re: When is a bank required to do a 'final and best offer' call?

**Lao Pao** · 10-14-2009, 07:59 PM

I recently bid a house--asking price $69k. That house was on the MLS for over 1.5 weeks, and it was 'unavailable for showings' because of a mold problem.

Then, the morning it was available, I got a showing, made a cash offer--and wrote that offer so that mine would stay "1000 over highest" up to a certain dollar amount. Then, i included a $30k earnest money check.

Here's the problem: the Realtor I initially contacted did not return my calls at all during the time the house was closed for showings, and the Realtor who actually showed it to me ( from the same office) tried to talk me out of it!

THEN I was told at offer signing that the bank was in close negotiations with another buyer, and would likely accept the offer--before the day was even over!

What's going on here? No final and best offer period, no positive responses, and my earnest was way above ground--is it possible that there is some doo doo in the game? Where? The house opened, AND closed in less than a full working day--without my offer being seen! Is that unusual?

**jamesww** · 10-14-2009, 08:27 PM

Originally Posted by Lao Pao

I recently bid a house--asking price $69k. That house was on the MLS for over 1.5 weeks, and it was 'unavailable for showings' because of a mold problem.

Then, the morning it was available, I got a showing, made a cash offer--and wrote that offer so that mine would stay "1000 over highest" up to a certain dollar amount. Then, i included a $30k earnest money check.

Here's the problem: the Realtor I initially contacted did not return my calls at all during the time the house was closed for showings, and the Realtor who actually showed it to me ( from the same office) tried to talk me out of it!

THEN I was told at offer signing that the bank was in close negotiations with another buyer, and would likely accept the offer--before the day was even over!

What's going on here? No final and best offer period, no positive responses, and my earnest was way above ground--is it possible that there is some doo doo in the game? Where? The house opened, AND closed in less than a full working day--without my offer being seen! Is that unusual?

The bank is never required to do a final and best offer. Neither is any seller. Although I think there is alot of bad play going on with these foreclosure deals. It bugs me significantly.

**Greg** · 10-15-2009, 05:55 AM

Originally Posted by Lao Pao

I recently bid a house--asking price $69k. That house was on the MLS for over 1.5 weeks, and it was 'unavailable for showings' because of a mold problem.

Then, the morning it was available, I got a showing, made a cash offer--and wrote that offer so that mine would stay "1000 over highest" up to a certain dollar amount. Then, i included a $30k earnest money check.

Here's the problem: the Realtor I initially contacted did not return my calls at all during the time the house was closed for showings, and the Realtor who actually showed it to me ( from the same office) tried to talk me out of it!

THEN I was told at offer signing that the bank was in close negotiations with another buyer, and would likely accept the offer--before the day was even over!

What's going on here? No final and best offer period, no positive responses, and my earnest was way above ground--is it possible that there is some doo doo in the game? Where? The house opened, AND closed in less than a full working day--without my offer being seen! Is that unusual?

This all sounds pretty routine to me. I don't list foreclosures but I have sold a number of them as a buyers agent and they are all different and there are no rules except for the ones made up by the seller on the spot.

In the future, leave out the $1,000 over highest part because these transaction are submitted to the bank on a computer form and there might not be a space to enter this. So, the bank just saw your low offer and started to work with the other offer. Also, next time, submit your highest and best offer right from the start.

**Nick Brian** · 10-15-2009, 10:55 PM

I completely agree with Greg. It must have been the case that your offer never got exposed to the bank. I also suggest that you have a very good relation with banks. If it's informal even better. They will correct you when you are wrong.