We found a great deal on a brand new listing, not even online for 24hrs. We scheduled to see it first thing in the morning, it was exactly what we were looking for and so we put our offer in with our Redfin agent higher than asking price. Knowing it was underpriced in the market by like $ 45,000, we opted to make an offer $ 15,000 higher than asking price with an escalation up to our max price, with a 24hr expiry. The house was an estate sale in probate and deals would be submitted through their lawyer. We had no idea if there were current offers, but we figured at the low price, we would be in a multiple offer situation.
That day we were told there was already an offer on the house before ours was received and they would review the offers that evening and make their decision that night. That night, we heard the listing agent had a client which had the first offer in before ours, the offer was lower than ours, it was only for asking price. The listing agent was very upset because he did not know it was going to be a multiple offer situation. And had he known, he would have entered the deal differently for his client. So, they were considering accepting another offer from this client, we would know more the next day.
The next day, we were told that they were going with our offer, and they would use the other offer as a back-up to our offer in case something happened, we received signed copies of the acceptance with sellers signatures at our offer price, no escalation needed subject to court approval. The house was marked as pending inspection that day.
Three days later, we receive a phone call from our agent. She said she has bad news and feels terrible about it and feels like throwing up. She says that they allowed the listing agents client to submit another offer and that kicked in our escalation and if we wanted the home we would have to pay $ 11,000 more for the home, otherwise walk away. Backed into a corner, I had no choice if I wanted the home, so I angrily agreed, voicing my feeling that this seemed quite wrong.
Didn’t we already have a deal?
We received copies of the escalation form they were allowed to submit at a later date. Interesting enough I noted that they must have had the person making the offer back date it to the 5th of December. Yet the escalation form was not signed until the 8th of December by the seller, all other forms were signed on time. We know they did not have an escalation form with their original offer! Ours was signed on the 6th of December by the seller with our offer. The escalation form specifically states the sequence of events to be used and they were not followed in this circumstance.
Is this a proper way of doing business?
I would like to buy a cheap property in bulgaria for around £18,000,but I’m not sure if I could get it.It would be a joint mortgage,but the only problem is my boyfriend has really bad credit,but my credit is good, and we are on family tax credit so our anuall income would be around £18000.We also already have a mortgage on our house which is £93000.If anyone could give me some info and tell me if I have a chance of getting one,that would be great.
personally think that banks dont give loans for property outside UK. why not try a creditcard loan or some other loan.
here is a list of banks offering good rates of loans and mortgages.