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Started By
Message
Would a bank fake an offer on a foreclosure to entice me to increase mine?
Posted on 4/1/16 at 8:11 pm
Posted on 4/1/16 at 8:11 pm
Made an offer on a foreclosed home and the bank countered with another offer. Before I could respond to the offer, bank tells my realtor that another offer has been made and I need to now give them my best offer. I'm inclined to believe the other offer exists, but would anyone be skeptical?
Also, if this situation seems all to familiar and you're the other offer, go ahead and tell me what you're submitting so I can beat it, thanks.
Also, if this situation seems all to familiar and you're the other offer, go ahead and tell me what you're submitting so I can beat it, thanks.
16
Posted on 4/1/16 at 8:14 pm to dualed
Doubtful. They're willing to take a certain amount. Your offer is either good enough or it isn't.
That said, it's possible that the asset manager is doing something shady. It just isn't likely.
That said, it's possible that the asset manager is doing something shady. It just isn't likely.
Posted on 4/1/16 at 8:15 pm to dualed
I hear the "multiple offers" line all the time. Buying foreclosures getting harder and harder.
Posted on 4/1/16 at 8:21 pm to dualed
Call their bluff.
People do waaay too much shady dealings to squeeze money out of folks like you.
When I bought my house, it had been empty for 4-6 months. But amazingly when I offered, there was another offer imminent and I needed to hurry.
People do waaay too much shady dealings to squeeze money out of folks like you.
When I bought my house, it had been empty for 4-6 months. But amazingly when I offered, there was another offer imminent and I needed to hurry.
Posted on 4/1/16 at 8:24 pm to East Coast Band
I'll try and explain my situation without giving specifics. Foreclosed home has been lowered ~50k within the last few months with the last reduction coming within the last week. I lowballed my offer ~20k less than asking just to negotiate and they came back knocking ~1k off of asking price.
Before I could even counter their counter my realtor hits me with the "second offer" thing. I'm pretty much in love with the home so obviously I'm worried about not having my best offer be enough to beat the other best offer.
Before I could even counter their counter my realtor hits me with the "second offer" thing. I'm pretty much in love with the home so obviously I'm worried about not having my best offer be enough to beat the other best offer.
Posted on 4/1/16 at 8:27 pm to dualed
quote:
I need to now give them my best offer.
bullshite.
They countered. You presumably didn't want it at that price. I would counter with what you think it reasonable and tell them it's good for 10 days. To hell with "the other offer" - if it is more than you countered and more than you wanted to pay, good for them.
This post was edited on 4/1/16 at 8:29 pm
Posted on 4/1/16 at 8:29 pm to dualed
On homesearch.com they are up front about doing so.
Posted on 4/1/16 at 8:30 pm to dualed
I told them I'd go $1 higher than the highest bid, up to a point. Sorry baw
Posted on 4/1/16 at 8:31 pm to Ace Midnight
Home is likely worth 10-20k above what the asking price is and I'm comfortable paying what they're asking. It's just the negotiator in me wanting to not give them what they want.
Posted on 4/1/16 at 8:34 pm to East Coast Band
quote:
People do waaay too much shady dealings to squeeze money out of folks like you.
Banks don't play these games usually. They hire huge national management firms to deal with the maintenance and management of their foreclosure assets. The person in charge of it at this point is just doing what they always do and trying to get the property off of the bank's books. They have a number the bank has told them to strive for and that number is based off the writ amount, all of their fees and cost in it up to this point, the realtors commission, appraisals, and BPOs, etc. They won't play games once they have that covered and if the other offer covered it they would have taken it and told OP to GFH so by asking for his best offer they are trying to play OP and the other person against one another to hit that number.
If there wasn't another person they would have just made OP a reasonable counteroffer to cover that number.
This post was edited on 4/1/16 at 8:49 pm
Posted on 4/1/16 at 8:36 pm to dualed
They'll tell you all kinds of bs.....
What would this home rent for as is?
What would this home rent for as is?
Posted on 4/1/16 at 8:36 pm to stout
quote:
They won't play games once they have that covered and if the other offer covered it they would have taken it and told OP to GFH so by asking for his best offer they are trying to play OP and the other person against one another to hit that number.
This is my exact thought. Comes down to who wants the home more. And I'm willing to pay asking. They have me by the dingus
Posted on 4/1/16 at 8:37 pm to dualed
I had that same situation happen to me on a foreclosed home in the past. I've often wondered if I got weiseled, and I'm pretty sure i did.
If I were you I'd call their bluff. Maybe come up a little on your lowball offer, but stand firm. The other "offer" probably doesn't exist.
If I were you I'd call their bluff. Maybe come up a little on your lowball offer, but stand firm. The other "offer" probably doesn't exist.
Posted on 4/1/16 at 8:39 pm to dualed
quote:
Home is likely worth 10-20k above what the asking price is
Based on what? If that is a reasonable price, then that's why they're screwing with you. If you're trying to steal the house for almost $70k less than what it is worth (if you really believe that), then maybe you deserve a little mind game.
But, your instincts are probably right, if that is the case and the house is already priced well under market value, there is probably another offer. I would just accept their final counter and move forward, if you really like the house and are convinced you have instant equity on day 1.
That sounds like win-win-win. You going to lose the house over a few thousand dollars and pride?
Posted on 4/1/16 at 8:42 pm to dualed
It's seems highly unlikely a bank would do that. They're trying to clear the foreclosure, so they'd counter with what they want. I don't see the purpose in prolonging the situation when they could have countered for more to begin with.
Posted on 4/1/16 at 8:44 pm to dualed
FWIW I contract out work from the mentioned asset management firms so I am not talking out of my arse like everyone else in this thread. I deal with these companies and 100s of foreclosures in 12 states every day. I have also bought and sold a lot of foreclosures over the past 13'ish years.
Do what you want but, if you are certain you like the house, and will have instant equity, it seems like a no brainer even if they are bluffing (which they aren't).
Do what you want but, if you are certain you like the house, and will have instant equity, it seems like a no brainer even if they are bluffing (which they aren't).
Posted on 4/1/16 at 8:48 pm to stout
quote:
if the other offer covered it they would have taken it and told OP to GFH so by asking for his best offer they are trying to play OP and the other person against one another to hit that number.
DING DING DING DING DING DING DING DING DING DING DING DING
Posted on 4/1/16 at 9:09 pm to dualed
Just decide what you think the property is worth.
Posted on 4/1/16 at 9:20 pm to dualed
quote:
Before I could respond to the offer, bank tells my realtor that another offer has been made
The bank may not have told your realtor Jack squat. I had a realtor do this to me. I asked to see the email. It did not exist. The house sold two months later for 1k less than my offer.
The realtor immediately hit me up like that for my best and final offer to bump her commission a little bit.
Posted on 4/1/16 at 9:26 pm to Hangit
quote:
I asked to see the email. It did not exist.
If the Realtor was a dual agent they aren't allowed to show you the communication between them and their other client.
quote:
The realtor immediately hit me up like that for my best and final offer to bump her commission a little bit.
That's fraud and illegal. Also, that would be a stupid arse realtor to lose a sale over a few hundred dollars. After splitting with their broker, an agent is going to maybe make a $150-$200 for every $10K they get the price up.
quote:
The house sold two months later for 1k less than my offer.
There are hundreds of reasons that could have kept it from closing. Inspection failure, financing issues, appraisal issues, etc but no let's believe a Realtor was really so stupid to cost themselves a sale, and possibly fraud charges, to make an extra $150.
Some of the shite you people come up with is absurd.
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