Did we just get cheated out of a foreclosure sale?

[Ivan Poon]

Hi Guys,

Here's the situation. We're first time homebuyers looking for foreclosure homes in CT. It's real pricey here because of the proximity to NYC.

We have a real estate agent that specializes in short sales/foreclosures. We had found a property that just appeared on the MLS last thursday or friday for about half of what zillow.com said the house was worth (based on comps, zillow was in the ballpark) and we quickly submitted a cash only offer for asking plus 7 days inspection yesterday.

We lost the house today to someone who a) bid a higher amount (other agent wouldn't say by how much, but there were 6 other bidders) and b) offered a no inspection contingency.

There was NO chance to counter offer (i would have waived inspection now that i knew the competition was pretty fierce and i would have upped my bid by as much as 18% higher if i had a chance to counter.

I suspect the listing agent wouldn't be interested in us because we're represented by an agent ourselves so the commission would have had to have been split. Also, i tried calling them 4 times yesterday and today and all i got from their phone number listed on their website was a voice mail and they never called back.

What do you guys think? Should they have let us counter offer? I have half a mind to call the bank that owns the property

:cry:

[Jon Holdman]

Disappointing, but you weren't cheated. If you are determined to buy a house in circumstances like this, find nine more and make offers on all of them.