How can they post a price for a home for sale then when you respond to purchase that home at that price it cannot be bought?

Asked by Suw, Roscoe, IL Fri Jul 27, 2012

Example; Home for sale $105,000. Want to purchase at $105,000. Then after all the time to find and look at the home the Real Estate agent states the bank must approve the price. The agent then states the bank may want to hold out for more money. I am a cash buyer. Is this not fraud, bait a switch,

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Suzanne Hami…, Agent, Orland Park, IL
Sun Jul 29, 2012
Welcome to the world of distressed properties. In some cases, short sale owners and agents price it lower than market to get offers and then the bank wants market price.

And sometimes foreclosure sellers also lowball the listing to try to get multiple offers and bring up the price.

Both these tactics often work, but often cause buyers more problems. This needs to be kept in mind when you are looking.

This is why you need to work with an agent. The market right now is too tricky. Buyers need to have an informed expert helping them and need to have a tough skin. There are a lot of homes out there. It may take a few before you get it. But it is worth it.
0 votes
So you are saying it is a scam to the buyer by the agents. If you went to purchase something at the price it is marked and advertised but when you went to purchase it they told you it was much more that would be fraud.So agent are committing fraud.
Flag Sun Jul 29, 2012
Darrell D. D…, Agent, Schertz, TX
Fri Jul 27, 2012
Sounds like you are talking about a short sale. Short sales are always disclosed in the listing and your agent should have discussed these with you. If you did not get representation, then that may be part of the issue.

Since these are disclosed, there is not really a bait and switch. What is happening in these homes is the seller is trying to get out of a loan and the bank is taking a loss with the sale. So, the list price is the sellers wish, but you actually have to negotiate with 2 individuals - the seller and the sellers bank. The reason the bank must also approve is because they are taking a loss and must approve how much they are willing to write off. Also, these can take months and may end up never closing.
0 votes
Listing on Homes.com MLS #66382 Please show me the disclosure of a short sale. If you cannot is this fraud bait and switch or type of scam that realtor can play.
Flag Fri Jul 27, 2012
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