11-01-2012 08:30 PM
I recently made an offer on a condo forgoing the inspection with pre-approval for the required amount as well as quick close option (I'm renting).
I lost out to what was described as a "very strong offer".
Now 60 days later, the house shows up sold for $11 LESS than I offered?
11-02-2012 09:09 AM
It's impossible to know based on the information you have. One guess? A cash buyer can be preferred because there is no chance of being denied a mortgage. Did your offer include 20% downpayment? A 20% downpayment has a better chance of being approved for a mortgage.
11-07-2012 04:46 PM
Any number of reasons:
Maybe it was a cash offer.
Maybe it was a quicker Close.
Maybe it had no contingencies(Financing, inspection...)
or anything else...like the possible lowered price after an inspection that someone montioned.
12-14-2012 12:34 AM
The same happened to us, actually our accepted offer was dropped and the place was put back on the market for 25K less than our offer, as they were then seeking a cash offer after a change of heart by the short sale sellers. We contacted the bank and told them we would organise cash within 5 days, the house sold in 2 to some mysterious new buyer (after the loan officer at the bank assured me that if we could get cash they would keep us on as sellers). I believe there was likely a backdoor deal or kickback involved. I really doubt any genuine buyers are getting through in this market, from everything ive seen its all investors and banks hand in hand helping one another out to make sure they get anything decent that comes onto the market.