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Real Estate Question

Discussion in 'Members' Lounge' started by lswhitecivic, Oct 10, 2011.

  1. lswhitecivic

    lswhitecivic Senior Member

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    Does anyone here work in real estate? I've got an weird scenario, and just wanted any thoughts/suggestions.

    My parents are looking at buying a new house.

    A little over two weeks ago, they found a place they absolutely love, its a Fannie Mae foreclosure property that just got new paint and carpet, has a finished basement, real nice place. Their realtor talked with the selling realtor on Monday the 26th and found out that an offer had been submitted by another party and was rejected on Friday the 23rd, no counter by the bank, just rejected. Which to me would signal the end of a transaction. If there were a counter offer by the bank, their transaction would still take priority.

    My parents decide to put in a full price cash offer, thinking that it would be quickly accepted. By the end of the first week, they had heard nothing, but decided not to pursue it more thinking that the bank could just be taking its time to review the offer. Last week, the selling realtor said he was unable to enter my parents offer into the bank's system due to the previous offer being "stuck" in the system. Also the realtor has said that he believes our parents offer will be accepted by the bank when it is entered.

    Now this week, the selling realtor's website no longer lists the property and another website lists the property as "Under Contract" yet my parents have heard nothing.

    It could be that my parents just have heard anything, but that their offer was accepted. But, if this realtor has somehow stalled my parents offer to allow someone like a friend/family to purchase the property and we find out about it, is there any recourse for my parents to go after this realtor?

    Thanks for any help.
     
  2. Cashizslick

    Cashizslick !i!i!i!i!i!i!i!i!i!i!i!

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    It would be illegal for them to take money from your parents without coughing up the house in question, unless your parents back out of the deal after they are approved.
     
  3. lswhitecivic

    lswhitecivic Senior Member

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    Well, no money has exchanged hands, I more talking about if say my parents submitted an offer to him on 26th, and his friend wasn't ready to put in an offer. So he stalled my parents offer until he could enter a different one.

    They'd basically have to prove that their offer was submitted first and never seen by the bank.
     
  4. reckedracing

    reckedracing TTIWWOP VIP

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    You could try to bring a suit, but it will be nearly impossible to prove, and what exactly will you sue for? there is no financial loss per say, and i doubt you could bring a civil case worth anything

    and this is a prime example of why i hate realtors and buying property
    way too much like the telephone game.
    who knows who actually dropped the ball, and you are only trusting the information from websites.
    call your realtor, its their fucking job to make shit happen
     
  5. lswhitecivic

    lswhitecivic Senior Member

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    What about bringing it to the real estate board to try and revoke his license?
     
  6. reckedracing

    reckedracing TTIWWOP VIP

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    first find out what the deal is on the property, whether it had an accepted offer and went to contract or if its just a fuck up in the listing

    you can file a complaint with the realtor board or whatever such agency exists in your state, but you better get your shit together and find out the whole story before pursuing such action
     
  7. lswhitecivic

    lswhitecivic Senior Member

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    I absolutely agree, they wouldn't be doing anything until they knew what exactly had happened. I was more just looking for any additional information from anyone in real estate.
     
  8. reckedracing

    reckedracing TTIWWOP VIP

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    It sounds against the seller's interest to sit on a cash offer full price bid, risking losing his commission. I also know from personal experience that it can be EXTREMELY challenging to try and buy a bank owned property. It can drive a person insane trying to deal with those fuck-asses.

    They make up their own rules as they go along and not much you can say or do about it.
     
  9. UNDR8D

    UNDR8D ...has a job!

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    The idea of the realtor has become one of the biggest running scams.

    There was a time when a realtor was necessary but, now, with the overabundance of information available to the public, they are unnecessary, and frankly, don't end up doing all that much for you, other than cost you money.
     
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