We made an offer on a home in Port Charlotte, Florida and were told the offer was accepted...7 days later..email tells sold to another!????

Asked by Floridapalm, Punta Gorda, FL Thu Dec 8, 2011

Made offer and countered by bank and accepted by buyer and agent continued to shop the property...buyer thought they had a contract (verbal) because the bank has their own forms...buyer was contacted 7 days later by email and told the agent had a better offer and they were out of the picture...does buyer have any recourse? Should we contact the State of Florida Department of Business and professional regulation?

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Marge Trayner, Agent, Port Charlotte, FL
Thu Dec 8, 2011
Regardless of what your agent was told by the seller's asset manager, reo contracts must go to another level for approval and signed off to be valid/effective. Until that contract & addenda/counter offer is returned to the listing realtor, we are not legally allowed to change the status of that property to "pending" in our MLS, which means it may continue to be shown and contracts may continue to be written and must be presented to the seller quickly. Then the servicer/investor-owner determines which offer they chose. I have been listing & selling reo's for 11 years in Charlotte and surrounding counties; the servicers/sellers rules have changed considerably over the past 4 years, some of them do not ask for highest and best when there's multiple offers. In my opinion an experienced and certified short sale & foreclosure agent is your best asset when purchasing a foreclosure (reo) or short sale; be prepared for technicalities, answers to questions, rules specific to national sellers/servicers and WAITING! I have the experience & credentials to work for buyers in their purchases (as well as short sale sellers).

Marge Trayner, GRI
Licensed Florida Real Estate Professional
Short Sales & Foreclosure Resource Certified
Bud Trayner Realty, PA
1531 Rio de Janeiro Ave., Punta Gorda FL
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Tammy Hayes, Agent, Port Charlotte, FL
Thu Dec 8, 2011
For bank foreclosures, all offers must be written offers, on an As-Is contract only Some banks supply addendums in advance, and if that is the case it will be in the MLS as an attachment and should be signed and dated and submitted along with your offer. In most cases, however, the bank addendums are provided only after buyer and seller come to agreement. At that time, the bank will send their bank addendums/counter offer for buyer's signatures. Please note at this point, the bank has still not signed anything, and most likely will not sign until ALL forms have been signed by the buyer. Your offer is considered a pending contract until it is returned from the bank/seller with their final approval. In the interim, all offers that come in must be presented. When signing and initialing a bank addendum, do not alter it in any way or it will be rejected.

A lot of foreclosures are going into multiple offer situations. Most buyers think that if they have the highest purchase price, they're going to get the property. Often this is not always the case. One of the big things they look at is the timeframe for the inspection. This is a contingency on the contract and the banks want it satisfied ASAP. Instead of the usual inspection period of 15 days, if you can do it in l0 days or less, the better. Another is the timeframe for closing. If paying cash they usually prefer the closing date to be no more than 2 weeks. A conventional loan can be 30 days and FHA 45. Just make sure you are prepared to close in the specified time or you could be charged $100 per day or more for each day beyond the original closing date. Also a larger deposit generally indicates a more serious buyer in their eyes.

Another point is to not go into another month. For instance, if you can close on the third week of the month it’s usually preferred. They usually don't like to close in the last few days of the month because it might have to be extended into the next month. The banks like to close out their books each month and not have to extend. This is especially true if it is the end of the quarter. Lower offers have been accepted because the closing date was the third week in the month.

Tammy Hayes, Realtor
Green Lion Realty, http://www.greenlionrealty.com
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Donna Wilkin…, Agent, Port Charlotte, FL
Thu Dec 8, 2011
Your agent should have explained the process to you better. If you need a better explanation, and if you don't want to go through that again, please call me, and I can help you find the home you are looking for! 941-623-8423. I will keep you posted step by step, and I don't promise what I can't deliver!
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John Bennett, Agent, Orlando, FL
Thu Dec 8, 2011
You need to pay real close attention to details
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Jim Sweat, Agent, Venice, FL
Thu Dec 8, 2011
A verbal offer, or a verbal acceptance, are worth the paper they are written on. Which doesn't exist.
It is challenging to deal with the bank owned properties because they will all handle offers differently. Some will not look at other offers while the bank addenda is being generated, some obviously will not only look, but will accept another offer.

Sorry. There is no easy answer for this except to move on to another property.

Even when not a bank owned, the same thing applies. You can get a call that the offer is accepted, but until you get it back SIGNED you don't have anything other than a hope in a gray area.

Check out our Facebook page for more information on the market and fun things to do in Southwest Florida.

I also have a few blogs on my Trulia profile that may be of use to you when considering values on homes. That information is pertinent all across the country.

All the Best,

Sandals Realty http://www.ExplainShortSales.com
Web Reference:  http://www.JimSweat.com
0 votes
Ryan Boley, Agent, Port Charlotte, FL
Thu Dec 8, 2011
Unless it's in writing and accepted by both or all the parties concerned the seller is open to take other offers.
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Danielle Sha…, Agent, Cape Coral, FL
Thu Dec 8, 2011
If this is a foreclosure, the offer typically is not binding until the buyer ratifies the addenda and sends it back. Until then most banks will continue to shop offers. Depending on the bank/investor the addenda will include verbiage to that effect.

It sucks but is a common practice in the REO side of the business.
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., , Punta Gorda, FL
Thu Dec 8, 2011
I am a Realtor in Charlotte County with 33 years experience. Feel free to call me with the details and I can better answer your question. 941-380-1423
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Anna M Brocco, Agent, Williston Park, NY
Thu Dec 8, 2011
Keep in mind that verbal contracts really don't mean anything; if you didn't have a signed agreement by all parties, the owner/lender is free to accept any other offers......
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Shawn Ryan R…, Agent, Belleville, NJ
Thu Dec 8, 2011
unless you have a firm written contract (attorney review concluded), seller can accept other offers without having to justify the decision.
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