Is this Normal?

Submitted by cafapara from CA - 02/13/2009 - 3:09pm

I made a full price cash offer with proof of funds. I wanted to know the payee, Escrow and Title company information which was not on my contract. I did not agree to pay a $100 day per diem. So they did not take my offer. The same day the listing agent listed this property for $15,000 less then I was going to pay! Is this Normal????

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Comments

Submitted by Sean - 02/16/2009 - 12:58am

Unfortunately yes. Lenders, and too often REO Brokers, are taking the position that you have to play by their rules, or not at all. In this case it looks like learning that lesson with this broker or lender saved you $15k! Time to rewrite that offer.

Submitted by cafapara - 02/16/2009 - 12:43pm

I did the very next day..$5000 over the listing price and cash..... with another broker. And I was turned down by the broker that I orginally listed with. He stated that they already had an offer. I see that the listing is still active? Should I seek an attorney?

Submitted by Sean - 02/16/2009 - 9:44pm

If the property is a particulary good deal, I would ask for proof that your offer was presented and declined by the actual seller. There is actually a place on the contract for the seller to indicate that they rejected the offer. If the broker refuses to do this, then I'd probably assume they are trying to backdoor a deal for a friend or client.
 
If you come to that conclusion an attorney may be able to help. You could also file a complaint with the Deparment of Real Estate. And I have also seen folks in this situation resend their offer with a copy sent directly to the seller.

Submitted by Anonymous - 02/28/2009 - 11:04am

Dear Sean,
I am in Escrow on this property! I called someone higher up the corporate ladder in the Asset Management Company....and this person agreed with me. The asset manager who turned me down called me and I re submitted my offer! I just saved 10,000 over the first offer and I am very happy about that! We close in about 21 days!! Thanks!

Submitted by Sean - 02/28/2009 - 9:05pm

Great to hear. Let us know how it goes!

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