Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Question about putting in an offer
Hi everyone, I'm normally a bump poster but would love to get some insight from other in the housing market on an issue my family is going through.
A little over three weeks ago my husband and I saw a house and loved it, we were told by the realtor that offers were only being accepted through the end of the day. We scrambled and got everything pulled together and submitted our offer to him that afternoon.
Three weeks later we call for an update and he says that it's under contract. I got a little suspicious about things because we offered 35k over asking price for the house with no allowances for closing costs or repairs. So I contacted the bank who owns the property and asked if they had received our offer. After being transferred a dozen times and being disconnected twice I find out that the realtor never submitted our offer to the bank.
Is there anything we can do about this? Obviously we're not getting the house, it's under contract, but is there any action we can take against the realtor for not submitting our offer even though we got it to him before the deadline and for not notifying us that the house was under contract?
Re: Question about putting in an offer
Are you talking about a short sale offer being submitted to the bank? In our situation, our accepted offer was the only offer sent to the bank for short sale approval because we were the accepted bid and the seller didn't feel they needed back up offers. If you aren't the accepted offer, you won't be submitted to the bank, but you should have been submitted to the seller. When there is a short time frame on offers, our realtor said often times there are many, many multiple offers and in our area, cash offers are frequently the accepted offers, even if someone comes in higher with good financing. We lost the first condo we put in offer on in a total bidding war that ended up going for $50K higher than asking. Definitely talk to your realtor about what happened here, he at least should have been in contact with you about the status of your offer and you shouldn't be the one needing to ask after three weeks!
Were you using your realtor or the listing agent? If you have your own agent and he didn't present it, I would get a new realtor. I assume the house is a bank owned foreclosure since you said you contacted the bank directly that owns the house. I do agree with the PP though, often cash buyers win out over offers with financing and often cash buyers even pay more than listing price for a good foreclosure.
Two thoughts: 1) contact your state's realtor's board and file a complaint. 2) If the realtor works for an agency, call their managing agent or office manager to discuss the situation. Obviously it won't change anything related to the house.
You also have to consider that maybe the bank just told you that. Frankly, a REA who doesn't put in an offer will not get paid because you won't get a house. We've been dealing with a bank foreclosure and the bank has been a PITA all the way and has lied multiple times to our lawyer about the status of the house, etc.