So apparently, the bank does not choose necessarily the best offer, they take the first one, and if it is accepted, my offer will not be considered even if it's a better offer (I don't know if it is the case though).
The bank is washington mutual by the way. For me it does not really make sense.
Yes, it's quite possible but the agent doesn't want to tell us anything about the first offer,
I don't know if it's higher or lower than mine.
From what I know the sale is handled by a bank, and it takes forever to get an answer.
Can your agent find out if the listing agent represents the "first offer" buyer? Our real estate guidelines require that ALL offers must be presented to the owner and the mortgage lender if it is also a short sale. If you doubt this is happening, perhaps your Realtor would talk to their broker and that broker could talk to the listing agent's broker to learn why your offer has not been presented. Certainly after the fact, if your offer is higher than the sale price, your offer was probably not presented, and both the owner (who would have a bigger deficit between the sale price and the mortgage) and the bank who accepted less would be mis-represented. I wonder if this sale is being handled by the bank or an asset management company? I also wonder where the breakdown in communication lies -- with the listing agent, the current owner, or the bank asset managers? It is in everyone's best interest to receive the highest possible price for the property.
Have you considered that the first offer is higher than your offer?
Yes, this is a common situation. The bank has a lot of documents pertinent to this house in their file that are necessary in order to procede with the short sale. The bank will deal w/only one offer at a time and if that offer has all the answers, i.e. pre-approval letter, verification of funds, etc... they will proceed with your offer.
Meanwhile........ keep looking, there are so many homes on the market for you to choose from and if you are working with a Realtor, they will assist you in finding another home.
The most helpful answer I can offer is that for most lenders, this is a very stressful time. Having an offer accepted will be assisted by showing the lender why it makes sense (cents) for them to accept your offer.
Speak their language.
However, my agent said my offer was strong because I am willing to put 50% for a down payment. I don't think the bank has seen my offer yet but I will ask my agent about that.
Is a large down payment a good thing for the bank? I suppose...
The bank may or may not want to see your offer (unless it's more than the offer). Banks are only interested in dollars and cents. They have a right to accept other offers (usuallly) unless they have bank approval but my thought is that your offer might be less than the other offer submitted. If you want the house you might want to have your agent see if they can find out any information they can on the other offer or see if you increase your offer if the agent might be able to get a response.
The Reavis Group
Keller Williams WIlshire