Is It Common To Get Outbid On A Foreclosure Property? | Rock-n ...

Q: I have been in the market for a home for over a year now, the perfect one finally came along. Yesterday I made an offer on a foreclosure that has only been on the market for a few days. The list price was $99,000 and my offer was for $105,000 submitted with a $1,000 deposit. My agent verified through the listing agent that there were no other offers on the house and my agent submitted my offer to the bank at around 3:00PM. So I get a text message from my agent at about 6:30PM saying that she just received an email from the listing agent saying that a cash offer has been accepted on the house. I want to know what could have happened in those few hours, I have a suspicion of something done under hand. Should I look further into it, or do these things happen often?
?Katherine, Lake Mary, FL

A: Unfortunately these things happen sometimes with foreclosures, it seems a little bit too fast to hear from any foreclosure Bank within 3 hours about any offer, but they behave like this if they get a great cash offer. I don?t blame you to be suspicious, but Banks are not in Real Estate business and they don?t follow any rules. As far as the listing agent, they just act on behalf of their seller or asset manager.
Rena Kovach is a Realtor? with Fairfax Realty in Vienna, VA.

A: These things do happen. The bank does not really care about much other than getting the best offer. I would inquire with your agent as to what offer they accepted but my guess is the bank will not disclose.
Steven Brown is a Realtor? with The Dwelling Group in Seattle, WA.

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