Foreclosed and sold while inspecting

[Ted Menelly]

This was a first for me.

I inspected a home yesterday. I set it up thru the client and realtor, called the listing agent to get the info for entry. While I was inspecting the home the house posted into foreclosure and was sold by the end of the day.

Neither realtor or my client knew this was happening. I got paid my 375, emailed the report later and the response was that the home was sold from under them.

Say Whaaaaaaaaaaaaaaaaat. Transaction done. Like I said, new one on me.

Ted

[Ron Bibler]

The bank has a little thing in the listing contract. "Subject to" Even if you have a contract with the bank this little Subject to thing can over ride a signed contact. The banks will not let go of the subject to eather. only after escrows is over.

Your people got the shaft on the inspection fee. Not your doing.

I have had a lot of buyers get the shaft from banks after then have paid for inspection and other Fees. Only to not get the home

But the agent should have know about this. Subject to.

Best

Ron

[Rick Hurst]

You can bet that the agents knew of it. Its called a short sale around here.

[Ted Menelly]

An accepted offer is just that. Why on Earth would the SOB's accept an offer from a client and then disregard that offer and sell it to someone else.

There has to be more to it. The listing agent had to know or did not do the proper work.

Me I received my money. The buyers, my client got screwed and the only reason I can see for this is because the listing agent did not do her job properly. If I just put out almost 400 for an inspection on an accepted offer I put in on a home I would be just a little pissed off.

An accepted offer is a legally binding contract. The bank had to accept the offer. If the Realtor did her job right then the home could not have been sold to anyone else while there is a potential purchase in progress.

Just a little teed off for another screwed human being.

Ted

[Billy Stephens]

Ted,

Perhaps the holder of the Deed reviewed the loan application and found discrepancies in the application.

You'll know in a few days when the check clears & they call for the next Home Inspection.

[Ted Menelly]

I already have my money.

It was the listing agent that (supposedly) submitted the offer to purchase and received it back from the bank as accepted. I actually waited on that for an extra day. That is what makes no sense. The buyers money was coming from the bank he works for so it wasn't his loan that fell thru. He is one of the managers at CitiBank.

Oh well, a banker screwed by a bank. How do you like that, That is kind of a Lawyer screwed by a Lawyer.

Ted