Profile picture for user8470992

Can a property be re-activated after getting mulitple offers?

So, I was bidding for a foreclosure/ Freddie Mac owned property until yesterday.  They had multiple offers on the house and our realtor told that ours was the highest. They had asked all the buyers to submit their best and final offer by last Friday.

BUT, now they want us to put more money down and have also invited offers from other buyers.  Now the property is listed again under 'RACT' status. 

Can they do this after requesting best and final offers from everyone?  I just feel like they're trying to get more and more money for the house.

Any advice?

Thanks,
Pandyav
  • November 07 2012 - Chicago
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Answers (5)

Profile picture for Matt Laricy
Banks do whatever they want. A lot of these foreclosure properties have odd things that happen that can drive you nuts. I would insist on having your agent make sure this got resolved asap.
  • November 27 2012
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Profile picture for user8470992
This is residency.  I am going for conventional financing. 

I am bit pissed because if they wanted me to put more money down, they could have directly reached out to my agent but instead they re-listed the property on the market which means they want a bidding war and more money.

Should I walk away from the house at this point?
  • November 07 2012
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Profile picture for Cindy Quinton
Why are you being asked to put more money down? Is this home an investment or residency? Are you attempting to do Homesteps financing?

Yes, if they didn't come to an agreement with the person who was in the top spot, they would likely advise all bidders and ask for offers again. Many of the initial offers would have expired, or the people may have moved on to make offers on other properties. That part would not be unusual.
  • November 07 2012
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Profile picture for user8470992
No it was 15K above asking price with 10% down payment.

And my realtor told me that if I had made offer with 20% down, it would have been accepted.

There were around 6 offers at the end.  My question is 'can they list the house on the market again?' and ask for more bids, when they had multiple offers in first place and all of them had submitted their best and highest offer.

  • November 07 2012
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Profile picture for Cindy Quinton
Was your price below asking price?
  • November 07 2012
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