Special offer

Bank owned headache

By
Real Estate Agent with Exit Realty Executives

As i was getting the gas turned on for an inspection for the buyer. I had a nice conversation with the gas guy. He is a buyer working with a friend who is and agent and He told me somethings that have been happening to him on his search for a home.

he had put in an offer on a short sale and got a call back from the agent who indicated that his offer was the first but he was going to be turning into a multipal offer situation. The gas man changed his offer to just a bit more and then after 90 days was told the back was asking 140000 for the prop. and his offer was the highest 110,000 The property had been listed at 99,900 then lowered to 89,000 when he was told of the multipal offer situation the very next day after he submitted his offer... Now the buyer Mr. gas man was not going to pay 140000 for the property. Thus no sale from him. Being he works in the area he had gotten a call to turn on the gas at the home he had made the offer on.. The new owner was there and indicated that he got the home for 65,000 cash! what a slap to mr gas man. What is wrong with this picture. a good and valid offer, Good credit, quick closing and secured financing is passed by the bank for a much lower cash offer???

Help me out here!!

Ps. I did give him my card and he MAY be calling to look for homes..

Robert Havana
Park and Protect- Alberta Real Estate License Parking - Calgary, AB
Alberta Real Estate License Parking

sounds terribly suspicious.  I would wonder if his offer was ever actually presented to the vendor/bank.  I think it is a very sound policy to DEMAND that ALL offers, including declined, countered, and rejected ones are returned SIGNED and WITNESSED by the vendor.

This should be a policy of all real estate boards and companies.  Call it the Robert May Rule!!!!!

Feb 02, 2009 04:45 AM
Bobbi Herman
Realty One Group - Peoria, AZ
Realtor, Peoria Arizona

I really hope they find some way to get the short sales sold faster. I have one that i have had since Sept and still no answer. It is ridiculous.  I wish they would give us in writing that they declined the offer. Something is going to have to change and very soon. 

Feb 02, 2009 08:21 AM
Debbie Blesi
Exit Realty Executives - Coon Rapids, MN

Thank you Bobbi I hope they find an easier way to cut down the time on short sales too. What I have been seeing and doing is putting an expiration date on the agreement that indicates this offer valid until 2/14/2009. which has hurried the bank in some cases. It also prepares the buyer to move on too. If we all start doing this maybe the banks will get the hint!!

Feb 02, 2009 11:30 AM
Debbie Blesi
Exit Realty Executives - Coon Rapids, MN

Thank you Robert for your response. To be honest when Mr. Gas Man told me that was my first thought sounds suspicious!! I do like your idea of sign off. . right now the banks are in control of the time it takes to respond.

Feb 02, 2009 11:37 AM