Westernskies
Thinks s/he gets paid by the post
- Joined
- May 5, 2008
- Messages
- 3,864
Had one of the strangest RE experiences this week. Maybe some of you out there who are or were in the business can offer your perspective on this one.
We have been looking at moving across the country, have been working with a local RE agent at our destination city. They are an online firm, not your traditional bricks and mortar agency. Great website, good buyer tools, maps, comps, estimated values, etc. –especially attractive for an out-of-state buyer. The agent has been good at follow-up, viewing homes for us, arranging a couple of house hunting trips, etc.
Anyway, we finally found a house we like. It is bank-owned, structurally sound, but needs quite a bit of TLC. The bank knows this and has said “make an offer”
We submitted an offer that reflected the amount of work and cost required to return the house to a condition comparable to the rest of the neighborhood. We included proof of funds, and indicated we would pay up to 50% down on the house.
Keep in mind, this property is bank owned, and has been on the market for over 7 months. The new listing agency has only had the home for a week.
The listing agent fired back an email a few hours later, saying the bank had rejected our offer. No counteroffer. He also said that they had received two other offers that day and the bank had countered both of them. When our agent pressed him for details, he changed his story and said the bank was now asking for best and final offers (after he has had the listing for a week?)
I requested a signed copy of the rejected offer from the bank; he says he doesn’t have to provide it. Based on the timing and his bs responses, I am fairly certain he never even submitted our offer to the bank. I am reluctant to submit another offer unless I am sure that my first one was actually reviewed and rejected by the bank. We are interested in raising our bid, but not if we are bidding against ourselves.
It appears he is trying to protect his listing price, and probably does not want to split the commission with our agent. In talking with a few other folks in the area (mortgage broker, appraiser, etc) they indicated off the record, that many of the bricks and mortar agencies in the area are unofficially boycotting working with this Internet-based firm.
Anyone else on the board ever experience anything like this or have any ideas about how to get around this guy?
We really like the house, and it will be a good value if we can buy it for anything close to our asking price.
We have been looking at moving across the country, have been working with a local RE agent at our destination city. They are an online firm, not your traditional bricks and mortar agency. Great website, good buyer tools, maps, comps, estimated values, etc. –especially attractive for an out-of-state buyer. The agent has been good at follow-up, viewing homes for us, arranging a couple of house hunting trips, etc.
Anyway, we finally found a house we like. It is bank-owned, structurally sound, but needs quite a bit of TLC. The bank knows this and has said “make an offer”
We submitted an offer that reflected the amount of work and cost required to return the house to a condition comparable to the rest of the neighborhood. We included proof of funds, and indicated we would pay up to 50% down on the house.
Keep in mind, this property is bank owned, and has been on the market for over 7 months. The new listing agency has only had the home for a week.
The listing agent fired back an email a few hours later, saying the bank had rejected our offer. No counteroffer. He also said that they had received two other offers that day and the bank had countered both of them. When our agent pressed him for details, he changed his story and said the bank was now asking for best and final offers (after he has had the listing for a week?)
I requested a signed copy of the rejected offer from the bank; he says he doesn’t have to provide it. Based on the timing and his bs responses, I am fairly certain he never even submitted our offer to the bank. I am reluctant to submit another offer unless I am sure that my first one was actually reviewed and rejected by the bank. We are interested in raising our bid, but not if we are bidding against ourselves.
It appears he is trying to protect his listing price, and probably does not want to split the commission with our agent. In talking with a few other folks in the area (mortgage broker, appraiser, etc) they indicated off the record, that many of the bricks and mortar agencies in the area are unofficially boycotting working with this Internet-based firm.
Anyone else on the board ever experience anything like this or have any ideas about how to get around this guy?
We really like the house, and it will be a good value if we can buy it for anything close to our asking price.