trying to buy a house, need help

[pontiacfreak142]

Ive had my eye on this place for a while but kept going in and out of contract before i could do anything. Finally it went back on the market so i decided to check it out. Place was pretty nice, needed a little work but nothin major. Did some research and found out that people kept backing out of contracts because they didnt realize the property was close to being approved for short sale, so it would take time to get into it.

 

After going through it a couple times we made an offer. We went in at asking price and they pay up to 3k of closing costs. The owners approved immediatley, then it was sent to there bank (bank of america) for final approval. After 2 weeks we had heard nothing, so i looked at the listing to make sure all was good and it went from contingent back to active. I contacted my realtor and got a call back about 30 min later saying that they had just completely denied our offer and had no intentions of informing us. The kicker, they also raised the asking price by 10k. I know its legal to do so, but is there anything i can do about this? It just seems funny to me that they had several people back out (and i forgot to mention, they also just lowerd the price like a week before we put in our offer) , we made it very clear we wanted the place and would wait it out, then bam price goes back to original asking price.

 

 

Sorry for the rant. Any help is appreciated

[ICEMAN1647545504]

There is nothing really that you can do, except make a higher offer.

[TimTaylor751647545500]

Sounds like a bidding war has started.

[greg1647545532]

That's how short sales work. They're never a sure thing until the bank says OK.

 

If a bank agrees to a short sale, it's basically doing a huge favor to the homeowner by waiving some portion of the principle. In turn, the bank gets guaranteed money instead of possibly having to foreclose.

 

This is why short sales are a pain in the ass.

[John Bruh]

Just look for a bank owned foreclosure. That's what I'm doing.

[Cordell]

That's how short sales work. They're never a sure thing until the bank says OK.

 

If a bank agrees to a short sale, it's basically doing a huge favor to the homeowner by waiving some portion of the principle. In turn, the bank gets guaranteed money instead of possibly having to foreclose.

 

This is why short sales are a pain in the ass.

 

Exactly, short sales suck to deal with. We wanted one last year when we were looking, but couldn't even get a response from the bank. It's pretty typical, look for bank owned stuff. If you're really lucky like us you find a homeowner who really wants out of their house, so much that they are willing to take a loss.

[gaewsky1]

We just went through the same situation. Short sales suck ass. Like someone else said look for a bank owned foreclosure or if you get lucky, like we did, you'll find a regular home for sale. Good luck and be patient.

[pontiacfreak142]

Thanks guys, not what i was hoping to hear lol. But i guess ill just waiting it out and seeing what happens

[Akula]

Take the $3k of closing out, make the same offer. Banks don't like writing checks.