Not Making This Up

We offered a few times on a house in Raytown, MO that was over priced, but then most foreclosure properties are at first.  In each of the rounds of bidding (three…each time the price changed downward) we offered and held firm at $30,000 with a cash closing about 10 days after acceptance.

The latest round we were to close on December 28.

So, in essence, the bank would have had $30,000 in cash on December 28, 2011 and would have released all their liability with owning the property.

Well, they just lowered the price to $29,900 and the house is in limbo as they decide whether or not to send it to auction.  Can anyone, and I mean anyone, explain this to me?

4 Comments

Filed under Investment Property, Kansas City Real Estate

4 responses to “Not Making This Up

  1. Just had a similar situation in Wyandotte county. Although the dang snake in the grass realtor was messing with my partner and I… So we put an offer on a property that has had NOOOOTHING but price-drops for 6 months. 2 Days after we said we were interested there was an offer above ours…

    Just got a call some 30 minues ago after we put in our second offer $8k higher than previous just to win it. Low and behold the other person mysteriously dropped out! Bank countered 3k higher than our offer!

    I’m furious but have no clue on how to report him or even if we can.

  2. As I’ve said for years, lenders have never been the sharpest tools in the shed.

  3. Another Investor

    The asset managers and listing agents are playing games with this “highest and best” garbage. Went through that recently with a full price cash offer on a short sale. The listing agent came back with a request for highest and best, stating there were multiple offers. We fired back with this IS our highest and best, figuring a greater fool would get sucked in. Miraculously, we won the bidding war, if there really was one.

    Explaining the discussions and negotiations among listing agents, servicers, and the investors that own the paper is beyond me. I don’t get frustrated or angry over something I don’t understand, much less control. My approach is to throw an offer at the wall and see if it sticks. If it slides off, I shrug and move on to the next one.

  4. The whole H&B stuff is shaky at best. I’ve often wondered if we can get confirmation of the other offers!

    I really get irritated when we have more than one round of H&B!!!! They want you to sign something each freaking time!!! Even if we aren’t changing the price.

    It is what it is. I’ve been doing so many cash transactions lately that I’ve kind of gotten spoiled. Sure, asset managers are their own nuisance. But it’s so much easier than financing investment property now days. 😉

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