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I will have to ask. Would that be a contract to an agreed price signed by both parties?
Â¥
2011 Sep 7, 7:57am
Yes, there's an official rigamarole that must be done in writing with this stuff.
Yes, generally speaking in order to sell real property, you must have a written contract. If there's no contract, then you had no deal set in stone. If you think the new price sucks, tell BofA to fuck off. If not, sign a contract.
If there's no contract, then you have no ground to stand on, unless perhaps you incurred significant costs in reliance of BofA's purported acceptance, but the reliance would have to be reasonable. If there's no contract, it's not clear why those costs would be reasonable, since that's usually how you sell real property.
Done!
2011 Sep 7, 9:46am
If it was just an offer, the bank did what they typically do. Which is wait for 3, 4 or 6 months to get as many offers as they could. If they are coming back with 96K then someone offered 96K, now they are playing Auction. That is why I didn't waste any time on those houses.
They aren't bound to your offer until they answer, but legally as a buyer, you can't run around putting offers on as many houses as you can while you wait for an answer. Legally you are bound to wait for an answer, unless the offer expiry is indicated in the offer.
I gave 24 hours on every offer I submitted, and made it known, I would not play Ebay. Take it or leave it. But I also offered exactly what was listed, I didn't low-ball my offer. I still ended up paying 10K less than my offer, because that's all bank appraised the house at. I told the buyer, I wouldn't finance any more than the bank would loan. So he took the 10K off the price.
If your in a location where 76K let alone 96K houses are a price point, then it would be safe to say. That wont be the last 76-96K house to come his way. Tell him to walk it off.
PockyClipsNow
2011 Sep 7, 10:37am
Sounds to me like a short sale.
If so your friend probably THOUGHT they were dealing with the bank when, in reality, they were dealing with the loanowner and the loanowners realtor. The loanowners realtor probably said 'yeah they will take this' or 'yah they will PROBABLY take this offer'.
Then 5 months later the bank employee who has 50 offers a day to look at , he finally looks at this offer, pulls up a computerized BPO and says 'this is too low, i cannot accept this offer without getting in trouble' so he counter offers.
Welcome to extend/pretend Obamaville.
Done!
2011 Sep 7, 11:13am
Then 5 months later the bank employee who has 50 offers a day to look at , he finally looks at this offer, pulls up a computerized BPO and says 'this is too low, i cannot accept this offer without getting in trouble' so he counter offers.
then potential buyer says no, bank tells TARP they can't sell it for what is required for their balance sheets. TARP writes them a check for their loss, the bank they sells it to a straw company under the Neighborhood Stabilization Program.
And if you really want to vomit, Google
"Neighborhood Stabilization Program" and get a load of all of the affiliate links. Yeah it's a good thing, we got people in Washington keeping an eye on fraud and deceit.
Sounds to me like a short sale.
If so your friend probably THOUGHT they were dealing with the bank when, in reality, they were dealing with the loanowner and the loanowners realtor. The loanowners realtor probably said 'yeah they will take this' or 'yah they will PROBABLY take this offer'.
Then 5 months later the bank employee who has 50 offers a day to look at , he finally looks at this offer, pulls up a computerized BPO and says 'this is too low, i cannot accept this offer without getting in trouble' so he counter offers.
Welcome to extend/pretend Obamaville.
You know, that does sound like what happened. The owners probably accepted the offer, but the bank didn't....
I made an offer on a short sale in Feb. The listed MLS price was $110K, "bank approved listing price." The house needed work. I offered $86K planning to go up to around $90K. Toward the end of July the BPO comes in at $129K. I went up to $90K. They came back with $124K. I stayed at $90K. I didn't get a counter offer. Rather, the agent I was dealing with decided to quit communicating with me. So, I don't know what happened other than the house has been back in the MLS at $103K for the last month.
So, I don't know what happened other than the house has been back in the MLS at $103K for the last month.
They seem to think that a lowball price will start a bidding war, but those days are gone save a few areas.
bubblesitter
2011 Sep 8, 2:08pm
So, I don't know what happened other than the house has been back in the MLS at $103K for the last month.
They seem to think that a lowball price will start a bidding war, but those days are gone save a few areas.
Yeah,keep lowballing all the way to the bottom. Play their games with them. LOL.
Yeah, so it was a short sale, the bank had listed the house at that price. How can they NOT accept an offer that they were asking for....they were trying to get a bidding war going, but this listing was pulled off of the market when their offer went in...
they are scumbags, they told him "Prices are going up, so they want more"
This area is the high desert
You should just walk from this deal. You can't get by the listing agent on this one. They'd rather have you walk away from the deal, so they can relist this as a "Short Sale Approved." They want their paycheck, and negotiating a better price for you will not appear to be the quickest way there for them.
There are other reasons why the price could have went up. Maybe the bank or a 2nd lien holder decided to do another BPO and the price came out to be higher. I thinks there is a reason why the buyers waited for so many months; because the price was a steal. The bank just wants a fair price.
FortWayne
2011 Sep 12, 12:59am
If you can't handle a little stunt like that, I don't think you'll do very well as a "real estate investor" you are trying to become per your other thread.
FortWayne,
This wasn't my story, it was a coworkers. And I'm not saying I'm surprised, just brought it up as how ridiculous it is
Unfortunately, I can see how this trick would work on most people, "oh it's only $10k more and I loved the house" etc etc etc
junkmail
2011 Sep 12, 5:16am
Just had same thing happen. It was a short sale... offered a price which they accepted, then HOA fees appeared and then a second loan, boosed the price an additional $25K. After 2 months of wrangling and the Agent putting the property back on the market... we walked.
Think I'll wait a few months then resubmit. If BofA is still around.
Coworker of mine was looking to buy a house for $79k from BoA. They offered asking price and house as-is, cover all closing costs, etc. Pretty much asked for nothing from BoA. This was back in May. They were of the understanding that the bank accepted their offer, and they were just waiting to go into escrow. Pending an appraisal. Now, months later, BoA came back saying they now want $92k, and all of the same concessions. They are wisely telling BoA to EFF OFF. I wouldn't be surprised since they decline, that they come back to the original offer.
Can they change the price like that? I guess maybe they never officially accepted the offer (their RE prob bs'd them) if they come back months later wanting more?