Reply
Regular Contributor
FinallyHome
Posts: 107
Registered: ‎03-22-2008

Can a buyer find out if offer has been submitted to the lender?

I am curious to know if a buyer can go directly to a lender to find out if an offer on a property has been received.  Have submitted several offers, lost on previous to cash deals.  Most recent went 20K over asking price being told by listing agent four offers were submitted, three were refused one offer was at counter offer, with us being one of the rejected offers, how come we were not allowed to submit a counter, and only one was allowed?

 

I am wondering if our offer was even submitted.  My husband and I both have low 800 ficos, cash down to put on home.  Something doesn't sound right with this deal? 

 

Want to ask the lender directly in loss litigation or asset management to at least find out if they had received our offer and the reason why we were not accepted.  I think we have the right to know why so we can learn from our mistakes.... 

 

This agent is not giving us direct answers as to why?

 

Any advice is greatly appreciated...

New Visitor
Tinki
Posts: 1
Registered: ‎02-20-2009

Re: Can a buyer find out if offer has been submitted to the lender?

Same thing happening to me ! Every time I put an offer in Someone out bids me .These are properties that have been setting around for months until I put in an offer.What's going on??????
Contributor
monsenor
Posts: 10
Registered: ‎01-12-2009
0

Re: Can a buyer find out if offer has been submitted to the lender?

Ditto! Called C'Banker listing agent on day one for recent attractively priced REO listing and waited a day to receive a response to my inquiry, and cooled my heels at the property the next day without realtor showing up for scheduled appointment to show the place, and was then informed the next day that bank had already accepted a "verbal offer" and never was I invited or encouraged to tender an offer myself. Went ahead and tendered a offer anyway at $9K above listing price, but never received acknowedgement. Honestly I doubt my offer was ever submitted to the bank, even as a "back-up offer. Personally I think the fix was in on this listing from the get-go and both the bank and potential buyers were taken for a ride by the realtor.
Contributor
blesd2bme
Posts: 16
Registered: ‎01-08-2009
0

Re: Can a buyer find out if offer has been submitted to the lender?

This is crazy!!! Just the other day I was telling my husband how odd it was that we put offers on houses that have been on the market for months then all of a sudden when we put one in the next few days it gets sold!!! How ironic!! We have put an offer in on so many homes i just feel like giving up.  We have offered everything from below asking to 30,000 over and still no luck.  I guess its all these cash offers making this so difficult.  I feel so bad for my agent!!! He called to check on an offer the other day to see where we stood in with the rest of the offers so he told the listing agent that we would take away our inspection contingency and the agent said "we already have a slew of those." So he said okay we they will up there offer to $350,000 (house listed for $330000 we offered $340000) she say "oh we already have many well above that." So he says we will put 50% down and she says "we have all cash offer!" WTF there is no way we can compete.  First of all even if we could do all of that (which we can't) I would be mad if i were to get beat out.  The house ended up selling for 360000!! Crazy!!
Regular Contributor
FinallyHome
Posts: 107
Registered: ‎03-22-2008
0

Re: Can a buyer find out if offer has been submitted to the lender?

It is good to know that I am not the only one out there in this situation.  I don't think in my case it is always the lenders fault opposed to the Listing Agent NOT submitting the offer. I am learning as time is passing some of the Listing Agents out there are picking and choosing who they submit the Offer(s) to.

 

If there are multiple offers, and the Listing Agent has their own client, they will most definitely submit their own first, so they do not have to submit other Offer(s) by other agents and possibly have to split their Commission.  My agent has been in the business for over 20 years, and is coming across this fight just about 90% of the time now, if it is not his own listing.  He cannot help people like us, because of a home we want to purchase and it isn't his listing.  We have submitted 7 offers now, and have been told several stories. Only one offer was due to a Cash Deal. 

 

    As you can see from my original statement I am just Annoyed.  I have been doing some homework, and I found grounds to fight back.  THIS IS FROM THE FTC (Federal Trade Commission's web site) 

 

 

What If Your Loan Application Is Denied

If your mortgage application is denied, the lender must give you specific reasons — or tell you that you have the right to ask for the reasons. The law gives you the right to:

  • find out whether your loan is approved within 30 days of submitting your completed application. The lender must make a reasonable effort to get all the necessary information, like credit reports and property appraisals. If your application is rejected, the lender must tell you in writing.
  • know specifically why your application was rejected. The lender must tell you the specific reason for the rejection or your right to learn the reason if you ask within 60 days. An acceptable reason might be: “your income was too low” or “you haven’t been employed long enough.” An unacceptable reason might be “you didn’t meet our minimum standards.” That’s not specific enough information.
  • learn the specific reason why you were offered less favorable terms than you applied for, but only if you reject these terms. For example, if the lender offers you a smaller mortgage or a higher interest rate, you have the right to know why — as long as you don’t accept the lender’s counter offer.
  • get a copy of the property appraisal from the lender. Mortgage applications may be turned down because of low appraisals. Review the appraisal. Check that it has accurate information and determine whether the appraiser considered illegal factors, like the racial composition of the neighborhood.

The lender may have rejected your application because of negative information in your credit report. If so, the lender has to tell you that, and give you the name, address, and phone number of the consumer reporting company that provided the information. You can get a free copy of that report from the consumer reporting company if you ask for it within 60 days. Otherwise, unless you order your free annual credit report from that particular consumer reporting company, expect to pay up to $11.00 for a copy. If your credit report has inaccurate information, the consumer reporting company is required to investigate items that you dispute. Those companies furnishing inaccurate information to the consumer reporting company also must reinvestigate items that you dispute. If you dispute the consumer reporting company’s account even after the reinvestigation, make sure that your credit report includes your summary of the problem.

If You Suspect Discrimination

Take action if you think you’ve been discriminated against.

  • Complain to the lender. Sometimes you can persuade the lender to reconsider your application.
  • Check with your state Attorney General’s office (www.naag.org) to see if the creditor violated state laws: Many states have their own equal credit opportunity laws.

 

WELL GUESS WHAT I AM GOING TO DO ON MONDAY, DEMAND FROM THE LISTING AGENT to have the Lender TO MAIL ME A DENIAL LETTER IN DETAIL AS TO WHY I WAS DENIED.  If it was due to a cash deal, ok at least I know my offer was submitted.  IF SHE DOESN'T DO THIS, AND GIVES ME A STORY, I WILL GO TO THE LENDER, California DRE, FCRA, ECOA AND FTC and file complaints.  Maybe trying this new route, will help us eventually get us a home.  And keep these Listing Agents on their toes.  So these agents don't control the sale of the home. It is worth a try.... Wish me luck, will keep everyone posted. :-)

 

Here is the link to review your rights as a consumer....http://www.ftc.gov/bcp/edu/pubs/consumer/homes/rea08.shtm

Contributor
Arkaneinc
Posts: 17
Registered: ‎02-13-2009
0

Re: Can a buyer find out if offer has been submitted to the lender?

I've had the same thing happen to me on multiple listings in the past few months. Made offers never heard back or was declined just to have the property sell for alot less than what I was offering in the first place.
Visitor
diamondx
Posts: 1
Registered: ‎02-21-2009
0

Re: Can a buyer find out if offer has been submitted to the lender?

I've never trusted realtors - or insurance agents.   I never realy quite figured out the real estate agent. A house is going to sell  itself- some idiot in a suit isn't going to talk me in to it.   They don't tell you anything that "may" be wrong UNLESS YOU ASK. That is bull.  I' d like to be on the other end of the deal selling them a used car.   You should be able to mail your offer certified mail to the seller. The realtor can have his stamp on it so he doesn't lose on the preciuos commission.      Demand written response from the seller.  
Gold Contributor
TrabucoDom
Posts: 1,584
Registered: ‎01-05-2008

Re: Can a buyer find out if offer has been submitted to the lender?

Annoyed, I think you are misinterpreting a difference between being denied a reason why your home offer was not accepted and being denied a loan. The FTC excerpt you post details recourse for having a loan denied. But it sounds like you want to know the reason your home offer was not accepted. I don't think anybody legally needs to tell you why your offer was not accepted. Also, from what I understand, an agent must submit all offer to the homeowner for a normal equity sale. But the rules seem different for short sales and REOs. For a shortsale, offers get submitted to the homeowner or agent, who can then choose which offer or offers to present to their lenders, or their agent may make recommendations for them. In the case of REOs, the lending institution sets up their own agreement with their agent letting that agent know if they want to see all offers, or just have some strong offers cherry-picked, or they may have some other systems in place. Often it seems  they give their agents lots of latitude and change the rules as they go along. I highly doubt you'll get a satisfactory answer other than your offer was not accepted and somebody elses was accepted.
Contributor
blesd2bme
Posts: 16
Registered: ‎01-08-2009
0

Re: Can a buyer find out if offer has been submitted to the lender?

Yeah my frustration lies with the whole offer process!!! I haven't even gotten to deal w/ the whole lending part yet.  I've only gotten prequal and thats it.  I've heard horror stories about once your offer is accepted and you have to keep calling to try to get in touch w/ them.  sometimes i feel like we are in over our heads since we are getting nowhere!!! 
Regular Contributor
skibum
Posts: 58
Registered: ‎03-30-2008
0

Re: Can a buyer find out if offer has been submitted to the lender?

Sorry you had to go through that, Ark. If a seller rejected your offer, did you try to send in a new and adjusted offer?
 

Arkaneinc wrote:
I've had the same thing happen to me on multiple listings in the past few months. Made offers never heard back or was declined just to have the property sell for alot less than what I was offering in the first place.