Profile picture for butterpecan619

Is this legitimate?

We found a foreclosure short sale home.The agent said we could put in an offer to be 2nd in line because he already had a verbal offer.We put one in writing 3 weeks ago. Our agent called him to see if there was any news.He said he hadn't even given it to the sellers because they were difficult. Doesn't our offer have to go to the bank no matter what/
  • April 17 2014 - US
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (1)

Profile picture for Outer Banks N C
NO, your offer goes to the owner. No one else until the owner signs it and then sends it to the bank for their approval to allow a sale that will not pay off the loan in full (aka a short sale). The bank does not own it and it has not been foreclosed -- yet. So the only one that can sell it is the owner. If the owner rejects your offer, then it is rejected.

What confuses me is the agent said you could put in a back up offer to a verbal offer. That smells really bad to me and I wonder if that agent also has the buyer to their listing and is a dual agent. But in any case, the owner must accept an offer and then forward it to the bank.
  • April 17 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.