Many banks have changed the way that they are marketing and selling their foreclosed homes. They still list the property for sale with a Real Estate Broker, but now many of them are now putting their homes up for auction online if it does not generate high enough offers for them.
If they do not get an offer that they like, they may give it to another auction site and try again and again!
The banks are NOT listening to the professional agents that list the homes for sale, they are ignoring offers at current market value and turning down more offers from auction sites.
Their latest trick is to appear to accept an offer through the auction. They tell the buyer and their agent that there is a final review before the seller signs the contract. This review takes place AFTER the buyer thinks they have bought the house, given the seller a bank check for the earnest money and the colsing attorney gets the package for the closing. Then they decide that they want a higher offer!
That really takes a large set of STONES!!
Please be careful when bidding on a foreclosed home and understand that you may not get the home and if you do, it may take a LONG time!
By the way, the title of the email rejection of my client’s offer was “Fully Executed Contract! 2923 Albright Commons Nw, Kennesaw, GA 30144″.
These banks are like little children trying to get the answer that they want from a parent. When they don’t get the answer that they want, they go to another parent, aunt, uncle and make the rounds to try to get they answer they want!