I've never bought a foreclosed or short sale property... have bought several in probate plus all the other normal ways...
The house next to me was foreclosed last February and the Listing Agent who is also the Broker came over to talk with me at that time... she asked me to keep an eye on the place and I agreed... She is also past president of the local Board of Realtors and has several Broker of the year designations.
Told her I want to buy it and she said she would write my offer as soon as the Bank released it and we have stayed in contact...
Anyway, I come home and see her sign up and give her a call... there was silence and then ask what she could do for me... I told her I saw the sign and wanted to meet with her to get my offer in.
She then says this is problem because she is already representing a buyer that has a history with the property
Don't know how this can be because the property had not been on the MLS for 12 hours and she wrote the offer two weeks prior to the owner that use to live their prior to the folks that were foreclosed on.
Anyway, she said she was very sorry and could have one of her agents call me...
So, I put in my offer and it is one of 12 acknowledged as being received by the Thursday deadline... mine was also 11% higher than asking, all cash, as-is with a 15 day close.
The next day she sends out a letter asking for my best and final offer and a document that must be signed waiving specific requirements of my city for the seller sewer inspection certificate and State requirement for HOA docs...
Six of the parties made a return visit and spoke with me the neighbor... most seemed like good neighbor material... I also found that she had my name and phone number on a binder in the house so at least some that stopped to ask me questions were directed by the Broker info.
Today, I learned from one party the Bank has countered their best and final offer?
My question is when is a deal a deal and why do Banks think they are above the law?
A friend is a Real Estate Attorney and another is my City Manager... both said buyers in my city have sued in small claims and won over the sewer requirement and HOA docs...
To an outsider, it really seems like the entire process is rigged...
Meanwhile, I'm hoping on getting nice neighbors and curious what they had to do to get the property.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
