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.
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.