Question Details

Elaina, Home Buyer in Michigan

Does the listing agent have to submit the highest bid on a bank owned property? I recently bid 195,000 on a

Asked by Elaina, Michigan Thu Feb 5, 2009

house and the next day I found out that the bank took 192,000 for it. It seems to me that the agent didn't submit our offer. We had everything in order with pre approval letters etc. Is this legal for him to not submit our offer (the highest)?

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3
The other offer might have had better terms,:Better qualified buyer, cash, close fast, no inspection or a number of other factors.
1 vote Thank Flag Link Fri Feb 6, 2009
The listing agent is obligated to present all offers in a timely fashion, in the order that they were received. The bank holding the property can take any offer they choose to take as long as Fair housing law is adhered to. it is possible that they took a cash offer at a lower price.
1 vote Thank Flag Link Thu Feb 5, 2009
A lender can prescreen offers through instructions to their agent. One of the key restrictions on offers banks use is "reject any FHA financing offers unless 203k
Web Reference: http://www.Find1Home.com
0 votes Thank Flag Link Fri Feb 6, 2009
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