Thread: Getting beat out of a deal!
July 20th, 2012, 12:32 PM #1
Getting beat out of a deal!
I havent been having a very good week, since I have finished up my rental property and paid down debt, I considered buying a new home to make my primary residence, with that said, I started searching for properties in the community I live in, after a brief search I found a property with the ideal floor plan, lots of upgrades, and priced right about where im comfortable! So I go ahead and call my mortgage broker, credit checks out great and I get a pre approval for a conventional mortgage, 95% LTV 5% down, seller can pay up to 3% closing costs ect... So I decide to go over and take a closer look at this home before I call my realtor, which by the way is the listing agent, before I would put my offer in. This home is empty, it was a flip home that someone bought, as I walk up to the deck to look inside the windows, this guy comes running over with the keys and asks, "Hey" would you like to see this property, he was doing a roofing job next door and his father happens to own this property! I was like sure! Me owning a rental property and having a pretty good background knows what to look for, so I inspected the foundation, furnance, AC, updated electrical and all new plumbing, after I made a determination I loved the home I wanted to call my realtor ASAP so I can get an offer in! Well in the midst of all this, another realtor shows up from another agency with prospects, I didnt realize he was in the house, well he overheard me call my realtor and put an offer in, now mind you asking price is $84,500 and I never offer full price on anything! My agent says she is too sick to write up an offer but can get it in the morning! So what does this other agent in the house do? Talks these 22 year old kids into paying full price, and they are USDA pre approved of course, and got the offer in before mine! Well they have signed a 60 day purchase contract so that basically gives them 60 days to do whatever they agreed on! The seller however did accept my backup offer of $77,000 plus he will pay up to 3% of my closing costs, I find it kind of odd that he didnt counter me the full price like they offered him, could it possibly be they are USDA approved and he suspects there could be unforseen issues? This whole situation has made me very upset and sick to my stomach! Some input on this would be helpful! Thanks!
By pcxmbfj in forum Credit CardsReplies: 1Last Post: October 3rd, 2010, 06:04 PM