All Forum Posts by: Behrooz K.

@Joe Norman what is a 3rd party approval contingency? If you mean in the contact, there's nothing in there about refunding the good faith deposit just the amount that will be deposited. 

Thank you all for your replies. 

@Russell Brazil this property is in New Jersey not in my home state. If you or anyone have state specific info for NJ it would be greatly appreciated. 

Thanks

I've been in the process of bidding on a short sale since October. Today after increasing my offer 4 times my broker said the bank has declined my offer once again. So I've finally decided to walk away. 

I have a $1000 good faith deposit with the broker and today he told me that he'll speak to his supervisor to see if he can get it me a refund. I don't understand why that would even be a questionable thing as I've been earnestly seeking to make this deal happen. 

Any comments, suggestions would be appreciated.

I was also thinking of writing a formal request in addition the the phone request I made today. Something like this: 

"Hi ____,

I'm writing this email to make a formal request for the refund of my good faith deposit.

I believe that I am entitled to a refund of my entire good faith deposit of $1000. Since October, we wrote 3 contracts, four if you include the amendment of the 3rd. We increased our offer price four times, starting from a price you suggested and finally stopping at 12% below bank appraisal which I believe was a reasonable offer. I did not reneged on any of those contracts and exhibited my good faith in both compliance to your requests and consistent follow ups. "

@Danielle Baylor What I liked was that they paid their quarterly dividends as promised in all the eREITs. I pulled out less than a year ago after almost 2 years being invested. They took their sweet time (almost 3 months) to return my investment plus dividends less the 3% withdrawal fee. 

I pulled out because their sec filing continually showed net loss and this article worried me:  

https://techcrunch.com/2016/02/15/well-funded-fund...

If you are serious about investing with them, please read the risk disclosure thoroughly and when you do, don't think what's listed there is unlikely to happen, it sure can.

And rule of thumb, don't invest money you can't afford to lose. 

@Christopher Phillips Thank you.

@Tom Gimer so the broker I refer to is my agent who is a dual agent also representing the seller. He is in contact with someone at the bank. He also let the bank's appraiser in the property. 

That's a good point about the property not going off the market. When we signed the contract with the seller the status on zillow became pending sale. Now the status is back to for sale. This is was what concerned me. 

@Russell Brazil I just went through the entire contract and there's nothing on expiration. There is a section that says the closing will take place on November 6, 2017 at agents office, which has already passed. Furthermore the contract is still for the original offer price and no new contracts have yet been drafted for the new offers. 

@Christopher Phillips Yes, we did sign a contract with seller two months back. Then after a month the bank requested additional information from the seller. Then another month passed and they finally did an appraisal. My broker requested I increase my initial offer which I did. Now he is asking me to raise it again, even though the bank hasn't yet rejected the previous offer. So I'm increasing my offer to 15% under appraised. I hope that's close enough. 

@Wayne Brooks Right. My broker said we work one offer at a time. But he also said the bank has asked us to look for back up offers. His words exactly. 

@Greg Smith yes it's still valid. And that's exactly what my broker asked me yesterday morning. Right now I'm 20% below bank's appraisal. I'm gonna call him tomorrow and increase it to 145k, which is about 15% below. 

@Brian Pulaski @Greg Smith @Corby Goade Thanks for you answers. My main question was can he put the property back on the market before the bank has rejected my offer? 

Hi Everyone, 

Couple of months ago I got involved in a short sale. The broker gave us a BPO of $140k. Suggested I bid 120. I bid 110. Couple months later the bank came back with their appraisal of 170. Broker said their original BPO was probably wrong and the bank's appraisal is more accurate and suggested I bid 150. I went down 20% from 170 and bid 136. The broker said he'll see. A week later I see the property back on the market. When I asked the broker why that is he said the bank has asked that they take back up offers, however they deal with one offer at a time. He also said he feels my bid is too low and that I need to come up with a better offer. Is this legit, can he do this? Any comments and suggestions are welcomed.