I have made a FULL PRICE offer to buy foreclosure house but the seller's agent is not processing. What to do?
Question:
Answer:
Tell the agent to submit your offer NOW or you'll find an agent who will!
well, sounds like that agent is lying. if that is true, nail him/her for it.
It depends on the laws in your state if offers need to be presented as soon as they are given, or if the seller is in negotiations, if those negotiations need to be completed first.
What does your agent say? If you are trying to do this without an agent, what does your attorney say? If you are trying to do this without either an attorney or an agent, you probably need to get one or the other.
Even full price offers may have contingencies or dates that need to be negotiated, so it's necessarily price they are negotiating over. For instance, did you include an inspection contingency in your offer? Did you include a requirement for the bank to pay up to $x in repair costs? Did you say that you will close in 30, 45, or 60 days? Each one of those points is a possible negotiation point, and even if you didn't include them in your offer, another buyer making a full price offer may have included them in their offer.
You are actually in a good position. The Realtor representing the bank is making a grievous error by excluding your offer if the other offer is less than yours. It is proper for the listing agent to not submit your offer if in fact the other offer has counter-offered (giving the original buyer full power to accept the counter-offer), but if the original buyer counter's the counter offer, your offer should be submitted with the counter offer to the bank (seller). If the listing agent doesn't do this, they are misrepresenting you and the seller and opening themselves up to being sued by all parties.
You might want to suggest to the listing agent, and their boss, that "bank policy" doesn't super-cede law! And, if the bank doesn't want to consider your offer, all they need to do is sign to reject it. If there is time I suggest you speak to the Realtor's broker(boss) first but then I suggest you speak to the real estate commission, where this is occurring which often offers resources for you to make a monetary claim as a result of illegal real estate practices by the Realtor in question.
The other offer and the negotiation was most likely made and started before you put in your offer.
It takes a while because the bank is the one that takes the offer and reviews it. Banks can take up to 30 days. If there's still no response, look to ask for the bank's lawyer that's handling the foreclosure case. You can usually find this out by going to the county clerk and see which lawyer is handling the case. You can then look up the lawyer's number or email from the phone book or state bar.
As a lawyer, they have to report everything back to their client (the bank). Hope that helps! Also, if you want more info about the foreclosure process or how to make money with foreclosures, I have some suggested reading below.
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