Foreclosure in 11756>Question Details

Needahomewit…, Home Buyer in 11756

Offer submission on a foreclosed house

Asked by Needahomewithaloan, 11756 Tue Mar 16, 2010

I found a foreclosed property the price of which, even considering the extent of needed repairs. seems to be considerably lower than the market. I would like to make an offer of about $40K higher than the listed price, however the agent seems to avoid talking to me, is not answering my emails, and overall seem not interested in me as a buyer. In the beginning he was saying that there are dozens of offers of up to $100K more than the listing price, however, according to him, those did not have proper financing docs. and he was planing to "toss those away". He advised to submit my best offer. After a few days he responded to my emails stating that the bank decided to go with a cash offer. I wonder if it is a normal situation and if there is a possibility that the agent is trying to "push through" a specific buyer. As I heard, an agent is supposed to take any offer and relay it to the buyer. Is there any formal way to submit an offer and make sure that the buyer gets it?

Help the community by answering this question:

Answers

6
While all offers are suppose to be submitted to the seller, it is possible that the bank has said not to bother submitting any incomplete offers. Most banks don't want to deal with an offer until everything is in order.

Also, a lot of agents doing foreclosures have many deals going on. It would not be the first time that they are not looking out for the best interest of their client. They may be more interested in getting the first person through the process, not so much worrying about. A higher offer.
0 votes Thank Flag Link Mon May 16, 2011
It can be pretty complex when buying a long island foreclosure or short sale home, for Nassau County NY short sale help, see - http://www.shortsaleluxuryhomes.com/Nassau_County_NY/page_24…
0 votes Thank Flag Link Mon May 16, 2011
All offers must be submitted, the agent doesn't decide which to present and which to exclude, that decision is up to the seller--if you feel the agent is trying to push another buyer's offer, speak to the broker owner of the realty office and express your concerns. In the future, consider having an agent of your own to look out for your best interest.
0 votes Thank Flag Link Wed Mar 17, 2010
One item you should be aware of - the listing agent ALWAYS works for the seller, in this case, the bank. It is the listing agent's job to get the best offer - price, cash as opposed to financing, time to close, etc. - that he/she can get for the bank. Having said that, it is also required that the agent submit ALL offers to the seller.

One way in which a buyer can be protected is to hire a Certified Buyer's Agent. This is an agent who has taken qualified education courses and who works FOR THE BUYER and in the buyer's best interest.

If you would like additional information on Buyer's Agents, their duties and responsibilities, as well as how to find and hire one, please contact me directly by phone at (516)410-3594 or by email at Arlynn@ArlynnPalmer.com.

In the meantime, please check out http://www.ArlynnPalmer.com where you can get FREE Buyer Reports, FREE School and Neighborhood Reports, a FREE Monthly Real Estate Newsletter and other valuable real estate information.

Regards,
Arlynn

Arlynn B. Palmer, ESQ, SRES, CBR, CMS, CNS
Licensed Associate Broker, REALTOR, Certified Buyer Agent
Coldwell Banker Claire Soble
(516)410-3594
Arlynn@ArlynnPalmer.com
Web Reference: http://www.ArlynnPalmer.com
0 votes Thank Flag Link Tue Mar 16, 2010
what you really need is to hire your own agent that works for you and your best intrests. Its called a buyers Broker. They work for you not the seller or Bank and coach you thru the process.
0 votes Thank Flag Link Tue Mar 16, 2010
Agents by Law have to submit all offers. Banks don't just look at the price. The terms are important. Time is money as they say so if your looking for a loan the bank looks at it as all cash can close today with no chance of a loan not being approved. When competing with other bids you do have to make your offer look more appealing to the seller or in this case the bank. Often the bank does not give you a second chance to increase your bit.
0 votes Thank Flag Link Tue Mar 16, 2010
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer