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Results 1 to 5 of 5
  1. #1
    wheels15 is offline Renter
    Join Date
    Aug 2010
    Posts
    7

    Default Short sale favoritism

    i have been living in a condo for 11 years that is going throug a short sale, and would like to purchase the property. there was supposedly an all cash offer made of 67,000.00 so my mother made an offer of 69,000 that was pre approved. the realtor at that time said she wasnt accepting any more offers cause it was a done deal. then i heard that the bank counter offered the other persons 67,000 offer and said they would accept 88,900.00 probably cause another property exactly like this one just sold for that price. i also heard that that same person accepted the counter offer. i then got a phone call from his realtor asking me if it were alright for them to come over and discuss rent and a deposit. during the conversation he tells me that he is putting down 15% and that if i wouldnt be paying 1100.00 rent that the numbers wouldnt work for him, the average rent for this place is 850.00 he then began to take pictures of the condition of the property, telling me that he was going to go back to the bank and show them the pictures and pull his agreement to the 88,900 price and go back to his 67,000 offer but ishowing the bank that it wasnt a comparable to the other that went for 88,900 because it was in much nicer shape. he then ask me what my mothers offer was so i said 69,000. later i heard that he went in and made an offer of 70,000 so ifeel his only intensions were to come into my house and take pictures so that he could save 18,900 at that time i had my mother make a 72,000 preapproved offer and again the realtor said that until the other person pulls his all cash offer she is not accepting any other offers even if we were to offer 200,000.00 she said she wouldnt go with our offer cause she doesnt think that the bank will approve my moms loan once they do an appraisal. but her loan is preapproved. does some one know who i can call to get some advise.. by the way i am a paraplegic and lived here for 11 years, if that matters. thank you and the bank is wachovia
    Last edited by wheels15; 08-17-2010 at 08:44 PM.

  2. #2
    Greg is offline Moderator
    Join Date
    Sep 2007
    Location
    Outer Banks
    Posts
    1,281

    Default

    It sounds like normal negotiations. The only thing wrong was you telling the other buyer how much your offer was. In situations like this learn to keep quiet.

    It is standard policy to work one offer with the bank until it dies before proceeding to the next offer.

    If this deal dies then your mother may have a shot at it.

    In the meantime it might be prudent to start looking for another place as you already know this person is going to raise your rent. Not very smart of them to tell you this ahead of time.

  3. #3
    TeamAguilar is offline Condominium
    Join Date
    Jul 2010
    Location
    San Diego, CA
    Posts
    195

    Default

    I think the seller is just trying to increase the price,so you play it
    down.Also as a precautionary measure just start looking for other
    condos and let this info to be known by the seller too....
    Living in Southern California enjoying the sun!
    El Cajon Real Estate | San Diego Locksmith | Del Mar Real Estate | Santaluz Real Estate

  4. #4
    Yballe55 is offline Condominium
    Join Date
    Jan 2011
    Posts
    95

    Default

    In getting the client of other agent, don't talk about this thing to others. Better to keep in silence so that no one get mad at you.
    Get information on investing in Philippines real estate. It's the best way to find Manila Real Estate.

  5. #5
    HomeWithEquity.com's Avatar
    HomeWithEquity.com is offline Fixer Upper
    Join Date
    Nov 2010
    Location
    PO BOX 7734, MS, 39540
    Posts
    26
    Blog Entries
    13

    Default whoooaw!

    hey,


    what up? yeah I agree! we all have different strategies but somehow playing the safe mode is quite important and appropriate at all.


    much thanks
    HomeWithEquity.com

    Our goal is to provide quality housing at an affordable price. We strive our best to get people even with bad credit into our homes.


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