You got the House!!! Oh Sorry You Didn't!!!

By
Real Estate Agent with Aksland Real Estate

I have encountered a situation recently that really has me concerned and would appreciate your input on this.  I made a bid on a short sale property in Manteca and a week later received a counteroffer from the agent stating that the hot tub wasn't staying and that the property was a short sale. We signed the counteroffer and no boxes were checked that multiple counteroffers had been made.

I had a concern about the fact that the stove was removed a few days later and called the agent. I received a call back stating that we did not get the property, even though the counteroffer mentioned anything about that.  I could understand a legitimate mistake, but when I confronted the agent about this, they could not really give a good reason as to why I was sent the counteroffer without boxes being checked.

A loan agent I worked with told me that they got through the whole loan process before and when they were ready to fund the agent told the title company that they sold it to another person.  Is this a common thing that is going on?  Your comments are greatly appreciated on this matter.

 

Matthew Zgonc
www.buysellmodesto.com

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Tags:
manteca
buy
sell
modesto
counteroffer
agent
realtor
short sale
property
problems
purchase agreement
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Anonymous
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Rainmaker
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Sarah Nopp

I have been hearing about this with regard to Short Sales. Not REO.

But in Short Sales, I am hearing that the banks are just collecting the offers that come in and not returning signed docs until they get around to it. And if another offer comes along better than an earlier one, they are taking it. True, there is no contract, but that behavior is already having pretty strong consequences- Buyers have heard and won't deal with Short Sales.

REO on the other hand- No. Although it is pretty common for the banks to take FOREVER about getting the signed contract back to the Buyer. But REO has always been like that, and most banks don't want to deal with any other offers if they are already involved in accepting another, even without it being signed around.

March 06, 2008 11:54 PM
Rainer
83,312
Matthew Zgonc
Realtor, CFS, CVS
Aksland Real Estate
The buyer is going to all the local newspapers and is beyond upset.  He is going to file a complaint with the commission regarding this.
March 07, 2008 09:12 AM
Rainer
83,312
Matthew Zgonc
Realtor, CFS, CVS
Aksland Real Estate
Many buyers in this area do not know about this in terms of short sales. My issue is tell me that you have other offers or better yet just tell me our bid is in the mid-range and don't bother sending me a counter-offer.
March 07, 2008 09:13 AM
Rainmaker
151,827
Leslie Bloss, Bellevue Real Estate Professional

Matthew,

Thank you for sharing the issue.  What a scary and painful experience--hope you get some positive outcome from all of this. 

March 07, 2008 12:34 PM
Rainer
83,312
Matthew Zgonc
Realtor, CFS, CVS
Aksland Real Estate
I just was curious if anyone else has encountered this, plus venting a little bit and trying to figure out how to resolve this issue.
March 07, 2008 12:55 PM
Anonymous
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Rainer
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Matthew Zgonc

Realtor, CFS, CVS
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