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ant3887
Posts: 2
Registered: ‎01-19-2013
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short sale offer rejected but it closed below my offering price

[ Edited ]

Four monthly ago, A short sale listed at $66,500.00. my agent put in $85,100.00 offer  for me. They rejected my offer and now I found out they sold the house for 75,000.00, more than 10,000.00 below my offer and way below market price. How can this happen.

 

Can I hire a lawyer to filen a law sue against the selling agent? any advice is appecieted.

Regular Contributor
Viss
Posts: 133
Registered: ‎05-24-2012
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Re: short sale offer rejected but it closed below my offering price

There are any number of reasons an offer below yours was accepted and closed. Without knowing the details of either offer it's hard to say... It may have been an all cash offer?

Silver Contributor
basschick
Posts: 497
Registered: ‎07-17-2012
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Re: short sale offer rejected but it closed below my offering price

[ Edited ]

not only could they have made an all-cash offer, but they could also have better credit than you have or be putting up a much higher down payment.  you don't meniton if you were pre-approved or pre-qualified, but perhaps if you're pre-approved, the buyers were approved.  there are plenty of things that make an offer more attractive than price alone.

 

keep in mind that the buyer is under no obligation to you unless you were under contract.  also with a short sale, the bank is under no obligation to the owner, the buyer or anyone who makes an offer. 

Gold Regular Contributor
sheriff
Posts: 2,342
Registered: ‎06-01-2012
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Re: short sale offer rejected but it closed below my offering price


ant3887 wrote:

Four monthly ago, A short sale listed at $66,500.00. my agent put in $85,100.00 offer  for me. They rejected my offer and now I found out they sold the house for 75,000.00, more than 10,000.00 below my offer and way below market price. How can this happen.

 

Can I hire a lawyer to filen a law sue against the selling agent? any advice is appecieted.


The seller can sell to anyone he wants at whatever price he wants.  The only recourse you could have against the agent is if he did not present your offer to the seller against the seller's wishes.  For example, the seller might say, Bring me all offers, or he could say show me only cash offer, or show me only offers with conventional financing.  It would also be hard to prove if he did not present your offer.
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ant3887
Posts: 2
Registered: ‎01-19-2013
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Re: short sale offer rejected but it closed below my offering price

My offer was all cash and my bank statement was presented that showed the approved fund . One thing that made me suspicious was that Listing agent and selling agent is from the same office.

Visitor
Bob123
Posts: 1
Registered: ‎02-16-2013
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Re: short sale offer rejected but it closed below my offering price

Welcome to Las Vegas.  The home of real estate agents and brokers that specialize in screwing their sellers out of the best offer so that they can make a higher commission when the buying agent works out of the same office as the selling agent.  I have seen this time and time again.  I have offered more on a property than the offer that was eventually accepted.  It is just the corrupt culture among real estate agents and brokers here in Nevada.

Gold Regular Contributor
sheriff
Posts: 2,342
Registered: ‎06-01-2012
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Re: short sale offer rejected but it closed below my offering price


ant3887 wrote:

My offer was all cash and my bank statement was presented that showed the approved fund . One thing that made me suspicious was that Listing agent and selling agent is from the same office.


There is a 99% chance you got screwed.  It is hard to prove because you don't have access to what went on.

Regular Contributor
Kenji4861
Posts: 166
Registered: ‎10-12-2007
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Re: short sale offer rejected but it closed below my offering price

[ Edited ]
I've been on the other end. I one time offered lower than highest offer ($615k, highest was $630k) but the agent picked me because I had no buyers agent meaning more commission for him. I'm not sure how he got the short seller to agree. I guess the short seller didn't care what price it sold for since the bank is the one taking a hit
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LasVegasBankREO
Posts: 14
Registered: ‎12-11-2010
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Re: short sale offer rejected but it closed below my offering price

An $85,000 offer on a $65,000 listing price seems out of the ordinary.  Wouldn't be surprised if the seller felt the same way.

Professional Investor Agent is Las Vegas Low-Priced Foreclosure Houses in Good Areas with Hi Rental Income
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tom429
Posts: 1
Registered: ‎03-20-2013
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Re: short sale offer rejected but it closed below my offering price

I'd be pissed-off too if I were you.  I am an agent in California, and funny stuff like this happens all the time on short sales.  On one short sale offer we made on behalf of a client, the listing agent said we had to make a side offer of about $15,000 to the owner for him to accept our offer and submit it to the bank.  It might be hard for you to prove in court, but it's very possible that the agent steered this house to one of his friends.  The bank takes the hit on short sales, not the owner, so the owner and the agent don't care if they submit an offer to the bank of $75,000, $85,000 or $205,000.  It sounds like you might have been screwed on this.  I'd definitely contact an attorney and at least explain the situation to him.