know, we cannot read other agents minds, we wish we could! Especially with foreclosures, you can call, be told of NO offers, go back to the office, write the contract up ( which as you know takes time and agents do not want to keep writing offers) send the offer, and then be contacted to say there are multiple offers!! It is not only frustrating for the client, but the agent too.
I can see that you really did want this home, I hesitate to say this, however, maybe if you take a step back and look at the whole picture, taking away the emotions, and knowing your agent as you obviously do, do you really think that he/she would lie to you? As much as we love to work with our clients, we do not want to keep writing contracts for no reason.
I am curious as to why the Septic was not talked about or put on a Property Condition Disclosure, I am at a loss, this can be costly and to know up front that this is a problem will save other buyers from visiting the property, as I said I cannot speak for the listing agent, I can only learn from what you are telling us.
I am sad to hear that you are having a terrible time with purchasing, I do wish you luck with whatever you decide to do!
I absolutely do not agree with lying or non disclosure of material items, however I think your expectations are a little high with regard to these types of properties. The banks actually have an addendum that states they can take a higher offer up to the date of closing.
They do not answer bids in order and almost always ignore any time tables that are set forth in your original offer. If there are multiple offers, the lender will come back and ask for highest and best. Sometimes twice.
The strategy is to price the home at a ridiculously low price to create a bidding war and get the home up to the price they want. Disclosure gets tricky because they are not required by law to disclose because they have never lived in the property and the owner is not available to answer questions about the condition. You also will be required to sign an AS-IS addendum on any of these properties.
Below is a link about Fannie Mae properties that may have helpful info for you:
If you happen to be the winning bidder, I recommend having a home inspection as well as a well/septic. Then you will be armed with the information you need to ask for a discount in lieu of repairs. Be sure to get estimates on the septic repair in writing so they can be submitted with your request.
Agents must sumit all offers. Neighbors sometime assume homes are sold because they see the same people coming and looking. Maybe the neighbor saw the inspector and assumed it was under contract. I have shown property and had it inspected without telling the listing agent until I was ready to write an offer. This is done often in the case of foreclosures and short sale properties. As you know these properties are sold as is in many cases.
I'm sorry you've fallen in love with a house that may be unattainable but I'm urging my buyer to look at the whole experience in a positive light. Part of the process is to get to a point of readiness to buy - work up the courage to put pen to paper, and no matter how our deal goes, we are there now. It may be that we won't buy the house that brought us to that state of readiness (and we really do love it!) but we will buy a house, and we are continuing to look in earnest as our offer on the foreclosure sits in its uncertain state of uncertainty.
Good luck to you - surround yourself with resources you trust. There are good agents out there Home Buyer doing good work for their clients. Best of luck to you.
Search and connect at http://www.feenick.com
As for the foreclosure property, I know from experience how misleading information/disclosures can be. In many cases the listing broker has an agent and an asset manager overseeing an individual bank's properties. In many cases, the listing agent fields all inquiries about the property, but the asset manager deals directly with the banks. Since there's a chain of communication, its always possible that information is not disclosed immediately. Many offers can be submitted to the listing agent, forwarded to the asset manager and then to the bank - at this point the bank can make a decision on the offer or hold on to it for a week or so to see what else comes in. Since there's no set time typically defined to answer an offer, there are times the bank decides to accept an offer when they feel like it and then that's passed on to the asset manager and agent. Meanwhile any buyer's agent may have contacted the listing agent and are told no accepted offers. As you can see, it's not necessarily the most efficient setup but its how the banks want it handled.
If you are set on looking at foreclosures you should be advised of this process and realize that if the right questions are asked to the right people, you can have a smooth transaction. Many foreclosures will have preliminary inspections to get an estimate of repairs so the bank can factor that in when deciding on a list price for the property. Depending on the bank, usually a full blown inspection isn't done so its merely just general estimated costs for repairs. As a buyer, its important to place the home inspection clause into the contract so you can hire someone and get a better idea of what you're getting into. I could go on, but if you'd like to get more education first before continuing your home search, I'd be happy to answer questions directly!
ERA Statewide Realty