All Forum Posts by: Peggy Guice

I was really disappointed in losing this house.  We weren't buying it as an investment, instead it was to be our "forever home."  It needed to be totally updated, but the potential was there.  

Whoever won the bid is an investor.  They'll go in and make it very vanilla, then turn a profit.  

Sigh....

I don't think delaying the offer for a few hours while I did a bit of research had much to do with it.  My agent called the listing agent as we were writing the offer and he said there had only been one offer in all the time the house had been on the market.  He told us the amount of the rejected offer.  

In effect, our offer was the only one in play.  The other two came about over the weekend, 3 days after our offer should have been submitted.  

But yes, I won't delay next time.  I hate learning lessons like this.  ;-)

Hi Eric, thanks for the insight.  

The whole thing just seemed a bit strange.  The house had been on the market for a couple of months, with only one rejected offer during that time.  Then as soon as we placed an offer, two other offers showed up.

Our agent made a mistake too that I think could have affected our chances.  We signed the papers on a Wednesday morning.  Because I wanted to do a bit of research on a different loan product, I was to call her first thing the next morning so she could immediately submit the bid.  

She called me at 4 p.m. that afternoon, and she was just getting started on it and discovered that there was other paperwork to be completed that she was unaware of.  We were out of town until Monday morning, so we could not sign the other documents.

The "new" documents were signed early Monday morning, and then submitted.  The back and forth with "highest and best" began the next day.  

I feel like if there hadn't been a delay in submitting the bid, the outcome may have been different.  

Lesson learned.  Use an agent who has experience with foreclosures.

I'm curious about this too, and will be following the replies.  

Hi.  My question relates to how the listing agent on a foreclosure handles the deal.

We recently lost out on a foreclosure.  Here is the scenario.

Our agent called one afternoon around 2 and said the bank had asked for our "highest and best" offer.  The deadline to answer back was 4 p.m.  We did raise our offer.

That same afternoon around 4:30, we got another call from our agent.  I missed the call because I was in a meeting.  She said we were being given another chance to raise our offer, because a second offer was now in the mix.  

Next morning, I called our agent back and again we raised our offer slightly.  She said she hoped she could get it submitted in time.

Later that afternoon we were told we lost the house.  The listing agent told our agent that the bid he submitted was the winning bid, our bid was a little lower, and a third bid was lower still. 

I asked our agent for something in writing from the bank, stating that our bid had been rejected.  When I pressed her for information, she forwarded to me an email that was signed by the listing agent.  It just said that our offer had been rejected.  She also said that everything is done online now and this is all she could find. 

This was a Homepath listing.

If everything is done online, with the bank, how did the listing agent know how much our bid was for?  I'm wondering if our bid was even submitted.  

Any insight will be appreciated.