Profile picture for user8900088

Sold before accepting offers???

I was looking at the house that was on the market for $110.000. Foreclosed home. Listed on a September 7th. Me and my realtor stopped by this house on a first day and was told by listing agent (note from listing agent for everyone who was interested) that offers are not accepted first seven days. Six days later this same house was sold??? Listing agent responce was......sorry, that somehow they already had 12 cash offers and many more mortgage loan offers. Nation Star, or something like that, who accepted offer after five days, clearly noted that they will not acccept any offers for seven days and offers before seven days will be denied?
I know I keep repeating myself with this seven days but I feel like lots of people were cheated out of this deal because someone somehow did not have to wait seven days.
 I will also give you this
MLS#RX-9975070
Let me know if this is the way real estate agents and banks work??
Thank you.
  • September 12 2013 - Lake Worth
  • 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 (7)

I've seen listings which say offers will not be accepted for the 1st 7 days.  That does not mean they won't be gathered.  If an offer is submitted the seller holds it 7 days and then makes a decision based on what they have in their hands.

If your agent was unsure how the process worked they should have contacted the listings agent to verify how the sale was being handled.

If it was a desirable property and I was your agent I would have informed you financing won't get this house - cash will over rule.
  • September 14 2013
  • 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.

Profile picture for larryeul
To user8900088-

  I was fully expecting you were new to buying a home. I absolutely knew you did not know how things could work. I only responded to your question because 1. you stated you were cheated...pretty strong words and 2. you called in the ethical standards of real estate agents (banks too, but they can take care of themselves).
  I truly apologize if my commentary came off as sarcastic to you, but this is a public forum, and others will read your post and the responses and my post was not only for you but for others that will also read. Plus, I am a very blunt talking person. Good or bad, that is me.
  I was not at the property, other than what you have posted, I really dont know what was discussed and disclosed. I truly believe your post was accurate and concise.
  If you had been my buyer, you would have been informed of everything I noted in my original post when viewing that house. If you read the following posts, all by other RE agents that responded, across the US, they all agreed with some portion of what I discussed. So, if you had this knowledge on Sept 7, when viewing the home, would you have followed the same course of action- waiting for the last day, whenever that would be, to submit offer? No, you would have submitted immediately. Read the first line of Renee's post. There it is.
  And, you may have been cheated with the time. It may be the Bank took the offer in six days or five days. None of us can know that. But it was the Bank that took the offer, it was the listing Agent that submitted the offers, and again, not knowing the details, but Agents are Agents, not the Seller. We convey information that is given to us. I made a guess as to the timing... I could be wrong, I could be correct. I really dont know, but I was responding to your post that to me, showed distress at thinking you were cheated out of the home because of the listing Agent.
  And last, I was only trying to help you in asking about your probable offer vs the selling price. Also, as noted by another post, plus my experience when there are 12-20 offers, that home went above list price. Sometimes banks will price low, keep process open for how ever many days, and have exactly what happened, a bidding frenzy, with prices pushed above the low asking price. You have now experienced it, not you are the wiser. This goes on across the US, not just where you are.
   Last, your statement re; your Realtor commenting on unethical agents..here we are again bashing Agents... from another Agent now. I repeat, if you were my buyer, I would have recommended an immediate offer on the home. I would not have tried to count any days, because as a buyers agent you never know all the facts, and would have recommended immediate offer to be submitted. It was the Bank that accepted the offer, not the Agent. Be mad at the Bank- maybe they were the ones that could not accurately count days.
Truly, the best to you.
 
  • September 14 2013
  • 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.

Profile picture for user8900088

To: Larry Eul
First of all, this is my first time buying a house. Sry, for not knowing how things work. This is why I have a buyers agent. If we all know how it works then why do we even need someone like YOU.
Secondly, I did show your answer to my college math prof. he laughed his a.. off and so did I. I can bet money on it that I can do math better than 90% of people is US. If you count seven days from sept 7th (included) then it ends up being sept 13th. If you guessed, that it was listed sept 6th, then congratulation, seventh day is sept 12th, you used your fingers wisely.
Anyways, sept 7th was the day when listing agent listed this property. I do not know from what day did she start counting these seven days. My realtor told me that offers will be accepted on sept 13th. This info was given to him by the listing agent. This info was not even available for the people like me, it was only for the agents like YOU. Listing agent apologised for this, and even she did not understand how bank sold it before sept 13th. Like I mentioned earlyer, offers before seven days will not get looked at. This is what bank told to the listing agent, not to me.
All these comments you made about ME not knowing how to count days, or ME not figuring things out.........It was agents just like YOU who told me all this (sellers and buyers agent). I had all MY paperwork ready.
My realtor also mentioned that there are unethical agents out there, who would sell their mother to make a fast buck. I do not know if this is right but it sure did feel like it.
Finally, it did go over the asking price and it did go over the price I was going to offer. I planned on offering more than they asked. Everyone knew that it will get sold for more. Because I did not have the highest offer, is why I am not too pi..ed off, just wanted to be a part of this deal.
Good thing is, I did learn from this and next time I will not wait for anything.

To everyone else who replyed:
Thank you. I understand, cash is king and market is tough.
I wish listing agents would share info with everybody and not just with the buyers agent who might miss something important. I did not expect two agents to be so wrong about the seven days.
PS! I understand what went wrong this time, so, no more sarcastic comments needed. Inside tips are still welcomed.

  • September 13 2013
  • 1Yes

  • 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.

Profile picture for edboner

Not accepted for the first 7 days.....  Some sellers will allow agents or buyers to present offers, but will not "accept" any offers until a period of time has passed in order to allow all interested parties to present an offer. 

  • September 13 2013
  • 1Yes

  • 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.

It is important to have a Buyer's Agent that understands the process involved with buying Bank owned properties.  It is typical for them to not "accept" any offers for a short period of time after a property is listed.  If you were working with an experienced agent, they should know this and advise you accordingly.  The guidelines are a little different between banks, Fannie Mae, Freddie Mac and HUD.  If you want to buy a foreclosure and try to get more house for your money, then find an agent with proven experience in dealing with this type of sale.  Make sure your financing is in line and be patient.  The market is changing and inventory is low, so properties don't stay available for long.  Good luck!
  • September 13 2013
  • 2Yes

  • 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.

As Larry states, this home 100% sold over ask. I have been involved in about thirty of these situations this summer and all have gone over ask. Cash is king when it comes to those properties. 
  • September 12 2013
  • 2Yes

  • 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.

Profile picture for larryeul
Poor communication.
You state "offers not accepted first seven days". Based on your questions and comments, it seems you took this as offers not to be sent to agent/seller for seven days.
  In the meantime, multiple offers are submitted by buyers, who may read the same comment as "offers not to be accepted/signed for seven days, but what the heck, let me get my offer in and get in line and see if it will win".
  Listing date is noted as Sept 7- a Saturday. My guess, and just a guess, the agent was authorized to list on Sept 6, Friday- most bank operations like this not open on weekends...bankers hours!! And the listing prob entered early am of Sept 7.
  Now, start counting from Sept 6th thru 12th, yeah, use your fingers... its SEVEN days, including the 6th as day #1.
  You were not cheated. You had a chance to submit offer and wait until the 7 days were up... you made a presumption about the start date.. (mistake #1). You did not understand what the 7 day waiting period was for (mistake #2)- it was to allow as many offers as possible to pile up so the seller could take the best one... think of this process as a silent auction...make your best bid, make it fast and hope for the best.
  The proof of my analysis- you state 12 plus cash offers plus more w/financing..so 12-20 buyers figured this one out. Now you know too.
  Next time, you find something you want, jump on it.

  Best to you... be a bit more bold if you see one you want.

p.s.  respond now, state what you would have offered..  Hint>>.I bet this one sold over list price based on number of offers. Check sold price after it has closed and see if you were close.
  • September 12 2013
  • 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.