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re: Would a bank fake an offer on a foreclosure to entice me to increase mine?
Posted on 4/1/16 at 9:35 pm to stout
Posted on 4/1/16 at 9:35 pm to stout
I may be totally wrong. Realtor A had the house listed for the disposal company. I contacted realtor B. I inspected the house, I priced the repairs needed, I ran comps and I made an offer. I had a feeling A and B were tag teaming me because I did not have a contract with either.
B asked me to provide her with written documentation to support my lower offer. I did so. I only asked to see the email so I could see the actual wording the guy had used. I never actually spoke to A.
B asked me to provide her with written documentation to support my lower offer. I did so. I only asked to see the email so I could see the actual wording the guy had used. I never actually spoke to A.
1
Posted on 4/1/16 at 10:51 pm to Hangit
I doubt it was the bank but I would bet it's the realtor helping out an investment client. I know for a fact that there's some realtors that help their clients out on buying investment properties by letting them know when there is an offer submitted and what it is.
For example, investment client goes to foreclosure realtor and says I like this house at X price call me when you think I can get it. Realtor sits on house for months, then they get an offer so they call up investment client. Investment client submits offer too. Sometimes investor gets it and realtor gets double commission, other times they don't.
Shady, bs, and an inside game. But I know for a fact that ir is done because I've talked to a realtor that does it because he let it happen to me and then he helped me out in the same way, but the other person ended up paying more than I wanted to.
For example, investment client goes to foreclosure realtor and says I like this house at X price call me when you think I can get it. Realtor sits on house for months, then they get an offer so they call up investment client. Investment client submits offer too. Sometimes investor gets it and realtor gets double commission, other times they don't.
Shady, bs, and an inside game. But I know for a fact that ir is done because I've talked to a realtor that does it because he let it happen to me and then he helped me out in the same way, but the other person ended up paying more than I wanted to.
Posted on 4/2/16 at 8:08 am to dualed
IMO - major bank (chase, capital one, etc) not likely to fake an offer. They lose money every day that thing sits on the market
Smaller banks, or credit union... different story. Uncle works at a credit union, and the director is there because the board can control her and she comes up with some shady ideas.
Smaller banks, or credit union... different story. Uncle works at a credit union, and the director is there because the board can control her and she comes up with some shady ideas.
Posted on 4/2/16 at 8:17 am to stout
OP is going to lose a house he loves over a few K.
I never understand this way of thinking.
They lower the price, OP offers $20K less, they counter at 1K less. He's lucky he got a counter to his goofy offer.
There are times when "chandelier" bids are expected. This isn't one of those times.
I never understand this way of thinking.
They lower the price, OP offers $20K less, they counter at 1K less. He's lucky he got a counter to his goofy offer.
There are times when "chandelier" bids are expected. This isn't one of those times.
Posted on 4/2/16 at 8:23 am to East Coast Band
quote:
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.
We offered to buy a commercial property that had been vacant for a year. The realtor told us we needed to hurry to get our offer in because they had a strong offer already. We made an offer for what we thought was a great deal for the owner. The owner counter offered us almost 50k higher than asking price. The guy that made the original offer was $150K less than us. He called us and said if we wanted it he would back out, he just wanted it as a work shop. The realtor continued to pressure us into taking the counter because "it could sale any day now" that was 3 months ago. They thought we were desperate and would agree to anything now instead of working with us it will probably sit there for another year.
I don't trust anyone when it comes to dealing with money.
Posted on 4/2/16 at 8:27 am to dualed
quote:
Would a bank fake an offer on a foreclosure to entice me to increase mine?
Not legally.
Posted on 4/2/16 at 8:31 am to AUbagman
I think the bank has a duty to cover their losses by whatever means necessary. If this means taking a hit to get a foreclosure off the books, I think most would do it quickly. That's for smaller banks, imo. They have an incentive to write off those losses and get them off the books
ETA: as someone above mentioned, it's probably not legal to push ghost bids to drive the price up
ETA: as someone above mentioned, it's probably not legal to push ghost bids to drive the price up
This post was edited on 4/2/16 at 8:33 am
Posted on 4/2/16 at 8:37 am to stout
quote:
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.
Cmon, don't hold anything back now. Tell us how you really feel.
Posted on 4/2/16 at 9:18 am to stout
100s of foreclosures in 12 states every day.
What States do you cover?
What States do you cover?
Posted on 4/2/16 at 9:24 am to dualed
Offer what the home is worth to you.
Posted on 4/2/16 at 9:49 am to CorkSoaker
I love how people say that the banks wouldn't do this because it is illegal. 
Like banks haven't ever broke the law before or is impervious to being unethical.
It is even more laughable when it is applied to real estate agents.
Like banks haven't ever broke the law before or is impervious to being unethical. It is even more laughable when it is applied to real estate agents.
Posted on 4/2/16 at 9:50 am to dualed
quote:
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.
This is where I differ from some people. My way of thinking is like this.
Your in love with the home and your sure its what you want and you will be happy with it. Its already below cost and your getting good value for your buck. So what is stopping you from upping your offer? If you pass and try low balling too hard you may lose out on what you want. Just up the offer, buy the home and be happy.
Posted on 4/2/16 at 9:58 am to dualed
Decide what the home is worth to you. Try not to do this attaching emotional thinking to it, use any and all data you can get that is logical (for instance, condition of the house, repairs needed and $/sq ft in the neighborhood) . If the home is worth as much or more to you than the offer that will get you the house, make that offer. If not, tell them this is your offer stands as is.
Posted on 4/2/16 at 10:22 am to dualed
quote:
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.
This is the definition of Multiple Offers. I have never lost a multiple offers deal. I suggest to submit your best and final offer to exceed the list price if you want the property. By exceed, I do not mean by $100.
ETA: and, if you can go in all cash that would be better. If not all cash, then AT LEAST, submit a very substantial deposit. They're NOT going to counter anyone again.
This post was edited on 4/2/16 at 10:25 am
Posted on 4/2/16 at 10:25 am to dualed
Think I would go with Stout on this one.
Posted on 4/2/16 at 10:30 am to lathoroughbred
quote:
What States do you cover?
The gulf coast and east coast for now.
Posted on 4/2/16 at 11:01 am to stout
The gulf coast and east coast for now.
Gotcha..get to the midwest..Tennessee, Kentucky and such let me know.
Gotcha..get to the midwest..Tennessee, Kentucky and such let me know.
Posted on 4/2/16 at 11:10 am to lathoroughbred
quote:
Gotcha..get to the midwest..Tennessee, Kentucky and such let me know.
If you don't mind me asking, what do you do?
I am working to expand West. A client actually called and asked me for help in Kentucky but I haven't had time to tackle it just yet.
Posted on 4/2/16 at 1:18 pm to stout
I work offshore in compliance now. Was in frac consulting till the big drop in West Virginia. Live in Kentucky mostly. Tennessee sometimes...I buy and sell from time to time. Let me know when you need info Kev
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